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Western Bushveld JV: Resources
Project 1 has Measured Resources of 2.8 million ounces and Indicated Resources of 5.4 million ounces 4E. See news release dated October 8, 2009 for tonnes and grade information and complete tables below.
In September of 2010, Platinum Group released an updated resource estimate for Project 3. Project 3 lies immediately to the north of Project 1 and has significant Indicated 4E Resources. See news release dated September 30, 2010 for tonnes and grade information and complete tables below.
The following details on WBJV Resources are excerpted directly from press releases and technical reports filed on www.SEDAR.com.
The Company provided a statement of reserves for Project 1 in the Updated Feasibility Study and an updated statement of resources for Project 1 in the Project 1 Report. Summary reserve details from the Updated Feasibility Study and summary resource details from the Project 1 Report in respect of Project 1, and the Project 3 Report in respect of Project 3, follow in the table below. Assuming the Company fully exercises the Maseve Subscription Right, Platinum will acquire a 74% interest in the platinum, palladium, rhodium and gold (collectively referred to as “4E”) ounces attributable to Project 1 and Project 3. The prill splits and 4E estimates for Project 1 and Project 3 have been tested for reasonableness by kriging on the individual elements. Copper and nickel as well as the minor platinum group elements have also been estimated with a statistical process of simple kriging for Project 1.
Current spot prices of 4E in aggregate are higher than the base case long term metal prices as set out in the Updated Feasibility Study, but are within the range (in aggregate, including exchange rates for the Merensky Reef pricing) of the sensitivity analysis contained in the Updated Feasibility Study.
The reader is referred to the Company’s filings with the SEC and Canadian Securities Regulators for disclosure regarding other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements. Mineral Resources do not have demonstrated economic viability.
A Probable Reserve is the economically mineable part of an Indicated, and in some circumstances a Measured Resource, demonstrated by at least a Pre-Feasibility Study including adequate information on mining, processing, metallurgy, and economic and other factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Proven Reserve is the economically mineable part of a Measured Resource demonstrated by the same level and factors as above. A Proven Mineral Reserve implies that there is a high degree of confidence.
The following is a statement of attributable reserves and resources for Project 1 and Project 3. Additional information regarding the resource calculation can be found in the Reports. Reserves presented below are a sub-set of measured and indicated resources included in the Updated Feasibility Study and take into account mining factors and are not in addition to the resources. The 4E cut-off in the tables below are 300 cm.g/t for Project 1 and 100 cm.g/t for Project 3 (“cm.g/t” refers to the grade at the stipulated resource cut width (in centimetres)).
|
Reef |
Resource Category |
Tonnes (million) |
Grade (4E) (g/t) |
Mining width (meters) |
Prill Split (4E) |
Ozs (millions) (1) | |||
|
PT |
Pd |
Rh |
Au | ||||||
|
Project 1 (2) | |||||||||
|
MR |
Measured |
6.603 |
8.38 |
1.33 |
64% |
27% |
4% |
5% |
1.779 |
|
UG2 |
Measured |
7.464 |
4.26 |
1.34 |
63% |
26% |
10% |
1% |
1.022 |
|
MR |
Indicated |
11.183 |
7.25 |
1.24 |
64% |
27% |
4% |
5% |
2.607 |
|
UG2 |
Indicated |
19.209 |
4.46 |
1.39 |
63% |
26% |
10% |
1% |
2.754 |
|
MR |
Inferred |
0.154 |
8.96 |
1.06 |
64% |
27% |
4% |
5% |
0.044 |
|
UG2 |
Inferred |
0.022 |
3.91 |
0.83 |
63% |
26% |
10% |
1% |
0.003 |
|
Project 3 (3) | |||||||||
|
MR |
Indicated |
5.157 |
6.03 |
1.14 |
64% |
27% |
4% |
5% |
0.999 |
|
UG2 |
Indicated |
5.947 |
4.91 |
1.16 |
62% |
28% |
9% |
1% |
0.939 |
|
MR |
Inferred |
0.443 |
5.34 |
1.14 |
64% |
27% |
4% |
5% |
0.076 |
Notes:
- Platinum currently has a 54.75% interest in these resources and will increase its interest to 74% upon exercise of the Maseve Subscription Right as described in a news release dated April 22, 2010.
- The qualified person under NI 43-101 (“ Qualified Person”) for the information in the table above respecting Project 1, derived from the Project 1 Report, is Charles Muller, who was independent of the Company as of the date of the Project 1 Report.
- The Qualified Person for the information in the table above with respect to Project 3, derived from the Project 3 Report, is Charles Muller, who was independent of the Company as of the date of the Project 3 Report.
|
Merensky Reserves Project 1(1) | ||
|
Tonnes t |
4E g/t |
Content Moz 4E |
|
Merensky Proven | ||
|
6,677,304 |
5.61 |
1.205 |
|
Merensky Probable | ||
|
11,333,294 |
5.44 |
1.983 |
|
Total Merensky Mineral Reserves | ||
|
18,010,598 |
5.51 |
3.188 |
Note:
- Platinum currently has a 54.75% interest in these reserves and will increase its interest to 74% upon exercise of the Maseve Subscription Right. The Qualified Persons for the information in the above table with respect to Project 1, derived from the Updated Feasibility Study, are Charles Muller and Gordon Cunningham, each of whom were independent of the Company as of the date of the Updated Feasibility Study. Reserves are a subset of resources and were calculated based on the resources as reported and available at the time of the Updated Feasibility Study.
|
UG2 Reserves Project 1(1) | ||
|
Tonnes t |
4E g/t |
Content Moz 4E |
|
UG2 Proven | ||
|
5,086,535 |
3.37 |
0.551 |
|
UG2 Probable | ||
|
8,448,801 |
3.41 |
0.927 |
|
Total UG2 Mineral Reserves | ||
|
13,535,336 |
3.40 |
1.478 |
Note:
- Platinum currently has a 54.75% interest in these reserves and will increase its interest to 74% upon exercise of the Maseve Subscription Right. The Qualified Persons for the information in the above table with respect to Project 1, derived from the Updated Feasibility Study, are Charles Muller and Gordon Cunningham, each of whom were independent of the Company as of the date of the Updated Feasibility Study. Reserves are a subset of resources were calculated based on the resources as reported and available at the time of the Updated Feasibility Study.
|
Listing of Individual Elements from 4E Reserve Statement | |||||||
|
Metal |
Reef |
Category |
Prill Split |
Tonnage |
g/t |
Content | |
|
Tonnes |
Tonne |
Moz | |||||
|
Pt |
Merensky |
From Proved 4E Reserve |
64% |
6,677,304 |
3.59 |
23.99 |
0.771 |
|
From Probable 4E Reserve |
64% |
11,333,294 |
3.48 |
39.47 |
1.269 | ||
|
Total |
64% |
18,010,598 |
3.52 |
63.46 |
2.040 | ||
|
UG2 |
From Proved 4E Reserve |
63% |
5,086,535 |
2.12 |
10.79 |
0.347 | |
|
From Probable 4E Reserve |
63% |
8,448,801 |
2.15 |
18.16 |
0.584 | ||
|
Total |
63% |
13,535,336 |
2.14 |
28.95 |
0.931 | ||
|
Pd |
Merensky |
From Proved 4E Reserve |
27% |
6,677,304 |
1.52 |
10.12 |
0.325 |
|
From Probable 4E Reserve |
27% |
11,333,294 |
1.47 |
16.65 |
0.535 | ||
|
Total |
27% |
18,010,598 |
1.49 |
26.77 |
0.861 | ||
|
UG2 |
From Proved 4E Reserve |
26% |
5,086,535 |
0.88 |
4.45 |
0.143 | |
|
From Probable 4E Reserve |
26% |
8,448,801 |
0.89 |
7.50 |
0.241 | ||
|
Total |
26% |
13,535,336 |
0.88 |
11.95 |
0.384 | ||
|
Rh |
Merensky |
From Proved 4E Reserve |
4% |
6,677,304 |
0.22 |
1.50 |
0.048 |
|
From Probable 4E Reserve |
4% |
11,333,294 |
0.22 |
2.47 |
0.079 | ||
|
Total |
4% |
18,010,598 |
0.22 |
3.97 |
0.128 | ||
|
UG2 |
From Proved 4E Reserve |
10% |
5,086,535 |
0.34 |
1.71 |
0.055 | |
|
From Probable 4E Reserve |
10% |
8,448,801 |
0.34 |
2.88 |
0.093 | ||
|
Total |
10% |
13,535,336 |
0.34 |
4.60 |
0.148 | ||
|
Au |
Merensky |
From Proved 4E Reserve |
5% |
6,677,304 |
0.28 |
1.87 |
0.060 |
|
From Probable 4E Reserve |
5% |
11,333,294 |
0.27 |
3.08 |
0.099 | ||
|
Total |
5% |
18,010,598 |
0.28 |
4.96 |
0.159 | ||
|
UG2 |
From Proved 4E Reserve |
1% |
5,086,535 |
0.03 |
0.17 |
0.006 | |
|
From Probable 4E Reserve |
1% |
8,448,801 |
0.03 |
0.29 |
0.009 | ||
|
Total |
1% |
13,535,336 |
0.03 |
0.46 |
0.015 | ||
Notes:
- Where used in the above four tables, “MR” or “Merensky” refers to Merensky Reef, and “UG2” refers to Upper Group 2 Chromitite Seam. Due to rounding, table columns may not add up. Project 1 and 1A tonnes are reported after deducting 14% for MR and 23% for the UG2 for geological losses. Project 3 tonnes are reported after deducting 14% for geological losses.
- The Qualified Persons for the information in the above table with respect to Project 1, derived from the Updated Feasibility Study, are Charles Muller and Gordon Cunningham, each of whom were independent of the Company as of the date of the Updated Feasibility Study.
- Cautionary Note to U.S. Investors with respect to the information in the above three tables: The U.S. Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms in this document, such as “measured,” “indicated,” and “inferred,” “reserves,” and “resources,” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. “Resources” are not “Reserves” and so do not have demonstrated economic viability. U.S. investors are urged to consider closely the disclosure in the Company’s U.S. regulatory filings, File No. 0‑033562, which may be secured from the Company, or from the SEC’s website at: http://sec.gov.
