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PAN - Pan African - Phoenix Platinum Project Ahead of Schedule Concluding Final

Release Date: 01/07/2011 13:26
Code(s): PAN
Wrap Text

PAN - Pan African - Phoenix Platinum Project Ahead of Schedule Concluding Final Commissioning Payment to IFM Pan African Resources PLC (`Pan African` or the `Company` or the `Group`) Incorporated and registered in England and Wales under Companies Act 1985 with the registered number: 3937466 on 25 February 2000 Share Code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496 Phoenix Platinum Project Ahead of Schedule Concluding Final Commissioning Payment to IFM Pan African Resources, the African focused precious metals producer, announces that an early settlement payment of ZAR27.29 million (GBP2.5 million) to International Ferro Metals SA (Pty) Ltd (`IFM`) has been made. As announced on 5 November 2010, the agreement to construct the Phoenix Platinum (Pty) Limited Chrome Tailings Retreatment Plant (`CTRP`) on IFM`s Lesedi property detailed that Pan African would pay the total consideration of ZAR80 million to IFM in four tranches, as follows: - ZAR25 million (GBP2.24 million) payable upon signature of the agreement. Payment was made on 9 November 2010; - ZAR25 million (GBP2.24 million) payable on commencement of the first bulk earthworks on the site. Payment was made on 22 March 2011; - ZAR29.5 million (GBP2.7 million) payable on the commissioning of the CTRP. An early settlement payment of ZAR27.29 million (GBP2.5 million) was made on 30 June 2011, in accordance with a negotiated 7.5% early settlement discount of ZAR2.21 million (GBP203,000) on the commissioning payment, which payment was scheduled for January 2012; and - A final amount of ZAR500,000 (GBP46,000) for the purchase of the CTRP site is payable upon transfer of the property which is expected to conclude in the last quarter of calendar year 2011. Cold commissioning of the CTRP is ahead of scheduled with first production expected during December 2011. Johannesburg 1 July 2011 JSE Sponsor: Macquarie First South Advisers (Pty) Limited Enquiries: South Africa UK Pan African RBC Capital Markets Jan Nelson, Chief Executive Martin Eales Officer +44 (0) 20 7653 4000 +27 (0) 11 243 2900 Pan African St James`s Corporate Nicole Spruijt, Public Services Limited Relations Phil Dexter +27 (0) 11 243 2900 +44 (0) 20 7499 3916
Macquarie First South Gable Communications Advisers (Pty) Ltd Justine James Yvette Labuschagne/Annerie +44 (0)20 7193 7463 Britz/ Melanie de Nysschen +27 (0) 11 583 2000 Date: 01/07/2011 13:26:00 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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