Statement re Two Rivers Platinum Project

African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)

(Registration number 1933/004580/06)

JSE Share code: ARI

LSE Share code: AGM

ISIN: ZAE000054045
('ARM' or the 'Company')

and

Impala Platinum Holdings Limited

(Incorporated in the Republic of South Africa)

(Registration number 1957/001979/06)

JSE Share code : IMP

LSE Share code: IPLA

ADR code: IMPUY

ISIN: ZAE 000003554

('Implats' or 'the company')

ARM AND IMPLATS TO PROCEED WITH TWO RIVERS PLATINUM PROJECT

7 June 2005 - African Rainbow Minerals Limited (ARM) and Impala Platinum
Holdings Limited (Implats) today announced that the companies will proceed with
the 220 000 oz per year platinum group metals (PGM) project, Two Rivers
Platinum (Pty) Limited (Two Rivers) on the Eastern Limb of the Bushveld
Complex. The joint venture between the companies is held 55% by ARM and 45% by
Implats. The JV has contracted ARM to manage the project, while Implats will
undertake the processing and refining through its subsidiary Impala Refining
Services (IRS).

Two Rivers' capital expenditure is estimated to be in the region of R1.2
billion to commissioning. R600 million project finance has been secured through
ABSA and Nedbank, with the balance of the funding being contributed by the two
partners in their respective shareholding ratios (ARM R330 million and Implats
R270 million). The mine will employ about 1,000 people, including contractors,

The decision to proceed follows a successful trial mining phase to test all
critical project assumptions. The mining and stockpiling of nearly 240 000 tons
of UG2 ore, as well as extensive access development has substantively validated
geological and mining feasibility parameters.

Two Rivers is located in the southern, central part of the eastern limb of the
Bushveld Complex in the Mpumalanga province of South Africa. Both the Merensky
and the UG2 reefs are found on the property, but the initial focus of the new
Two Rivers mine will be the UG2 Reef. The UG2 reserve totals 40 million tons at
a 6E mill grade of 4.18g/t. A platinum to palladium ratio of 5:3 adds to the
attractiveness of this project.

ARM's Chief Executive Officer, André Wilkens said: 'The decision to proceed
with Two Rivers is aligned with the company's growth strategy. The PGM sector
is one of ARM's key commodity focus areas, the project has an exciting return
which comfortably meets the company's required return rates, and the successful
trial mining phase has reduced risk considerably.'

Keith Rumble, Chief Executive Officer of Implats said: 'The coming on stream of
Two Rivers is an integral part of Implats growth strategy and is a building
block in our plans to reach 2.3 million platinum ounces by 2010. The current
expansions at the our refinery complex are proceeding well, and the necessary
capacity will be available well ahead of the planned commissioning date.'

The life of mine is forecast at 20 years at an underground production rate of
2,2 million run-of-mine tons a year. The underground mine will be accessed via
a decline shaft system comprising a footwall conveyor decline and two on-reef
declines: one for vehicle access and the other a chairlift installation for the
transportation of employees. The underground mining operations will be fully
mechanised.

Following test-work conducted at Mintek in 2002, with independent laboratory
verification, the concentrator plant will be a standard MF2 design as generally
used in this industry. Design work for this concentrator advanced significantly
during the trial mining phase.

Main metal annual sales from the new mine are planned at an average annual
production over the life of the mine of 120 000oz of platinum, 68 000oz of
palladium and about 20 000oz of rhodium. Full production is forecast during the
second half of 2006.

The necessary environmental and mining authorizations for project release have
been approved by the Department of Minerals and Energy.

André Wilkens continued: 'We intend to implement ARM's `We Do It Better'
management style at Two Rivers to ensure world-class operating efficiencies.
All project assumptions indicate that Two Rivers will be one of the lowest cost
PGM producers at less than R200 a ton. We are also optimistic about the upside
potential that exists at Two Rivers as additional resources exist in the
Merensky Reef that will be mineable in the future.'

Keith Rumble concluded that the decision to proceed confirmed Implats' focus on
platinum. He also noted that the combination of ARM and Implats was a good one,
with ARM bringing to the party operating expertise and Implats the considerable
processing and refining infrastructure which would normally prove a barrier to
entry to smaller producers. The operation will, at the outset, be compliant
with the BEE equity component of the Mining Charter and all other aspects of
the Charter are being dealt with at an operational level.

ENDS

African Rainbow Minerals is a South African-based diversified mining company
with ferrous metals, nickel and platinum operations. The company also has an
exploration portfolio in Zambia, the DRC and Namibia. ARM has a significant
interest in gold, with a 16.2% shareholding in Harmony. ARM is listed on the
JSE Securities Exchange, South Africa with a secondary listing on the London
Stock Exchange.

Impala Platinum Holdings Limited (Implats) is one of the world's largest
producers of PGMs, producing about 2 million ounces of platinum per annum. The
company has operations in South Africa and Zimbabwe and exploration projects in
South Africa, Zimbabwe, North America and Madagascar. Implats employs close on
30,000 people. The company is listed on the JSE Securities Exchange South
Africa (JSE), the LSE and trades as a sponsored level 1 ADR in the United
States.

Issued by African Rainbow Minerals Limited and Impala Platinum Holdings Limited

For further details contact:

ARM Implats

Pieter Rörich Les Paton

Executive: Corporate Development Director

on [phone] on [phone]

[e-mail] [e-mail]

www.arm.co.za www.implats.co.za

Sponsor to ARM and Implats
Deutsche Securities (SA) (Proprietary) Limited