GAU 0.00% 11.0¢ great australian resources limited

900000 ounces of 3e pgm

  1. 2,250 Posts.
    I have done a bit of research on the recent acqusition by GAU from SLV.

    This extract from SLV's 2 February 2008 announcement:
    Sylvania believes there is a potential target of some 900 000 3E PGM ounces, with associated base metals.


    FULL ANNOUNCEMENT
    Acquisition of Harriet’s Wish, Cracouw and Aurora from Rustenburg Platinum Mines Ltd Sylvania and Rustenburg Platinum Mines Ltd (“RPM”), a subsidiary of Anglo
    Platinum Ltd, have reached agreement on the sale from RPM to Sylvania of a new order prospecting right on the farm Aurora 397LR, and a half share in the new order prospecting right on the farms Harriet’s Wish 393 LR and Cracouw 391 LR at a price of R2 million, exclusive of VAT. The conclusion of the sale agreement is subject to the approval of the Minister of Minerals and Energy, in
    terms of Section 11 of the Mineral and Petroleum Resources Development Act 28 of 2002.

    The other half share of the new order prospecting right, on the farms Harriet’s Wish 393 LR and Cracouw 391 LR, is held by a BEE company, Sika Bopha Trading (Pty) Ltd.

    Sylvania has paid the full purchase price into an Attorneys Trust Account, which shall be payable to RPM upon Ministerial approval.

    The agreement between Sylvania and RPM specifies that RPM has the right of first refusal to any concentrate or further refined product, produced from the properties.

    RPM has made all of its geological information on the properties available to Sylvania and Sylvania’s technical staff is conducting a review of this information.

    Sylvania has assumed, as a contractor to RPM, the responsibility of fulfilling RPM’s exploration obligations on the properties until such time as the Section
    11 approval is obtained, following which Sylvania will continue with its own exploration program.

    The properties occur at the northern end of the so-called Northern Limb of the Bushveld Complex. The Plat Reef, which is mined for PGMs and base metals, occurs on this Northern Limb and satellite imaging has shown that the Plat Reef occurs on Harriet’s Wish 393 LR. Sylvania believes there is a potential target of some 900 000 3E PGM ounces, with associated base metals.
 
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