Business
Sylvania and Aquarius Agreement re Everest North
Sylvania and Aquarius Agreement re Everest North.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 8124H Sylvania Platinum Limited 03 June 2011 \n \n\nSylvania Platinum Limited\n(\"Sylvania Platinum\", \"Sylvania\" or the \"Company\") \n(ASX: SLP, AIM: SLP)\n \nSylvania and Aquarius SA Agreement to Assess Everest North UG2 \nPlatinum Deposit, South Africa \n \nHighlights\n· Agreement with Aquarius Platinum (South Africa) (Pty) Limited (\"AQPSA\") relating to PGM bearing ore at Vygenhoek Prospecting Area (\"Everest North\")\n· Feasibility Committee formed to:\n- Examine and update existing feasibility study for processing of PGM bearing ore produced at Everest North\n- Apply for mining Licence\n· Joint Venture (\"JV\") to subsequently be formed \n- Ore to be processed through AQPSA's Everest South Metallurgical Plant\n- AQPSA will make available a minimum of 27 000 tons per month of processing capacity \n- PGM concentrate expected to be sold to Impala Refining Services \n- Mining and processing costs to be carried by the Joint Venture\nSylvania Platinum, the low cost Platinum Group Metal producer, today announces that it has entered into an agreement with Aquarius Platinum (South Africa) (Pty) Limited (\"AQPSA\"), a wholly owned subsidiary of Aquarius Platinum Limited, the world's fourth largest primary platinum producer, to examine the feasibility of extracting and processing ore from the Everest North deposit. \nFollowing a six month exclusivity period, calculated from 1 June 2011, a Feasibility Committee (the \"Committee\") willreview and update the existing feasibility study. The Committee will specifically look at demonstrating the viability of mining for PGMs at Everest North and thereafter treating and concentrating the PGMs at the Everest South Metallurgical Plant to produce saleable PGM concentrate. The Committee shall also compile an application for a Mining Right for Everest North.\nSylvania shall bear all costs related to independent third party experts employed to assist with achieving the objectives of the Committee.\nAQPSA and Sylvania will, in the event that the Committee determines that mining for PGMs at Everest North is viable, agree on the conclusion of a J...