Listed mining company Thabex Exploration yesterday announced that
independent geological experts, Snowden Mining Industry
Consultants, has valued the Mokopane Platreef Project at
A$18,4-million.
Thabex said that it would, in line with the agreement entered into
with AIM Resources in October 2003, sell its entire interest in
subsidiary Platinexco to the Australian-listed compnay for a cash
consideration of R20-million.
The subsequent resource estimate review undertaken confirmed that
the Mokopane Platreef Project has a platinum group
metals(PGM)-nickel resource containing over one-million ounces
platinum equivalent in the ground.
Marius Welthagen, chief executive of Thabex Exploration said,
“The announcement put out today states that, following the
positive valuation made by Snowden Mining Consultants, it was AIM
Resources’ intention to exercise the option, subject to
finalising due diligence and raising the required
capital.”.
The further development of Mokopane is motivated by the nearby
presence of existing and possible future open pit operations with
associated infrastructure.
Welthagen said, “The cash generated by the option payments,
as well as the possible exercise of the option, has been earmarked
to fund our alluvial diamond exploration activities in Southern
Africa. Thabex recently acquired a 100% of Cresta Mining Company,
an exploration company that owns ten exclusive prospecting licenses
in Uganda”.
The AIM transaction requires the approval by the shareholders of
Thabex of the disposal of Platinexco, the JSE, as well as the
approval of the South African Reserve Bank. |
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