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I see Ivanplats had a successful IPO of $307 million. I know this isn't quite comparing apples to apples but worth a look anyway. Ivanplats Plats reef project has a resource of 320Mt @ 3.65 g/t for 37.6 Moz, its mining cut is a average of 27.3 meters which is incredible and at depths of 700m to 1,100 m. Itochu purchased a 10% stake in this project for $290 million last year therefore placing a value of $2.9 billion on the resource which is high in base metal credits.

Our resource for Garatau and Tabatse stands at 365Mt @ about 4.5 - 5 g/t for 60 Moz from surface to a depth of 1500 metres. Now just looking at the BFS numbers of Garatau's Merensky reef only we 10.8 Moz @ 3.2 gpt at a mining cut of 2.2 metres between a depth of 350 meters to 700 meters. If both companys were to develop these projects producing the same amount of ounces I expect Ivanplats would have a much higher capex for the additional shaft depth to 700 metres plus the need for refrigeration at that depth but much less costs per ton because of the massive width of the orebody.

I dont believe our project is as good as Ivanplats because of there widths but if Itochu practically paid $290 million for for 3.76 million ounces ($77 per ounce) surely we can find a suitable partner for our projects.

http://www.ivanplats.com/s/Platreef.asp

http://www.the-pick.com.au/pdf/1343804044NKWE_Platinum_(ASX_NKP)_Quarterly_Report.pdf