The Company is pleased to announce that on 1 November 2006 it exercised its option to acquire three mining exploration projects located in the Bushveld Complex of South Africa from Ridge Mining plc.   The Projects are Rooikraal, Red Bush Ridge and Fonte Verde (including Argent) and the total consideration is R20 million (₤1.45m) of which R7 million has already been paid.  Ridge is a platinum exploration company listed on AIM, and the Projects are considered by it to be non-core to its activities.

The Company considers the Projects to have substantial merit and value.

Rooikraal is a surface PGM deposit with the potential for the definition of substantial mineralisation.  It adjoins Ridge's Blue Ridge project.   Prior exploration by Ridge intercepted 3E PGM mineralisation with a weighted average grade of 5.33g/t over an average borehole intercept of 20.69m.  

Red Bush Ridge is a PGM deposit believed to have typical Merensky and UG2 reef mineralisation with an estimated mineral resource within the Merensky Reef of 14 million ounces.  The Merensky Reef starts at a depth of circa 1,900 metres, but with Northam Platinum mining at those depths on the Western Limb of the Bushveld Complex, the Company believes that there is the potential to develop Red Bush into a profitable mine.

The Fonte Verde property contains 2 separate deposit.  The principal target is the Fonte Verde project which is a large low grade Nickel Copper deposit, running from surface, which also has PGM credits.  The property also contains the Argent Silver Lead mine, the economic potential of which will be reassessed by the Company.