London, United Kingdom, March 24, 2007 --(PR.com
)-- Ascension Securities Ltd are pleased to announce that they will be acting as corporate advisers to Bushveld Platinum Plc, which was incorporated in July 2006 in order to acquire and develop Platinum Group Metals mining exploration properties in the Bushveld Complex of South Africa.
The Bushveld Complex is renowned for the continuity and economic importance of its mineral deposits. It contains a large proportion of the world's resources of PGMs and accounts for the majority of worldwide PGM production.
PGMs are platinum, ruthenium, rhodium, palladium, osmium, and iridium. They are metals which are elements with similar physical and chemical properties.
The Company has entered into an option agreement with Ridge Mining (Pty) Limited, a subsidiary of Ridge, pursuant to which it is entitled to acquire three properties (the Projects), two of which are regarded by the Directors as potentially having significant PGM resources, and the third as being potentially a significant base metals deposit with PGM credits.
o Red Bush Ridge is a deposit located in the Eastern Limb of the Bushveld Complex close to Impala Platinum's Rhodium Reefs project and to Anglo Platinum's Modikwa project and Modikwa mine. It a deep deposit with a potential mine depth from 1,900m. It is believed to have potentially significant resources of PGMs located in both the Marensky Reef and UG2 reef with potentially recoverable PGMs of over 30 million ozs. A deposit of this size would enable the development of, in relative terms, a medium sized PGM producer
o Rooikraal lies in the Loskop lobe of the main Eastern Limb of the Bushveld Complex (about 150 km to the South West of Red Bush Ridge) and adjoins Ridge's Blue Ridge project. It is a surface deposit of unusual geology which has made a determination of its resources difficult to make. The Competent Person has expressed the view to the Company that the geology can be modelled with further exploration and that the deposit has potential for hosting significant PGM resources principally within a Marensky Reef type deposit.
o Fonte Verde is located outside of the main Bushveld Complex within a satellite intrusion to the south of the Complex. The deposit is believed to be over 50 million tons containing low grade Nickel, Copper and PGMs, and has the potential to be developed into a substantial base metals mine.
The Company believes that each of the three projects has the potential to underpin the creation of a sizeable mining company, and that the Red Bush Ridge and Rooikraal projects by themselves would give the Company the potential to develop into significant Platinum focussed mining house.
Additionally, the Company has an experienced Board and team of consultants who together have substantial mining, finance and legal experience and expertise, including in relation to mining in SA, and the listing of companies on AIM.