Quarterly Activities Report
Brisbane, Oct 29, 2014 AEST (ABN Newswire) - 2014 Quarterly Activities Report on Platina Resources Limited's (
ASX:PGM) (PTNUF:OTCMKTS) 100%-owned Owendale Platinum, Scandium, Nickel and Cobalt Project in Australia.
Highlights
OWENDALE
- Negotiations commence on draft offtake and processing Agreements recently prepared.
- Second Heads of Agreement signed for the proposed supply (under an Off-take Agreement) of 5 tonnes per annum of scandium oxide.
- Preliminary metallurgical testwork for recovery of platinum and scandium completed.
DECEMBER 2014 QUARTER PLANS
- Platina to finalise Offtake and Supply, Technology, Processing and Marketing Agreements with Honfine and Hunan Oriental Scandium Co. Ltd.
- Scoping and Feasibility Study timetable to be prepared for the potential production of scandium.
- Fund Raising activities to be finalised for future Feasibility Studies and general operations.
SUMMARY
During the quarter, the Company signed a Heads of Agreement (HoA) with Chinese manufacturer Hunan Oriental Scandium Co. Ltd (HNOSC) to negotiate an Off-take Agreement and a Supply, Technology, Processing and Marketing Agreement. Under the terms of the HoA, Platina and HNOSC will negotiate an Off-take Agreement for the supply of 5 tonnes per annum of scandium oxide at a 99.9% purity grade and at a commercially acceptable price. The HoA with HNOSC is the second agreement which the Company has concluded with a Chinese scandium producer and processor. During the quarter, several new discussions were carried out with scandium processors around the world, and valuable information is being collected on the future demands and uses for scandium-aluminium alloy and scandium oxide. In addition, the HoA with Honfine was extended until 31 December 2014 to allow for negotiations to continue whilst the Company arranges commencement of Scoping and Feasibility Studies.
To view the report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-825554.pdf
About Platina Resources Limited
Platina Resources Limited (ASX:PGM) (OTCMKTS:PTNUF) is an Australian-based company focused on returning shareholder value by advancing early-stage metals projects through exploration, feasibility, permitting and into development.
The Company has interests in the following projects:
- Platina Scandium Project (100% interest) - located in central New South Wales, the project is 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 and nickel credits. A Definitive Feasibility Study was completed in late 2018 demonstrating the technical and economic viability of constructing the project. The Company is now focused on completing the permitting and securing offtake and financing.
- Skaergaard (100% interest) - One of the world's largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia, located in Greenland;
- Munni Munni (30% interest) - Situated in the Pilbara region of Western Australia, the project is one of Australia's most significant Platinum Group Metal occurrences. Munni Munni also has potential for conglomerate hosted gold and is a Joint Venture with Artemis Resources Limited; and
- Blue Moon (to earn a 70% interest) - Located in California, U.S.A, the project is subject to a Nl 43-101 Mineral Resource estimate. The resource is open at depth and along strike and has favourable metallurgy.
For more information please see: https://www.platinaresources.com.au
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