BAU - Bauba Platinum Limited - Lifting of voluntary suspension of trading of

BAU - Bauba Platinum Limited - Lifting of voluntary suspension of trading of    
Bauba shares on JSE Limited, withdrawal of cautionary announcement, appointment 
of acting CEO and appointment of a director                                     
BAUBA PLATINUM LIMITED                                                          
(formerly Absolute Holdings Limited)                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1986/004649/06)                                            
Share code: BAU    ISIN No: ZAE000145686                                        
("Bauba" or "the Company")                                                      
LIFTING OF VOLUNTARY SUSPENSION OF TRADING OF BAUBA SHARES ON JSE LIMITED,      
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT, APPOINTMENT OF ACTING CEO AND APPOINTMENT
OF A DIRECTOR                                                                   
Bauba is pleased to inform its shareholders that the JSE Limited ("the JSE")    
will be lifting the Company`s suspension of trading in the Company`s shares with
immediate effect.                                                               
The Company published an announcement on 17 December 2010 in which shareholders 
were advised that Bauba had received a written notice on 15 December 2010 from  
the vendors ("the Vendors") that were party to the establishment of the Company 
in its current form through a reverse listing ("the Reverse Listing"). The      
notice alleged that the Asset for Shares Agreement relating to the Reverse      
Listing ("Asset for Shares Agreement" had not become unconditional because of a 
suspensive condition not having been fulfilled within the stipulated period as  
was required. Shareholders were further advised that the Company and the Vendors
had entered into a memorandum of understanding ("MOU")to re-instate the Asset   
for Shares Agreement.                                                           
Bauba shareholders were notified on 8 February 2011 that the Company had not    
been able to reach agreement with the Vendors on entering into and implementing 
the Reinstatement Agreement on materially the same terms and conditions as      
contained in the MOU. The Company therefore requested a voluntary suspension of 
trading in its shares on the JSE.                                               
The Company and the Vendors have now reached agreement on the terms and         
conditions and the implementation of a Reinstatement Agreement.                 
The Company has raised R8.0 million in cash and has secured a credit facility of
R3.0 million as contemplated in the Reinstatement Agreement. The cash investment
will be made at R2.25 per share.                                                
The conditions precedent to the Reinstatement Agreement include:                
1    the R8 million raised is placed in the trust account of Cliffe Dekker      
    Hofmeyr Inc ("CDH") and CDH receives irrevocable and unconditional          
    instructions to invest the funds in accordance with either subscription     
agreements or convertible loan agreements as contemplated in the            
    Reinstatement Agreement; and                                                
2    an addendum to the Calulo Loan Agreement, as contemplated in the original  
    circular to shareholders dated 17 May 2010 ("the Circular") is entered into 
to the effect that Calulo will provide a R 3 million credit facility to the 
    company.                                                                    
These conditions have to be fulfilled on or before 25 March 2011.               
Once the Reinstatement Agreement becomes unconditional, the Assets for Shares   
transaction will, to the extent necessary, be reinstated and be of full force   
and effect. The Reinstatement Agreement will not change the basis on which the  
shareholders voted at the General Meeting held on the 7 June 2010.              
Jonathan Best, Bauba Platinum Chairman, commented: "We are happy that all       
parties have been able to reach agreement and finalise the Reinstatement        
Agreement and, with this issue now behind us, the Company can move ahead        
decisively to develop the Bauba Project. The Company plans to complete the      
logging and assaying of core recovered from the last boreholes drilled and will 
update shareholders as soon as those results become available."                 
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT                                           
Shareholders are referred to the cautionary announcements dated 17 December 2010
and 8 February 2011 respectively, and are advised that, as the contents referred
to therein have ceased to have any relevance or effect on the Company,          
shareholders are no longer required to exercise caution when dealing in their   
securities.                                                                     
APPOINTMENT OF ACTING CHIEF EXECUTIVE OFFICER                                   
In accordance with paragraph 3.59 of the JSE`s Listings Requirements,           
shareholders are advised that Mr. Grant Pitt has been appointed as Acting Chief 
Executive Officer and a director of the Board with immediate effect.            
Grant is a Mining Engineer with 26 years` experience in the industry and has    
been with Bauba for six months. He has worked closely with the Board of         
Directors in order to resolve the recent challenges faced by the Company.       
"We are grateful that Grant has agreed to step into this position and we are    
confident that we can continue with our exploration programme as planned," said 
Jonathan Best.                                                                  
APPOINTMENT OF DIRECTOR                                                         
The board is pleased to announce the appointment of Dr. Mathews Phosa to the    
Board on fulfilment of the conditions precedent to the Reinstatement Agreement  
Johannesburg                                                                    
22 March 2011                                                                   
Sponsor                                                                         
Arcay Client Support (Proprietary) Limited                                      
Date: 22/03/2011 13:18:00 Supplied by www.sharenet.co.za                     
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