Kennedy's Vale - Platinum Mine

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This is the lease are which includes the following farms: All of De Goede Verwachting 332 KT, southest half of Boschkloof 331KT, Kennedys Vale 361 KT, Belvedere 362 KT, and a northwest portion of Tweefontein 360KT. In 2006, Eastplats became Canada's largest platinum group metals producer when it acquired a 69% indirect interest in Barplats Investments Limited which is the owner of this property.

History:

The area has been held under mineral rights title since the 1980s and the project area was
previously held under minerals rights title by Anglo American Exploration, Samancor,
Implats, and Barplats. The general project area was first prospected during the platinum rush” of the 1920s by a host of individuals and small to medium sized companies. However, almost all the early work was confined to the Merensky Reef with little attention being paid to the underlying UG2 Chromitite layer. Numerous exploration adits were excavated to expose the Merensky Reef over a continuous 35km strike length on the farms Dwarsrivier, Richmond, Thorncliff, Helena, Der Brochen, Booysendal and Button's Hope. Kennedy’s Vale is situated north of Der Brochen and lies roughly in the centre of this group of farms.

The African Exploration Company Limited completed the first exploration drillhole on the
farm Kennedy’s Vale 361 KT in 1981. Vansa Vanadium S.A. Ltd (‘Vansa’) continued
exploration activities from 1982 to 1985, conducting surface mapping and drilling a further five exploration holes on Kennedy’s Vale and Boschkloof 331 KT. In 1986 and 1987, a joint venture agreement between Vansa and Rand Mines led to the completion of a further five drillholes. In 1988 and 1989, following a feasibility study on the project area, Rand Mines drilled another 37 holes, mainly on the adjacent farm De Goedeverwachting 332 KT. From 1986 to 1989, Gencor drilled eight holes on the farms Belvedere 363 KT and
Tweefontein 360 KT.

Rand Mines completed a feasibility study in August 1987. As a result Barplats was formed
in October 1987 with Rhodium Reefs as a wholly owned subsidiary. In February 1988,
Rhodium Reefs commenced the sinking of a twin shaft system. In September 1988, the
rate of sinking was reduced and, in October 1990, the project was put on care and
maintenance. One of the shafts reached a depth of 913.7m (just above 13 Level) and the other a depth of 886.8m (12 Level). Most of the station development on 9, 10, 11 and 12 Levels was completed.

Reference for information:
www.eastplats.com/projects/spitzkop_kennedys_vale/
www.eastplats.com/_resources/reports/Kennedy_Vale_Proje...