Update on Disposal of Iron Ore Assets

RNS Number : 7518J

Sylvania Platinum Limited

10 August 2012

 



Sylvania Platinum Limited

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

(AIM: SLP)

Update on Disposal of Iron Ore Assets

Sylvania Platinum notes the announcement made today by Mercury Recycling Group plc ("Mercury").

The directors of the Company, having consulted with the directors of Mercury, confirm that the disposal is proceeding in line with the announced timetable. Therefore, subject to the approval of the shareholders of Mercury, completion of the sale of the Iron Ore Assets and re-admission of the enlarged Mercury Group to trading on AIM is expected to occur on 16 August 2012.

The announcement by Mercury refers to purported claims to occupancy rights over land subject to the prospecting rights which Mercury is in the process of acquiring from Sylvania and inter alia states that Mercury has obtained legal opinions that conclude that the said tribe does not have any valid entitlements which could impact on the enlarged Mercury group's rights to prospect.

ENDS

CORPORATE INFORMATION

Registered office:     Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

Postal address:         PO Box 524

                                    Wembley WA 6913

                                    Australia

Sylvania Website:     www.sylvaniaplatinum.com

CONTACT DETAILS

South Africa:              Terry McConnachie                             Nigel Trevarthen

(CEO)                                                  (Deputy CEO)

                                    Sylvania Platinum Limited                    Sylvania Platinum Limited

                                    [phone]                               [phone]

                                    Louis Carroll

                                    (Director/Assistant Company Secretary)

                                    Sylvania Platinum

                                    [phone]

Australia:                    Richard Rossiter                                  Grant Button

(Chairman)                                          (Director/Assistant Company Secretary)

Sylvania Platinum Limited                    Sylvania Platinum Limited

[phone]                               [phone]

United Kingdom:       Samantha Harrison                              Martin Eales/James Kelly

                                    RFC Ambrian Limited                           RBC Capital Markets  

Nominated Advisor                               Joint Broker

                                    [phone]                          [phone]

Graham Herring/Beth Harris

                                    Newgate Threadneedle

                                    [phone]

 

END

 

 

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