Bongani Mbindwane,
CEO, Platfields
 
Johannesburg, South Africa — MININGREVIEW.COM — 12 March 2009 – South African precious metals exploration and mining company Platfields says it still plans to list in Johannesburg, despite missing its initial target of last October, partly due to the global financial crisis.

CEO Bongani Mbindwane confirmed here that depending on market conditions, the company would seek to raise R200 million around July 2009 and a further R250 million rand during 2010, to advance its exploration work.

“We believe it would have been foolhardy to have pressed ahead with a listing at the time of extreme market volatility at the end of 2008, even if we had crossed all of the regulatory hurdles in time,” he said in a statement. “We have drawn some encouragement from the recent strengthening in the platinum price and stabilisation in the palladium and rhodium prices.”

Mbindwane said Platfields had added the Tigerpoort project, to its platinum group metals portfolio, after it had been awarded a prospecting right over the 500-hectare farm Tigerpoort, which is adjacent to its 1 000-hectare, near-surface Leeuwkop PGM project in the platinum-rich Bushveld Complex.

Founded in 2002, Platfields has been exploring the eastern limb of South Africa’s platinum-rich Bushveld Complex.