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Platina Resources progressing towards development at Owendale Scandium-Cobalt-Nickel Project

Proactive Investors Wednesday, 15 August 2018
Platina Resources Limited (ASX:PGM) is making excellent progress advancing the definitive feasibility study (DFS) on its Owendale Scandium-Cobalt-Nickel Project in central New South Wales. The DFS which is due for completion in the fourth quarter of 2018 will incorporate data from successful work programs which include: • Pilot metallurgical program – a 6 tonne bulk representative sample was processed at the SGS pilot facility in Perth and successfully refined into 99.99% scandium oxide product at the Element 21 facility in Brisbane. The product is expected to be saleable into both the solid oxide fuel cell and aluminium alloy markets; and READ: Platina Resources produces first refined scandium oxide from Owendale project at 4N grade • In-fill resource drilling – a recent drilling program has expanded the zones of high-grade mineralisation within future mining areas. An upgraded JORC mineral resource is being finalised and will be reported shortly. READ: Platina Resources’ Owendale project boosted by strong scandium results On completion of the DFS, Platina will lodge an Environmental Assessment and Mining Lease Application with the New South Wales Government. The company plans to commence a scandium off-take marketing program in late August, targeting potential customers in the USA, Europe, Asia and Australia. Once off-take agreements are established, Platina will be able to pursue financing options for the first phase development. Significant interest is being generated by the company’s advanced activities at Owendale. A number of approaches have been made expressing interest in the Owendale asset and/or off-take agreements. Skaergaard Platina owns the Skaergaard project in Greenland which is one of the world’s largest undeveloped gold and palladium deposits outside of South Africa and Russia. The company has historically invested substantial funds in the development of the asset including drilling, metallurgy and technical studies. Platina believes that Skaergaard is a very valuable asset with significant upside potential. The company recently received conditional offers, including sale, joint venture and spinout and is currently reviewing its options for advancing the project. As such, Platina is going to engage a suitably qualified and experienced advisor to assist with this process. Munni Munni The Munni Munni PGM and gold project in Western Australia is subject to an earn-in by Artemis Resources Ltd (ASX:ARV) who can acquire a 70% interest in the project by spending $750,000. Platina representatives recently visited the Munni Munni project to assess the activities performed by Artemis during the earn-in period. Documentation in regard to the joint venture is currently being finalised and the market will be updated in due course on the outcomes of the joint venture and exploration activities at the project. Growth Opportunities Platina is examining a number of new growth opportunities which it believes have the potential to enhance the value of the company. These include new projects and value-adding of existing projects including the potential for producing scandium master alloy, nickel-cobalt intermediate products and high purity alumina. Platina believes 2018/2019 will be a transformative year for the company as it evolves from the exploration-stage to the development-stage at Owendale. The company will also continue to develop a pipeline of new opportunities by leveraging its exploration and development experience and expertise.
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