re: up 30% today - saxien IntroductionOn 2 June 2004, AIM...

re: up 30% today - saxien



Introduction

On 2 June 2004, AIM Resources Limited announced that the Company had exercised its option to purchase 100% of the issued share capital of Mooiplats Mineral Holdings (Pty) Ltd (“Mooiplats”) and Severin Development Corporation (Pty) Ltd (“SDC”) for a total consideration of ZAR (Rand) 14.223 million (approximately $A3.1million at 1 AUD : 4.66 ZAR).

Mooiplats holds a 76.84% shareholding in Southern Sphere Mining and Development (Pty) Ltd (“Southern Sphere”), which owns the substantial, multi million ounce Mooiplats Platinum Project in the Eastern Limb of the Bushveld Igneous Complex.

Snowden Mining Industry Consultants (“Snowden”) have confirmed an inferred resource of 10.2 million ounces (3PGE +Au) for the Boschkloof area and further exploration potential for the Mooimeisjesfontein area of an additional 15.6 million ounces (3PGE+Au) as announced to the ASX on 5 May 2004.

Settlement of the transaction remains subject to Ministerial approval under the South African Mineral and Petroleum Resource Development Act 2002, which came into effect on 1 May 2004. To facilitate the approval process, the settlement date has been extended up to 30 April 2005.

In anticipation of being granted Ministerial approval, AIM has started planning the field program for the Mooiplats Project