We are waiting on news of improved deal between East Plats and Sylvania over Everest North. Also some more drill results.
"The company is currently drilling the resource and has targeted a Measured resource by
end-June 2007"
http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_3/Mirabaud_Mining_Weekly_170507.pdf
No. 3
Mining Research
17 May 2007 Mirabaud Mining Weekly
Everest North
Sylvania has an interest in approximately one-third of the platinum deposit found at
Everest North (Eastern Bushveld, SA), with the remaining two-thirds under the control of
Eastern Platinum. A letter of intent has been signed between the two parties.
Importantly, the deposit outcrops on Sylvania’s farm and therefore we expect that should
the two companies be able to strike a deal to develop the project, Sylvania’s economic
interest might be somewhat higher than one-third. However, it is too early in the deposits
development to suggest a full-scale mine is a certainty. What is clear is that with or
without Eastern Platinum’s ground, Sylvania has an asset which should be brought to
account in some shape or form.
The company is currently drilling the resource and has targeted a Measured resource by
end-June 2007. This week’s update showed an Indicated in-situ resource of 5.3Mt
grading 4.92g/t (combined main and leader zone of the UG2 reef), which accounts for
expected geological losses. This is both a good grade and, as is typical of UG2 reef, it
possesses a high 11% rhodium content, offering an extremely rich basket price at current
prices. The current mineralisation stands at 833Koz. If we value those 833Koz at
US$75/oz, we derive a value of 20.7p per share. We will look to review this figure when a
final Measured resource is announced in the next 6-8 weeks. A full bankable feasibility
study is expected by August 2007.
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