Sorry about the formatting, but happy birthday Oly, looks like...

Sorry about the formatting, but happy birthday Oly, looks like some extra icing for you this year.

TCG

ASX/Media Release – 7 October 2009
SKAERGAARD GOLD-PGM PROJECT MOVES TO NEXT
STAGE FOLLOWING POSITIVE SCOPING STUDY REVIEW
KEY FOCUS ON DEFINING HIGH-GRADE GOLD ZONE AS PART OF ONGOING PREFEASIBILITY
STUDY
KEY POINTS
• Positive Scoping Study Review completed by international engineering company
GRD Minproc.
• Conceptual underground mine development of 2.4Mtpa with operating costs
ranging from US$49-81/t.
• Excellent bench-scale metallurgical recoveries of gold, palladium and platinum
achieved from bulk samples – up to 92.7% gold recovery via flotation.
• Compelling evidence suggesting a potentially higher-grade gold zone (>4g/t Au +
PGM) identified by AMC Consultants, who contributed to the study, within the
previously defined Gold Zone – to be targeted by key 6,000m diamond drilling
program in 2010.
• Pre-Feasibility Study to continue with targeted completion by December 2011.
International precious metals explorer Platina Resources Limited (ASX: PGM) is pleased to
advise that it has completed a positive Independent Scoping Study Review of its 100%-owned
Skaergaard Gold and Platinum Group Metals (PGM) Project in Greenland, paving the
way for the next stage of evaluation and development of the multi-million ounce deposit to
proceed.
The Scoping Study Review, which was conducted by the Brisbane office of international
engineering company GRD Minproc, resulted in some important positive recommendations
after its review of the technical viability of a conceptual 2.4 million tonne per annum
(Mtpa) underground mine development. In particular, the Study by GRD Minproc reported
some highly promising results from bulk metallurgical investigations.
The Study focused on the Gold Zone within the Skaergaard deposit for which an Inferred
Resource totalling 106.6 million tonnes grading 1.68g/t gold and 0.64g/t platinum +
palladium for 5.77 million ounces of contained gold, 2.03 million ounces of contained
palladium and 0.17 million ounces of contained platinum has been previously reported in
accordance with the JORC Code.
Based on the key recommendations in the AMC Consultants geological study, Platina
Resources Limited (Platina) intends to move forward with a 6,000 metre diamond drilling
program to be completed next year targeting a potential high-grade gold zone within the Skaergaard deposit. The Company then intends to proceed with a detailed Pre-Feasibility
Study for completion by December 2011 that will include a second drilling program designed
to progress the area of interest to Indicated Resource. Platina will progress the Pre-Feasibility
Study to a very high standard and level of detail to facilitate an efficient and rapid transition
to the Definitive Feasibility Study (DFS) stage.
It is envisaged that this extensive higher grade zone, comprising material which could contain
combined grades of +4g/t Au + PGM (platinum group metals), would provide a strong
foundation to underpin a robust, long-life mining operation.
The Skaergaard Project is at the forefront of a new generation of significant mineral projects
in Greenland, which is considered to be one of the final frontiers for the discovery of new
world-class mineral deposits globally. The Project is located on Greenland’s East Coast,
approximately 400km west of geothermal power-rich Iceland. Infrastructure on site includes a
20-person accommodation village and 600 metre airstrip.
Commenting on the announcement, Platina’s Managing Director, Mr Rob Mosig, said: “We
are very pleased with the outcomes of this interim Scoping Study Review, which has further
increased our confidence in the quality of the Skaergaard Project and its potential to deliver
an outstanding international production opportunity for the Company.
In addition to the outstanding results from metallurgical test work – which are amongst the
best reviewed by GRD Minproc – one of the key recommendations moving forward is the
importance of the higher-grade area within the Gold Zone on the Western side of the
Skaergaard Intrusion, which we expect will hold the key to development of this Project,” he
said. “This will form the focus of a landmark drilling program commencing next year.”
Key Study Findings
The 2009 Scoping Study Review included a review of the 2008 Scoping Study completed by
SRK Consulting Pty Ltd, and focused primarily on a review of the Inferred Resource
estimate, geological and assay database, advice on the proposed design of the 2010 drilling
program, review and comment on the most suitable mining method, metallurgical test work,
alternate process routes, as well as a long-term development plan and schedule. A key focus
of the review was to enhance the understanding of the Skaergaard Gold Zone and evaluate the
optimum mining method for this Zone.
The Study resulted in a number of positive recommendations, with the following important
conclusions:
• compelling historical drilling and assay evidence indicates a potentially higher grade
gold location within the previously defined Gold Zone on the Western side of the
Intrusion (above the PGE-rich zone);
• room and pillar mining has been identified as the preferred underground mining
method for the Skaergaard Project, with operating costs in the GRD Minproc scoping
study ranging from US$49-81/tonne for a conceptual underground mine development of
2.4 Mtpa;