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ARI - African Rainbow Minerals Limited - African Rainbow Minerals (ARM)

Release Date: 17/02/2012 15:21
Code(s): ARI
Wrap Text

ARI - African Rainbow Minerals Limited - African Rainbow Minerals (ARM) stance on the Modikwa Deeps Properties African Rainbow Minerals Limited (Incorporated in the Republic of South Africa) (Registration number 1933/004580/06) JSE Share code: ARI ISIN: ZAE000054045 ("ARM" or the "Company") African Rainbow Minerals (ARM) stance on the Modikwa Deeps Properties African Rainbow Minerals Limited (ARM), joint venture partners with Anglo American Platinum Limited ("Amplats") wishes to clarify its position with regard to three of the Modikwa Joint Venture`s Modikwa Deeps Properties, being portions of the farms De Kom, Garatouw and Hoepakrantz, (the "Properties") following the recent announcement by Nkwe Platinum Limited ("Nkwe"). ARM notes that a mining right has been issued by the Department of Mineral Resources ("DMR") over the Properties in circumstances where inter alia the issue of prospecting rights over the Properties by the DMR to inter alia Genorah Resources (Pty) Limited is the subject of legal challenge by the Modikwa Joint Venture. The parties to the litigation, which include the DMR, have been negotiating to reach an out of court settlement. No agreement has to date been reached in respect of any of the Properties. ARM and Amplats are willing to continue negotiations with the DMR and other parties involved in the matter in an attempt to resolve the situation. The litigation will continue and will include a challenge of the issue of the mining right by the DMR. "ARM holds the interests of its shareholders in high regard and we will cautiously proceed with the necessary steps to protect both the Company and its shareholders," said Chief Executive Officer Andre Wilkens. Shareholders of ARM will be kept informed on further developments. ENDS For more information please contact: Stompie Shiels Executive Director: Business Development Tel: +27 11 779 1476 Mobile: +27 82 412 1004 E-mail: stompie.shiels@arm.co.za Jongisa Klaas Corporate Development and Head of Investor Relations Tel: +27 11 779 1507 Mobile: +27 82 562 5288 E-mail: jongisa.klaas@arm.co.za Johannesburg 17 February 2012 Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited Date: 17/02/2012 15:21:58 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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