Afternoon all,Platsearch is long overdue for another decent run,...

Afternoon all,
Platsearch is long overdue for another decent run, could this be the catalyst????
Seems to me that not too much has occurred for us to get excited about since MNR had the hit....and the "in the vicinity of, as to be affected by" factor kicked in.
C'mon Bob....release something...anything will do...and let's get this baby kick-started again....give the faithful a tax problem.
Good luck to fellow owners,
Carl.

PLATSEARCH NL
ACN 003 254 395
Level 1, 80 Chandos Street, St Leonards NSW 2065 (PO Box 956, Crows Nest NSW 1585)
Telephone: (02) 9906 5220 Facsimile: (02) 9906 5233
Email: [email protected] Website: www.platsearch.com.au
21 April 2004
The Company Announcements Office
Australian Stock Exchange Limited
ANNOUNCEMENT OF JOINT VENTURE WITH INCO
WYNBRING NICKEL PROJECT, SA
PlatSearch is pleased to announce that a letter agreement has been signed with Inco Resources
(Australia) Pty Limited (Inco), a wholly owned subsidiary of Inco Limited, in relation to an
Option/Joint Venture Agreement over PlatSearch’s tenement ELA 082/03 “Wynbring”. The
Wynbring tenement (PlatSearch 100%) covers an area of approximately 2,000 square kilometres
located on the western margin of the Gawler Craton and is considered to be prospective for
nickel sulphide deposits.
The agreement permits Inco to earn a 60% interest in the tenement by incurring expenditures of
$2,000,000 within four years from the granting of the licence. Inco is committed to spend at
least $200,000 within the first year. Thereafter minimum commitment annual expenditures
escalate to $900,000 in the fourth year of the agreement. Inco retains the right to withdraw
following expenditure of $200,000.
Once Inco has earned its 60% interest, PlatSearch has the right to either participate in ongoing
expenditure or revert to a 20% interest that is free carried to the completion of a feasibility study
for a mining operation. On the completion of the feasibility study, PlatSearch can elect either to
contribute to a mine development or revert to a 2% net smelter return royalty. The agreement is
subject to granting of the exploration licence and relevant South Australian Government
approvals.
Inco Limited is a leading Canadian mining and metals company and is the world’s second
largest nickel producer.
The Wynbring area covers a large part of the Fowler Domain, a major tectonic zone on the north
western flank of the Gawler Craton. The Fowler Domain comprises dense, magnetic, highly
deformed, intermediate to ultramafic intrusives overlain by thin Tertiary sands and recent sand
dunes. Aeromagnetic surveys show the presence of a high concentration of crustal scale
fractures and faults in this area. These structures could have provided pathways for the
intrusion of mafic-ultramafic bodies with potential for nickel sulphides, chromite and platinoids.
The Thompson Nickel Belt in Canada has similar features and is considered by the Department
of Primary Industry and Resources of South Australia (PIRSA) as a possible analogue of the
Fowler Domain. The Thompson Nickel Belt hosts major nickel deposits which have been
mined by Inco since the early 1960s.
There has been only limited previous exploration in the Wynbring area, most of which was
completed in recent years by PIRSA. Wide-spaced reconnaissance bedrock drilling by PIRSA
has indicated the presence of a 30 kilometre-long zone of intermediate to ultramafic rocks
adjacent to a major fault and geochemically anomalous in gold, nickel, chromium, platinum and
palladium. Most of this zone lies within PlatSearch’s tenement. Near its northern extremity,
PLATSEARCH NL Wynbring Agreement with Inco
2
drilling has intersected highly anomalous chromium in two holes with best results of 11 metres
at 1.8%, 8 metres at 5.34% and 15 metres at 2%.
Previous airborne electromagnetic (AEM) testwork has demonstrated that the area is amenable
to AEM surveying. Under appropriate conditions AEM can detect conductive sulphide bodies.
Inco will undertake an AEM survey over selected parts of the tenement and this survey is
expected to commence in May 2004.
Other PlatSearch nickel areas in the Fowler Domain
Elsewhere in the Fowler domain, PlatSearch holds three contiguous exploration licence
applications (PlatSearch 80%, Bohoun Resources Pty Ltd 20%) covering a combined area of
approximately 2,300 square kilometres. Two of these tenements Toolgerie ELA 093/02 and
Yalata ELA 242/04 cover a very large layered mafic-ultramafic complex, considered by
PlatSearch to be prospective for Sudbury style nickel sulphide deposits. The adjacent Black
Hill ELA 243/04 covers major structures in the southern part of the Fowler Domain. Previous
exploration of these tenements has been negligible to non-existent. The Toolgerie tenement will
be offered for grant shortly. Discussions with several parties regarding possible farm-in joint
ventures over these tenements are in progress.
PLATSEARCH NL
Bob Richardson
Managing Director
Please direct any questions to Bob Richardson on (02) 9906 5220 or 0414 592 080.