Johannesburg, South Africa — MININGREVIEW.COM — 06 March 2009 – Emerging new generation platinum miner Wesizwe Platinum Limited has announced that a Japanese corporation – the Japan Oil, Gas and Metals National Corporation (JOGMEC) a has obtained an earn-in option of up to 35% in the War Springs project on the northern limb of the Bushveld Complex in South Africa.
Wesizwe – through its wholly-owned subsidiary Africa Wide Investment Holdings (Pty) Limited – holds a 15% free carried interest to the point of feasibility determination. JOGMEC will be able to earn its 35% earn-in from Platinum Group Metals Limited (PTM), a Canadian platinum prospector. PTM currently owns 70% of the property, while Taung Platinum Exploration (Pty) Limited (Taung) owns the remaining 15%.
The announcement added that JOGMEC would invest US$10 million (R105 million) for the full option and, in the event that the option is exercised, the parties would form an unincorporated joint venture over the War Springs project to facilitate further development.
Commenting on the agreement, Wesizwe CEO Michael Solomon said: “It is encouraging to see that, despite the current economic climate, exploration and prospecting is continuing, in particular on properties in which Wesizwe has significant shareholding. While from a monetary point of view this deal is neutral to the company, proving up further resources will be value- enhancing for Wesizwe and its shareholders.”