London, England — MININGREVIEW.COM — 04 March, 2008 – Ridge Mining plc – a London-based, AIM-listed company focusing on the development of prospective platinum group metal (PGM) projects in the Bushveld Complex of South Africa – has increased its Blue Ridge mineral resource by more than 70% as a forerunner to expanded production in the near future.
A news announcement released here says the company’s 50%-owned subsidiary Blue Ridge Platinum (Pty) Ltd has completed the acquisition of the entire issued capital of Southern Era Mining and Exploration South Africa (Pty) Limited (Semex) – a subsidiary of Lonmin Plc. This acquisition increases the mineral resource at Blue Ridge by 72%.
Semex holds a number of prospecting rights over the ground adjacent to Blue Ridge which was originally termed by Southern Era Platinum as its ‘Millennium Project’, prior to the acquisition of Southern Era Platinum by Lonmin in 2005. The proximity of Millennium to Blue Ridge provides a significant opportunity for the sharing of the infrastructure currently being developed at the mine.
Total measured resources at Blue Ridge stand at 28.1 Mt of PGE at a grade of 3.3g/t, yielding 3Moz, and indicated resources are 48.2 Mt at a grade of 3.1 g/t, giving 4.8 Moz. This means that total measured and indicated resources come to 76.3 Mt at 3.2 g/t for a resource of 7.8 Moz.
Ridge Mining CEO Terence Wilkinson pointed out that the acquisition of Millennium had been provisionally agreed with Lonmin some time ago. “We are pleased to have now received the approval of the DME to complete the acquisition,” he added.
“Millennium represents a significant opportunity to expand production at Blue Ridge, which is already mining ore onto a stockpile, and is on schedule to ship its first concentrate in the final quarter of this year,” Wilkinson concluded.