Grant of Iron Ore Mining Rights

RNS Number : 7881G

Sylvania Platinum Limited

09 March 2015

 



Sylvania Platinum Limited

("Sylvania", "the Company" or "the Group")

 AIM (SLP)

Grant of Mining Rights to Iron Ore, Vanadium and Heavy Minerals

9 March 2015

Sylvania Platinum Limited, the low cost Platinum Group Metal ("PGM") processor and developer, is pleased to announce that the Department of Mineral Resources ("DMR") has granted in writing a mining right for the mining of iron ore, vanadium and heavy minerals over three of Sylvania's sites, being the farms Cracouw 391 LR, Aurora 397 and Harriets Wish 393 LR. The mining right has been granted to Hacra Mining and Exploration Company Proprietary Limited ("Hacra"), a 71% held subsidiary of Sylvania.

In accordance with the terms of the agreement dated 14 March 2012 relating to the acquisition of the Ironveld Group from Sylvania by Mercury Recycling Group plc (now Ironveld plc), Hacra will transfer the mining right for iron, vanadium and heavy minerals, exclusive of PGM's, to a subsidiary of Ironveld plc, through a section 11 application in terms of the Mineral and Petroleum Resources Development Act ("MPRDA"), HW Iron Proprietary Limited. The transfer application is expected to commence upon execution of the right, which is scheduled to occur on 19 March 2015, and includes the approval of the mining Environmental Impact Assessment.

Commenting on the authorisation of the mining right, Sylvania Platinum CEO Terry McConnachie said:

"The granting of this mining right bodes well for the completion of the Ironveld transaction wherein dividends in specie were distributed to Sylvania shareholders on 16 August 2012."

CORPORATE INFORMATION

Registered office:        Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

Postal address:            PO Box 976

                                    Florida Hills, 1716

                                    South Africa

Sylvania Website:        www.sylvaniaplatinum.com

CONTACT DETAILS

For further information, please contact:

Terence McConnachie (Chief Executive Officer)

[phone]

Nominated Advisor

Liberum Capital Limited

Richard Crawley/Tom Fyson

[phone]

Communications

Newgate

Tim Thompson / Adam Lloyd / Ed Treadwell / Helena Bogle

[phone]

 

END

 

 

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