Business
Acquisition of Prospecting Rights
Acquisition of Prospecting Rights.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 4893U Sylvania Platinum Limited 03 December 2013 \n \n\n Sylvania Platinum Limited\n(\"Sylvania\" or \"the Company\")\n AIM (SLP)\nSylvania moves to consolidate its mineral and surface right position over the Zoetveld and Grasvally farms \n3 December 2013\nSylvania Platinum Limited, the low cost Platinum Group Metal (\"PGM\") dumps processor and mine developer, today announces that it has entered into a binding agreement to purchase the rights to PGM and chrome (\"Cr\") bearing minerals on certain key portions of the farms Grasvally 293KR and Zoetveld 294KR, properties on which Sylvania is already the owner of the surface rights. These portions of the Grasvally and Zoetveld farms are adjacent to Sylvania's existing Volspruit PGM project, situated 16 kilometres south of Mokopane in the Limpopo Province. This acquisition potentially adds to the resource base of the Volspruit project, and also brings a modest but attractive chromite ore production opportunity into consideration for the Company.\nSUMMARY\n· The purchase price for the prospecting right is ZAR25 million (approximately US$2.4m)\n· Payment will be effected in two tranches:\no R5 million (approximately US$0.5 million) within 14 days after lodgement of the application for ministerial consent to transfer the rights to Sylvania (Section 11 consent), expected in January 2014; and \no R20 million (approximately US$1.9 million) on the registration of the transfer of the mineral rights, expected in early to mid 2015. \n· The rights purchased cover an area of prior mining and exploration for both PGMs and chrome ore. \no Published geological maps indicate that the Volspruit pyroxenite, the host to the PGM mineralization in the North Pit of the Volspruit project, extends up to approximately 150m across the farm boundary onto Zoetveld...