Lannex - Receipt of Summons from Platmin

RNS Number : 0652M

Sylvania Platinum Limited

12 September 2012

 



Sylvania Platinum Limited

("Sylvania Platinum", "Sylvania" or the "Company")

(AIM: SLP)

Lannex - Receipt of Summons from Platmin

The Board of Sylvania wishes to inform shareholders that it has been served with a summons regarding a claim being brought by Platmin South Africa (PTY) Ltd ("Platmin") (previously known as Boynton Investments (Pty) Ltd ("Boynton")), a subsidiary of Platmin Limited, declaring that Platmin is a co-owner of the tailings, or, alternatively, the co-owner of the platinum group metals ('the PGMs') contained in the Lannex Tailings Dam situated on the Farm Grootboom in the District of Lydenburg, Mpumulanga, South Africa.

This claim is the same in nature as a motion put before the North Gauteng High Court, Pretoria by Boynton against Sylvania in 2009. On 14 April 2009, Boynton withdrew that application and was ordered by the North Gauteng High Court, Pretoria to pay Sylvania's legal costs including the costs of two legal counsels appointed by Sylvania to oppose the matter.   

The Board of Sylvania continues to refute these claims and intends to again defend them vigorously.

Commenting today, Terry McConnachie, CEO, said: "It is frustrating that management's time and attention is being diverted to defend this claim. The facts have not changed since the claim was originally brought in 2009 when Boynton soon withdrew its claim and Sylvania was awarded full costs, and we are therefore very confident that the claim will again be successfully defended in the same fashion."

ENDS

CORPORATE INFORMATION

Registered office:     Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

Postal address:         PO Box 524

                                    Wembley WA 6913

                                    Australia

Sylvania Website:     www.sylvaniaplatinum.com

CONTACT DETAILS

South Africa:              Terry McConnachie                             Nigel Trevarthen

(CEO)                                                  (Deputy CEO)

                                    Sylvania Platinum Limited                    Sylvania Platinum Limited

                                    [phone]                               [phone]

                                    Louis Carroll

                                    (Director/Assistant Company Secretary)

                                    Sylvania Platinum

                                    [phone]

Australia:                    Richard Rossiter                                  Grant Button

(Chairman)                                          (Director/Assistant Company Secretary)

Sylvania Platinum Limited                    Sylvania Platinum Limited

[phone]                               [phone]

United Kingdom:       Samantha Harrison                              Martin Eales/James Kelly

                                    RFC Ambrian Limited                           RBC Capital Markets  

Nominated Advisor                               Joint Broker

                                    [phone]                          [phone]

Graham Herring/Beth Harris

                                    Newgate Threadneedle

                                    [phone]

 

END

 

 

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