Amplats Management is pleased to announce that an agreement has been signed with Pacific North West Corp (PFN) of Canada for the joint exploration of certain of PFN's properties in the Sudbury region of Ontario.
Amplats may earn a 50% interest (subject to underlying net smelter royalties) in specific PFN properties by paying PFN $300 000 for the option and spending $4 million on exploration over a five year period. The 1999 and 2000 exploration expenditures, totaling $1.5 million are contractually guaranteed. Upon completion of the initial 50% interest earn-in. Amplats may earn a 60% interest by completing a feasibility study, and a 65% interest by arranging all mine financing through to production.
In addition to funding Amplats will provide technical assistance, particularly with regard to geochemical analysis, mineralogy consulting, minerals processing technology and geological modeling. PFN will remain operator of the projects until Amplats has completed the initial $4 million commitment.
The agreement is subject to regulatory approval, and a finder's fee is payable.
For further information, contact
Johan Adler
Tel : (011) 373-6637
Cell : 083 627 3918
4 August 1999