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PLN - Platmin Limited - Update: Disruptions at Pilanesburg Platinum Mine

Release Date: 04/07/2011 15:00
Code(s): PLN
Wrap Text

PLN - Platmin Limited - Update: Disruptions at Pilanesburg Platinum Mine Platmin Limited Incorporated in the accordance with the laws of British Columbia, Canada Registration number: C0848954 Share code on TSX: PPN Share code on AIM: PPN Share code on JSE: PLN ISIN: CA72765Y1097 ("Platmin" or "the company") NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES UPDATE: DISRUPTIONS AT PILANESBURG PLATINUM MINE July 4, 2011, TORONTO: On 24 June, Platmin Limited issued an announcement relating to disruptions at the Pilanesberg Platinum Mine caused by a small group of employees of mining contractor, MCC Contracts (Proprietary) Limited (MCC). Platmin`s priorities since the disruptions have been to ensure the safety of employees and the security of assets and equipment; to minimise the impact on production by processing stockpile material and conducting maintenance; and the rapid resumption of mining operations. The damage to MCC-owned and leased operational and personally-allocated vehicles is being assessed. Drilling and blasting equipment, which is fundamental to the mining activity, was not affected. Platmin is assisting MCC, who are engaged with the National Union of Mineworkers (NUM) in terms of MCC`s recognition agreement, and the parties are working closely with the South African Police Services in identifying and prosecuting those individuals involved in the disruptions. Several arrests have been made. While mining activities have been affected by these events, Platmin`s concentrator has operated at full capacity throughout the period by processing stockpiled, oxidised reef and in fact despatched record metal in concentrate during June. Scheduled preventative maintenance will be bought forward to align with future production planning. The process of consultation with the NUM on the safe and orderly resumption of operations has been constructive and a further meeting has been scheduled for today, Monday, 4 July. MCC`s engineering personnel could resume work immediately thereafter to repair or replace the affected vehicles. Drilling and blasting crews and the load and haul crews not involved in the disruptions can start work as soon as agreement has been reached between the parties. Inevitably though, mining operations will be disrupted for a period, and the build-up of ore stockpiles accordingly delayed. A further announcement will be made when the impact has been more accurately established. For further information: Craig Shaw Chief Financial Officer +27 12 661 4280 Investec Bank plc (Nominated Adviser) Charles Batten +44 207 597 4000 Russell & Associates Charmane Russell +27 11 880 3924 4 July 2011 Sponsor: Investec Bank Limited Date: 04/07/2011 15:00:01 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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