can hit $1.50, page-3

re: can hit $1.50 (or more) PROJECT DEVELOPMENT

PLA believes that the shallow outcropping nature and geometry of the UG2 reef at Smokey Hills facilitates a rapid and low cost completion of the resource definition and project evaluation phases necessary to bring the project into production. It is anticipated, subject to obtaining necesary approvals, that the resource definition drilling of the project could be completed in 2005 and the BFS completed within 3 months thereafter.

The development envisaged at this point would involve an inital open cut operation to mine approximately 25% of the UG2 reef, with the balance mined from relatively shallow underground operations with simple low cost decline access. On site treatment of the ore would require a standard UG2 plant, incorporating milling and flotation with the flotation concentrate delivered to one of the local smelters.

The project is adjacent to the new Modwika Platinum Mine, a 50:50 joint venture between African Rainbow Minerals and Anglo Platinum, and in close proximity to the Marula Platinum Mine owned by Impala Platinum. As these are both underground operations which are still building up to full production, there is considerable potential to consider toll treatment or sale of ore from Smokey Hills to these operations while the treatment facility is constructed at the site, allowing commercial production to commence some 12 months than would otherwise be possible.