can hit $1.50, page-4

re: can hit $2.50 (or more) PROJECT DEVELOPMENT - KALPLATS PROJECT

PLA has completed a low level airborne geophysical survey at 50 metre line spacing on the project. The results from this work have provided more detailed information on the geology and structure of the project and identified a number of targets outside of the known deposits.

PLA is undertaking an extensive two phase resource development drilling program aimed at raising the status the currently identified deposits, testing the additional prospects and targets that have been identified by PLA and others and infilling between the know deposits.

The first phase results will provide an updated resource which will be the basis of the Pre Feasibility Study to be completed in 2005. The study will focus on the development of an open cut mining operation producing a flotation or high grade concentrate for smelting and/or refining by others.

The second phase of drilling will be completed as part of a Bankable Feasibility Study scheduled to be completed on the project in 2006. It is anticipated that this drilling will focus on further upgrading the total resource identified in the first phase of drilling to a level suitable to form the basis of the BFS. The BFS will also continue to focus on the development of an open cut mining operation, but will also provide an indication of the longer term underground potential of the project.