Perth, Australia -
Platina Resources Ltd. (Platina or the Company), (ASX:PGM) (OTCMKTS:PTNUF) is pleased to provide an update on the Skaergaard project in Greenland.
The Company owns 100% of 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 more than $16 million in the development of the asset including drilling, metallurgy and technical studies.
In July 2013, the Company reported a JORC compliant Mineral Resource estimate of based on metal price assumptions of US$1,400/oz for gold and platinum, and US$560/oz for palladium (refer ASX release dated 23 July 2013). In the last five years, the price of palladium has increased from US$736/oz to US$1,250/oz.
Moreover, during the year, the Company also received a number of highly conditional, non-cash, offers for the project. To ensure the best outcome for shareholders, the Company engaged an experienced advisor to assist in a review of the offers received. In light of the advisors recommendations and the recent increase in the Palladium price, the Company is going to engage a suitably qualified technical advisor to prepare a Scoping Study for the project. The Scoping Study will define the potential development options available for the project.
Corey Nolan, Managing Director of Platina Resources stated, "The Company believes that a Scoping Study will provide a basis for evaluating the potential development options for the project so it can make an informed judgement about the best future path forward for the project".
About Platina Resources Limited:
Platina Resources Ltd. (ASX:PGM) is an Australian-based exploration and development company focused on precious and specialty metals, particularly platinum group metals and the strategic metal scandium.
Our flagship project is Owendale in central New South Wales, one of the largest and highest grade scandium deposits in the world, which has the potential to become Australia’s first scandium producer with cobalt, platinum and nickel credits. A Definitive Feasibility Study is underway and due for completion in late 2018.
We also have 100% ownership of the Skaergaard project in Greenland. This is one of the world’s largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia.
Source:
Platina Resources Ltd.
Contact:
Corey Nolan Managing Director Tel: +61-7-5580-9094 Email: admin@platinaresources.com.au
