From what i have read so far mooiplats was drilled in the 70's...

From what i have read so far mooiplats was drilled in the 70's but not jorc compliant so they would have a good idea about what is already there before any driling had started, wouldnt be to concerned about being jorc compliant for asx reporting, seems like GAU got a share in a good project seems like a good strategic move to get involved even though it is small percentage exposure at this stage, like that the PMV has been buying up other rights in the area excellent for long term if platinumprices stay high.

The talk of a smelter in 3 years will soon end i would hope and they get on with selling to existing smelters slv may be able to do some good deals with there aquarius relationship.

http://www.miningmx.com/platinum/978681.htm

Platinum Mining Ventures ends first stage of exploration
Allan Seccombe
Posted: Mon, 18 Jun 2007
[miningmx.com] -- AFTER a brief burst of publicity at the end of last year, African Pacific Capital (APC) has gone fairly quiet about its subsidiary Platinum Mining Ventures (PMV) and the Mooiplats platinum exploration property in South Africa.


PMV has been accumulating properties in the vicinity of the Mooiplats property on the Posiri Dome at the northern tip of the Eastern Limb of the Bushveld Igneous Complex. It is not far from Lonmin’s Limpopo mine, which is 10km away, and Anglo Platinum’s Lebowa mine.

APC director David Giese said the first phase of drilling at the property has been completed and the results are being evaluated over the “next few weeks” to identify firmer targets in the second and third drilling phases.
We’ve got to take it one step at a timeOne of the reasons for the dearth of news is that PMV has ASX-listed Great Australian Resources as a partner and it has not made announcements on progress at the Mooiplats project. Other partners are constrained about what they can say regarding the project because of listing rules.

APC chairman Alan Doyle said in December PMV would have a 200,000 ounce platinum group metals project in production, complete with a smelter, in three years time.

Giese declined to be drawn on whether this ambitious target will be met at the Mooiplats.

“I suppose it is early days. That’s the objective. We’d like to be in that position. We’ve got to take it one step at a time and it’s still feasible,” Giese told Miningmx.

Earlier drilling by other groups indicates a possible resource of a million PGM ounces at the Merensky and UG2 reefs.

Early talk of setting up a smelter to lessen the dependency on the three majors, Anglo Platinum, Impala Platinum and Lonmin, which have smelters and refineries, seems to have cooled slightly.


Click Here to subscribe to our daily newsletter“The idea is to find a resource to sustain that, or if we have a reasonable amount in resources we will talk to other independents in that area. It’s unlikely one little company will have sufficient material to support a full blown smelter,” Giese said.

“However, we are not scared to take that next step and construct one if we can justify it.”

Meanwhile, the empowered PMV, which has a new-order prospecting right at Mooiplats, has been looking at further properties to grow its portfolio, Giese said. These are in the vicinity of Mooiplats and elsewhere on the Bushveld.

“We are sourcing other projects as we speak and broadening our base all the time. As we start putting holes in the ground, people hear about it and come talking, so we are sourcing additional properties,” he said.

Doyle said in December PMV was to be listed in the first half of 2007, however, the thinking now is to raise the value within the company through the drilling programme. There is sufficient capital to complete the exploration programme, Giese said.

Giese declined to give a new target date for the listing, which he said would definitely happen some time in the future.

A host of properties with platinum potential on the southern end of the Eastern Limb near Hendrina have been housed in Bushveld Exploration, which listed on ASX recently to raise A$3m towards a two-year exploration programme. APC is a “significant” holder of Bushveld’s shares.

An aeromagnetic survey is being planned ahead of a drilling programme to locate target areas.