Quarterly PGM Production Record

RNS Number : 8556P

Sylvania Platinum Limited

10 October 2011

 



Sylvania Platinum Limited

("Sylvania Platinum" or the "Company")

(ASX: SLP, AIM: SLP)

Quarterly PGM Production Record, South Africa

Sylvania Platinum today announces a production update on its Platinum Group Metals ("PGM"), tailings retreatment operations located in the Bushveld region of South Africa.

Record Production for Q1 2012

Sylvania Platinum continues to deliver on its production guidance at the Company's five operating PGM production plants and has achieved another record high PGM production volume of 13,089 oz in the quarter to 30 September 2011 for these five plants. An increase of 12% on the last quarter ounces produced.

It is expected that the operations will continue their steady growth profile and Management maintains its production guidance of 60,000 oz for the financial year 2012 from the combined dump operations and Chromite Tailings Retreatment Project ("CTRP").

Mooinooi Plant Expansion Project

During the quarter, the Mooinooi flotation plant expansion project continued ahead of schedule with the construction of the flotation plant.  The thickener and spiral plant section of the project remain on track and commissioning remains on track for November 2011.

Tweefontein New Plant Project

Design work for the Tweefontein plant has been completed and the orders for the long lead items have been placed. Planning discussions are underway to finalise the integration of the new tailings plant with the Tweefontein mine. To ensure a steady transition, the planning now indicates the project will be commissioned towards the end of the financial year 2012

Sylvania Platinum expects to announce its full quarterly results for the period ended 30^th September 2011 on or before 31^st October 2011.

Commenting today, Nigel Trevarthen, Deputy CEO, said: "It is pleasing to see continuous growth in PGM ounces produced at the Sylvania Dump Operations. We are also happy to see the effort being put in by our production teams where they are regularly exceeding the targets that are set for them. This upwards trend gives us confidence of achieving our target of 60000 ounces for this financial year.  Whilst equity markets remain depressed I believe the performance from our expanding, low cost, PGM production operations offer investors the security of a cash producing business in these difficult times"

Ends

For further information please contact: 

South Africa Terence McConnachie (CEO)  Sylvania Platinum Limited [phone] Louis Carroll (FD/Joint Company Secretary) Sylvania Platinum Limited [phone]	Australia Richard Rossiter (Chairman) Sylvania Platinum Limited [phone] Grant Button (Director/Joint Company Secretary) Sylvania Platinum Limited [phone]
United Kingdom Martin Eales/James Kelly RBC Capital Markets [phone] Nominated Adviser Anthony Rowland/ Ben Wright Ambrian Partners Limited [phone]	Laurence Read/Beth Harris Threadneedle Communications [phone]

 

END

 

 

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