Ivanplats Issues 2012 Year-End Results and Review of Operations

Ivanplats Issues 2012 Year-End Results and Review of Operations 
Shares Trading on Toronto Stock Exchange Following Successful Initial
Public Offering in October 2012 
Major Increases in Resources at Two Key Projects in Q1 2013 
TORONTO, ONTARIO -- (Marketwire) -- 03/28/13 -- Ivanplats Limited
(TSX:IVP) today announced its financial results for the year ended
December 31, 2012. All figures are in US dollars unless otherwise
stated.  
HIGHLIGHTS FROM 2012 AND Q1 2013 


 
--  On October 23, 2012, Ivanplats successfully closed its initial public
    offering (IPO) and the Common Shares began trading on the Toronto Stock
    Exchange under the symbol IVP. The overall aggregate equity issued in
    connection with the IPO was approximately $509 million, which included
    $197 million from the conversion of pre-IPO bonds. 
 
--  In January 2013, a new independent resource estimate more than doubled
    high-grade Indicated Mineral Resources at Ivanplats' Kamoa copper
    discovery in the Democratic Republic of Congo (DRC). Kamoa now ranks as
    Africa's largest high-grade copper discovery and the world's largest
    undeveloped high-grade copper discovery. This expansion of resources
    represents a major advance in Ivanplats' plans to bring the Kamoa Copper
    Project into production. 
 
--  Also in January 2013, Ivanplats appointed senior mining executive Steve
    Garcia to lead the company's mine-building team in Africa. The roster of
    executive appointments also included Andre Zeelie, Gopolang Enoch
    Makokwe and Jeremy Michaels. 
 
--  In March 2013, a new independent resource estimate significantly
    expanded and upgraded the mineral resources at the Flatreef Discovery on
    Ivanplats' Platreef platinum, palladium, gold & rhodium (4PE), nickel
    and copper project on the Northern Limb of South Africa's Bushveld
    Complex. The Flatreef averages 24 metres in true thickness at a 2.0-
    gram-per-tonne (g/t) 3PE cut-off grade and is potentially amenable to
    large-scale, mechanized underground mining. The thick Flatreef
    mineralization remains open for expansion, with approximately 37.5
    square kilometres of property untested. 

 
Principal Projects and Review of Activities 
Ivanplats, with offices in Canada, the United Kingdom and Sou
th
Africa, is advancing and developing its three principal projects: 


 
--  The Kamoa copper discovery in a previously unknown extension of the
    Central African Copperbelt in the DRC. 
--  The Platreef Discovery of platinum-group elements, nickel, copper and
    gold on the Northern Limb of the Bushveld Complex in South Africa. 
--  The historic, high-grade Kipushi zinc-copper mine, also on the
    Copperbelt in the DRC and now being dewatered and refurbished to support
    a future return to production of copper, zinc and other metals following
    a care-and-maintenance program conducted between 1993 and 2011.

 
Ivanplats also is evaluating other opportunities as part of its
objective to become a broadly based, international mining company. 


 
1. Kamoa
95%-owned by Ivanplats
Democratic Republic of Congo (DRC)

 
Kamoa is world's largest undeveloped high-grade copper discovery 
The Kamoa Project is a newly discovered, very large, stratiform
copper deposit with adjacent prospective exploration areas within the
Central African Copperbelt, approximately 25 kilometres west of the
town of Kolwezi and about 270 kilometres west of the provincial
capital of Lubumbashi. Ivanplats holds its 95% interest in the Kamoa
Project through a subsidiary company, African Minerals Barbados
Limited SPRL (AMBL). A 5%, non-dilutable interest in AMBL was
transferred to the DRC government on September 11, 2012, for no
consideration, pursuant to the DRC Mining Code. The Company also has
offered to sell an additional 15% interest to the DRC government on
commercial terms to be negotiated. 
Kamoa is the world's largest undeveloped, high-grade copper deposit;
it also is one of the world's largest undeveloped copper deposits. On
January 17, 2013, an updated mineral resource was announced that
increased Kamoa's Indicated Mineral Resources to a total of 739
million tonnes grading 2.67% copper and containing 43.5 billion
pounds of copper. This was an increase of 115% over the previous
September 2011 estimate of 348 million tonnes grading 2.64% copper
and containing 20.2 billion pounds of copper. Both estimates used a
1% copper cut-off grade and a minimum vertical mining thickness of
three metres. 
In addition to the Indicated Mineral Resources, the new estimate
included Inferred Mineral Resources of 227 million tonnes grading
1.96% copper and containing 9.8 billion pounds of copper, also at a
1% copper cut-off grade and a minimum vertical mining thickness of
three metres. 
The latest Kamoa resource estimate was prepared by AMEC, based on
core from 555 holes drilled to December 10, 2012, in accordance with
CIM Guidelines and under the direction of Technical Director Dr.
Harry Parker. 
At a higher, 2% copper cut-off grade, Kamoa's Indicated Resources now
total 550 million tonnes grading 3.04% copper and containing 36.9
billion pounds of copper. At the 2% cut-off, Kamoa also has 93
million tonnes of Inferred Resources grading 2.64% copper, which
contains an estimated 5.4 billion pounds of copper. 
The current base-case, 5.0-million-tonne-per-annum mine plan
estimates the production of an average of 143,000 tonnes of copper
per year in the first 10 years. However, preliminary work indicates
that an initial mine production rate and associated concentrator
capacity of 7.5 million tonnes per annum may allow more efficient use
of the assumed capital. The mine plan represents a preliminary
economic assessment. It is preliminary in nature, includes inferred
mineral resources that are considered too speculative geologically to
have economic considerations applied to them that would enable them
to be categorized as mineral reserves, and there is no certainty that
the preliminary economic assessment will be realized. Mineral
Resources are not mineral reserves and do not have demonstrated
economic viability. 
Potential mining rates of up to 20 million tonnes a year under
consideration 
In August 2012, the DRC government granted mining licences for the
Kamoa Project that cover 400 square kilometres. The licences are
valid for 30 years and can be renewed at 15-year intervals. 
The new resource model will form the basis of an updated preliminary
economic assessment (PEA) due for completion in the first half of
2013. The base case of the updated PEA is expected to consider an
initial mine production rate of 7.5 million tonnes per annum. Given
the project's significant estimated Mineral Resource tonnage and its
large lateral extent, potential mining rates of up to 20 million
tonnes per annum may be possible through operating in multiple mining
areas and a series of production expansions to maximize extraction
capacity. 
Metallurgical testwork is ongoing at XPS in Sudbury, Canada. Copper
recoveries for most of the various ore types tested range from 80% to
90%, with the major ore type producing recoveries above 85%.
Concentrate compositions from the various ore types are suitable for
smelting.  
Studies are underway to finalize all engineering and commercial
aspects for the upgrading of the Koni and Mwadingusha hydroelectric
power stations. These studies are expected to be completed in the
fourth quarter of 2013.  
Drilling during Q4 2012 focused on programs related to
pre-feasibility studies, incl
uding civil geotechnical and
condemnation drilling for mine infrastructure, hydrogeological pump
testing, resource infill drilling in Kamoa Ouest and Kansoko Centrale
and metallurgical drilling for the variability program. A total of
9,394 metres were drilled during the quarter, including 5,187 metres
of infill resource drilling, 664 metres of condemnation drilling, 200
metres for civil geotechnical planning and 3,343 metres for
metallurgical (variability) purposes. Pump testing was completed
during the quarter on eight hydrogeology boreholes.  
Additional studies are underway to further advance the geotechnical,
engineering and metallurgical understanding of Kamoa in support of a
pre-feasibility study, including work on the mine, smelter and
concentrator. Further hydrological drilling and testing will begin in
the second half of 2013 to improve the hydrological models for Kamoa. 


 
Platreef Project
90%-owned by Ivanplats
South Africa

 
New independent estimate boosts resources at Flatreef Deposit 
The Platreef Project, in South Africa's Limpopo province, is
90%-owned by Ivanplats and 10%-owned by a Japanese consortium of
Itochu Corporation, Japan Oil, Gas and Metals National Corporation
(JOGMEC) and JGC Corporation. The Japanese consortium's 10% interest
in the Platreef Project was acquired in two tranches for a total
investment of $290 million. 
The Platreef Project includes a recently discovered, underground
deposit of thick, PGE-nickel-copper mineralization in the Northern
Limb of the Bushveld Complex, approximately 280 kilometres northeast
of Johannesburg.  
PGE-nickel-copper mineralization in the Northern Limb primarily is
hosted within the Platreef, a mineralized sequence that is traced
more than 30 kilometres along strike. Ivanplats' Platreef Project,
within the southern sector of the Platreef, is comprised of three
contiguous properties: Turfspruit, Macalacaskop and Rietfontein. The
northernmost property, Turfspruit, is contiguous with, and along
strike from, Anglo Platinum's Mogalakwena group of properties and
mining operations. 
Since 2007, Ivanplats has focused its exploration activities on
defining and advancing the down-dip extension of the Platreef Deposit
that is potentially amenable to underground mining methods. This area
lies entirely on the Turfspruit and Macalacaskop properties.
Ivanplats has named this new area of mineralization the Flatreef
Deposit. 
In March 2013, the Company received a new independent Technical
Report in support of the Company's February 6, 2013, news release
that outlined a major expansion and upgrade of the previously
declared underground mineral resources for its Flatreef Deposit. The
Technical Report was prepared by AMEC E&C Services of Reno, Nevada,
in accordance with CIM Definition Standards and Best-Practice
Guidelines and National Instrument 43-101 standards, under the
direction of AMEC Technical Director Dr. Parker. 
At a 2.0-gram-per-tonne (g/t) 4PE cut-off grade, AMEC estimated that
the Flatreef Deposit contains Indicated Mineral Resources of 214
million tonnes grading 4.1 g/t platinum, palladium gold and rhodium
(4PE), 0.34% nickel and 0.17% copper, containing an estimated 28.5
million ounces of platinum, palladium, gold and rhodium, 1.61 billion
pounds of nickel and 794 million pounds of copper. At the same
cut-off of 2.0 g/t 4PE, Inferred Mineral Resources total 415 million
tonnes grading 3.5 g/t 4PE, 0.33% nickel and 0.16% copper, containing
an estimated additional 47.2 million ounces of platinum, palladium,
gold and rhodium, 3.0 billion pounds of nickel and 1.5 billion pounds
of copper. 
The resource estimate was based on results from 399 UMT-series drill
holes and 34 relogged drill holes from the open-pit drilling program. 
At a higher cut-off grade of 3.0 g/t 4PE, Flatreef is estimated to
contain Indicated Mineral Resources totalling 137 million tonnes
grading 5.09 g/t 4PE, 0.38% nickel and 0.19% copper, containing an
estimated 22.4 million ounces of platinum, palladium, gold and
rhodium, 1.13 billion pounds of nickel and 558 million pounds of
copper. At the same cut-off of 3 g/t 4PE, Inferred Mineral Resources
total 211 million tonnes grading 4.6 g/t 4PE, 0.38% nickel and 0.18%
copper, containing an estimated additional 31.4 million ounces of
platinum, palladium, gold and rhodium, 1.76 billion pounds of nickel
and 855 million pounds of copper. 
The updated resources contained in the Technical Report are shown in
full in Table 1. 


 
Table 1: Mineral Resource Statement for Mineral Resources amenable to     
Selective Mining Methods; Effective Date 13 March 2013, Harry M. Parker, 
RM.SME, and Timothy O. Kuhl, RM.SME.                                     
                                                                          
--------------------------------------------------------------------------
Indicated Mineral Resources                                               
--------------------------------------------------------------------------
Tonnage and                                                               
 Grades                                                                   
                          Pt     Pd     Au     Rh    4PE       Ni       Cu
Cutoff 4PE         Mt   (g/t)  (g/t)  (g/t)  (g/t)  (g/t)      (%)      (%)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
3 g/t           137.0  2.273  2.314  0.347  0.153  5.086    0.375    0.185
2 g/t           214.4  1.830  1.886  0.290  0.124  4.129    0.341    0.168
1 g/t           387.0  1.275  1.339  0.214  0.087  2.916    0.282    0.139
                                                                          
--------------------------------------------------------------------------
Contained                                                                 
 Metal                                                                    
                          Pt     Pd     Au     Rh    4PE       Ni       Cu
Cutoff 4PE              (Moz)  (Moz)  (Moz)  (Moz)  (Moz)   (Mlbs)   (Mlbs)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
3 g/t                   10.0   10.2    1.5    0.7   22.4  1,133.4    558.4
2 g/t                   12.6   13.0    2.0    0.9   28.5  1,610.3    794.2
1 g/t                   15.9   16.7    2.7    1.1   36.3  2,408.4  1,189.3
--------------------------------------------------------------------------
Inferred Mineral Resources                                                
--------------------------------------------------------------------------
Tonnage and                                                               
 Grades                                                                   
                          Pt     Pd     Au     Rh    4PE       Ni       Cu
Cutoff 4PE         Mt   (g/t)  (g/t)  (g/t)  (g/t)  (g/t)      (%)      (%)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
3 g/t           211.4  2.085  2.063  0.336  0.143  4.627    0.378    0.183
2 g/t           415.0  1.565  1.592  0.268  0.108  3.534    0.331    0.163
1 g/t          1054.8  0.960  1.018  0.175  0.068  2.22
1    0.254    0.130
                                                                          
--------------------------------------------------------------------------
Contained                                                                 
 Metal                                                                    
                          Pt     Pd     Au     Rh    4PE       Ni       Cu
Cutoff 4PE              (Moz)  (Moz)  (Moz)  (Moz)  (Moz)   (Mlbs)   (Mlbs)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
3 g/t                   14.2   14.0    2.3    1.0   31.4  1,763.6    855.2
2 g/t                   20.9   21.2    3.6    1.4   47.2  3,030.7  1,488.6
1 g/t                   32.6   34.5    5.9    2.3   75.3  5,916.7  3,022.2
--------------------------------------------------------------------------
(1) Mineral Resources estimated assuming underground selective mining      
    methods are exclusive of the Mineral Resources estimated assuming mass
    mining methods. The 2 g/t 4PE cut-off is considered the base case for 
    scoping studies in progress; the 3 g/t 4PE cut-off is also being 
    considered.
(2) Mineral Resources are reported on a 100% basis.                        
(3) Mineral Resources are stated from approximately -200 m to 650 m       
    elevation.                                                         
(4) Assumed commodity prices are Ni: $8.81/lb, Cu: $2.73/lb, Pt: $1,699/oz,
    Pd: $667/oz, Au: $1,315/oz, and Rh: $2,065/oz. It has been assumed that
    payable metals would be 82% from smelter/refinery and that mining costs
    (average $40/t) and process, G&A, and concentrate transport costs 
    (average $12.5/t for a 3 Mt/a operation) would be covered. The process
    recoveries vary with block grade but typically would be 85-90% for Pt, 
    Pd and Rh; 65% for Au and 60% for Ni and 80% for Cu.            

 
Ivanplats' Flatreef Deposit is characterized by its very large
vertical thicknesses of high-grade mineralization. The grade shells
used to constrain mineralization in the indicated resource area have
average true thicknesses of approximately 24 metres at a 2 g/t 3PE
(platinum-palladium-gold) cut-off grade, with an equivalent average
resource grade of 4.1 g/t 4PE for a grade-thickness of 98 grams-metre
per tonne and an average true thickness of approximately 17 metres at
a 3 g/t 3PE cut-off grade with an equivalent average resource grade
of 5.1 g/t 4PE for a grade-thickness of 51 grams-metre per tonne. In
contrast, most of the world's platinum production comes from the
Bushveld's Merensky and Upper Group 2 reefs, which average 4.0 to
10.0 g/t 4PE but have narrow thicknesses that average 0.4 to 1.5
metres, for a grade-thickness range of less than 5 to 15 grams-metre
per tonne of PGE.  
Ivanplats is focusing its Platreef Project development work on the
Mineral Resources contained in the Flatreef Deposit. Given the
thickness of the Flatreef's mineralization, the company is
investigating mining scenarios that concentrate on highly mechanized
mining methods. 
Mining Right Application being prepared for application in Q2 
Operations at the Platreef Project during Q4 2012 and Q1 2013 to date
have primarily focused on the generation and compilation of the
Mining Right Application (MRA). The MRA is comprised of a number of
different reports, including the Mine Works Program, Social and
Labour Plan and the broad-based black economic empowerment (BBBEE)
structure. Ivanplats contemplates submitting its MRA to the
Department of Mineral Resources (DMR) in Q2 2013. A Bulk Sample
Application, in which Ivanplats proposes to construct an exploration
shaft on the property and take a bulk sample from the Flatreef
Deposit, was filed in September 2012 and is awaiting approval.  
As part of its MRA filing, the Company is working with its advisers
and regulatory authorities to ensure that it meets South African
ownership requirements prescribed by the Mining Charter. Ivanplats is
committed to the highest standards of community engagement and
participation and intends to fashion the Platreef Project ownership
in line with a BBBEE model, with the major beneficiaries being local
communities, employees and a trust for woman and children. 
The purpose of the Social and Labour Plan is to address skills
training and sustainable local economic development projects.
Community liaison offices have been officially opened in five of the
eight directly affected communities to provide information and
establish direct communications with residents interested in the
Company's development plans. The offices also will be used to
continue with the skills and business survey, which was concluded
last year. Survey data will be recorded to assist the Company in
planning future training and development initiatives. A stakeholder
engagement forum was established during Q1 2013 involving various
independent community groups. The forum has met twice, improving
transparency within the greater community. Training and development
plans outlined in the Social and Labour Plan will commence in due
course and will focus primarily on Ivanplats staff until the Mining
Right is granted.  
Ivanplats received a Section 93 directive from the DMR during Q4
2012, halting exploration activity (including drilling) at the
Platreef project site until the Department of Rural Development and
Land Reform (DRDLR) has ratified Platreef's current community
compensation agreements. The DRDLR now has issued the DMR with a
compliance letter indicating that the Company's compensation
agreements are valid. Ivanplats' request that the directive be lifted
is being reviewed by the DMR. 
Results from recent metallurgical testwork carried out by Mintek have
indicated that 4E PGM recoveries of 85.2% and nickel recoveries of
72.5% are achievable at saleable concentrate grades of 119.2 g/t 4E
PGM and 10.7% nickel. 
Results from a number of laboratory-scale, open-circuit flotation
tests have been confirmed by locked-cycle tests on materials from the
mineralized zone of the Flatreef Deposit. Two composite samples
representing possible mining scenarios were tested in a simple
circuit consisting of a single stage of milling followed by rougher
flotation and three stages of cleaning. The locked-cycle tests were
performed at a grind of 80% passing 75um and using a combination of
novel reagents and industry standard reagents. 
Ivanplats is preparing a PEA, based on the recently updated Mineral
Resource statement, which it expects to release by Q3 2013. The
Company also is in talks with two possible shaft-sinking contractors
in anticipation of the approval of its Bulk Sample Application.  
Exploration discovers Flatreef extension 
During 2012, the Company completed an airborne geophysical survey
over the Platreef Project to identify possible extensions of the
Flatreef Discovery. Proprietary geophysical modelling of the survey
results appear to have identified a signif
icant southward extension
of the Flatreef.  
The company tested this southwest extension target area with three
initial diamond-drill holes. All three drill holes intersected
PGE-nickel-copper mineralization typical of the Flatreef at the
predicted depths of between 668 metres and 815 metres below surface,
extending the area of Flatreef mineralization and confirming the
effectiveness of the Company's proprietary geophysical modelling.  
The results of this program were released in November 2012. AMEC used
the results of the drilling program to estimate the potential tonnage
and grade of an exploration target for this new area (Target 1) and
determined it could contain 31 to 62 million tonnes grading 3.36 to
5.03 g/t 4PE, 0.26% to 0.38% nickel and 0.13% to 0.19% copper over an
area of 2.5 square kilometres, outside the currently stated
resources.  
In addition to this target, AMEC restated a previous exploration
target to the southwest of Zone 1. This target (Target 2), contains
an estimated additional 50 to 220 million tonnes grading 2.9 to 4.1
g/t 4PE, 0.24% to 0.32% nickel and 0.12% to 0.16% copper over an area
of 7.6 square kilometres. 
These exploration targets are conceptual in nature and there has been
insufficient exploration to define such exploration targets as
Mineral Resources. It is uncertain if further exploration will result
in these exploration targets being delineated as Mineral Resources. 


 
Kipushi Project
68%-owned by Ivanplats
Democratic Republic of Congo (DRC)

 
Drilling planned to establish resources in unmined Big Zinc Zone 
The Kipushi Project, located in the DRC's Katanga province, and
southeast of the Company's Kamoa discovery, is adjacent to the town
of Kipushi and approximately 30 kilometres southwest of the
provincial capital of Lubumbashi. Ivanplats acquired its 68% interest
in the Kipushi Project in November 2011; the balance of 32% is held
by Gecamines, the DRC's state-owned mining company. 
The Kipushi Project includes the high-grade, underground zinc-copper
mine in the Central African Copperbelt, which produced approximately
60 million tonnes grading 11% zinc and 7% copper between 1924 and
1993. The mine also produced 12,673 tonnes of lead and approximately
278 tonnes of germanium between 1956 and 1978. Most of these metals
were mined from the Kipushi Fault Zone. The mine was managed on a
care-and-maintenance program between 1993 and 2011.  
Gecamines discovered the Big Zinc Zone prior to 1993 in the footwall
of the Kipushi Fault Zone and it remains unmined. Historical
estimates of the Big Zinc's resources between the mine's 1,295- and
1,500-metre levels total 4.7 million tonnes averaging 39% zinc and
0.76% copper. Several exploration holes confirmed the continuation of
the Big Zinc Zone below the 1,640-metre level. Kipushi's historical
resource estimates above the 1,500-metre level total approximately 17
million tonnes averaging 16.7% zinc and 2.3% copper, including the
Big Zinc historical resources noted above. 
A Qualified Person has not done sufficient work to classify the
historical estimates as current Mineral Resources and Ivanplats is
not treating such estimates as current Mineral Resources. The
historical resources noted above are derived from an estimate
prepared by Techpro Mining and Metallurgy in 1997 and are presented
at an Indicated level. A discussion of the material assumptions,
parameters and methods relating to the historical resource estimate,
as well as a discussion of relevance, reliability and other
information regarding the estimate, is included in the Kipushi
Technical Report, dated September 2012 and prepared by IMC Group
Consulting Ltd., which is available at www.sedar.com. 
Ivanplats intends to conduct an underground drilling program at
Kipushi focused on confirming and expanding the Big Zinc Zone and
extensions to the historically mined Kipushi Fault Zone and bringing
the historical resources to National Instrument 43-101 standards. 
Additional pumping capacity is being procured to speed lowering of
water level in mine 
Dewatering of the existing mine workings is continuing and by the end
of Q4 2012 the water level had been lowered to approximately 980
metres below surface. Corroded sections of steelwork and equipment
are being replaced as the water level recedes. Additional pumping
capacity is being installed to increase the pumping volumes.  
Measures are being taken to improve the delivery of materials to the
site. Agreements are in place to supply additional electrical power
and emergency generating sets on site have been restored to operation
to help provide back up. An environmental baseline study has been
completed and the final report is being prepared by a third-party
consultant. 
Geological relogging of existing drill cores on the Big Zinc Zone is
complete and modelling is underway. Ongoing relogging of drill cores
through the Kipushi Fault Zone is expected to be completed in Q1
2013.  
Samples for metallurgical testwork have been collected from the
existing drill core from the Big Zinc Zone. Comminution and flotation
testwork has been initiated. 
Regional Exploration 
Democratic Republic of Congo  
During Q4 2012, the Regional Exploration Group consisted of three
exploration teams that conducted exploration in the Lufupa Sud-est,
Fold & Thrust Belt and Lufira East project areas. The Company's
geophysics team also conducted ground magnetic surveys in Lufupa
Sud-est. Completed work included sampling of soil, stream sediments
and termite mounds, mapping, pitting, trenching, ground magnetics,
auger drilling and diamond core drilling. During the quarter, 16
diamond drill holes totalling 1,485 metres were completed. The
Regional Exploration Group completed field activities in mid-November
and is preparing for the 2013 field season. 
Gabon  
Ivanplats holds two exploration permits in Gabon covering untested
gold-in-soil anomalies adjacent to extensive placer gold workings
within poorly explored greenstone belts. 
At Ndangui, auger drilling in 2011 and 2012 confirmed two distinct
anomalies with a combined strike length of more than three
kilometres, which returned values of up to 66 grams (approx. two
ounces) of gold per tonne in residual soil. Pitting recovered coarse,
visible gold and exposed gold-bearing quartz veins grading up to
11.75 grams of gold per tonne. A 3,000-metre diamond drilling program
is scheduled to commence in June 2013.  
The Makokou permit contains nine gold-in-soil anomalies of up to 0.6
grams of gold per tonne. An auger-drilling program was completed in
the second half of 2012 and results are expected in Q2 2013. 
SELECTED ANNUAL FINANCIAL INFORMATION 
This selected financial information is in accordance with IFRS as
presented in the annual consolidated financial statements.  


 
                                          For the year ended December 31,
                                            2012         2011         2010
--------------------------------------------------------------------------
                                           $'000        $'000        $'000
                                                                          
Exploration and project expenditure      128,435       96,594       33,828
General administrative expenditure        27,971       24,584       10,370
Finance costs                             26,540        4,560            -
Total comprehensive loss                                                  
 attributable to:                                                         
 Owners of the Company                   166,485      122,457       50,142
 Non-controlling interest                 13,152        4,280           70
Loss per share (basic and diluted)          0.38         0.30         0.13
--------------------------------------------------------------------------
                                                                          
Total assets                             722,784      628,297       40,384
--------------------------------------------------------------------------
Non-current liabilities                   84,336      237,620        2,082
--------------------------------------------------------------------------

 
Review of the year ended December 31, 2012 vs. 2011 
The Company's total comprehensive loss for the year ending December
31, 2012, was $52.9 million higher than for the same period in 2011.
The increase was attributable mainly to the increase in exploration
and project expenditures at the Kamoa Project in 2012 to $64.2
million (2011 - $45.8 million), as well as the expenditure on the
newly acquired Kipushi Project as set out in the following table: 


 
                                                Year ended      Year ended
                                               December 31,    December 31,
                                                      2012            2011
                                                     $'000           $'000
 
Kamoa Project                            
                                 
Drilling                                            32,206          24,065
Salaries and benefits                               11,358           5,734
Studies                                              4,736           5,045
Travel                                               2,315           1,048
Total project expenditure                           64,207          45,790
                                                                          
Platreef Project                                                          
Drilling                                            14,916          32,338
Studies                                              8,742           3,578
Salaries and benefits                                4,470           2,889
Assaying and sampling                                  876           3,723
Total project expenditure                           33,623          45,845
                                                                          
Kipushi Project                                                           
Contracting work                                     9,527           1,816
Electricity                                          6,727               -
Equipment rental                                     2,125               -
Travel                                               2,006               -
Total project expenditure                           26,847           1,816

 
General administrative expenditure increased mainly due to an
increase in salaries and benefits of $4.2 million. This resulted from
the increase in executive and administrative staff during the past
year, as well as the bonuses awarded to some executives for the
completion of the initial public offering (IPO) of the Company's
Class A Common Shares (Common Shares). Share-based payments decreased
by $1.9 million due to fewer option grants during 2012 and the office
and administration expense increased by $1.6 million mainly due to
the increase in employees. 
Finance costs increased by $22 million due to the Company's interest
accrual at the effective interest rate on the Pre-IPO Bonds issued
during November 2011 and March 2012. These bonds, with all applicable
interest, converted into 40.7 million Common Shares on October 23,
2012, as a result, and upon completion of the IPO. 
The Company's total assets increased to $722.8 million as at December
31, 2012, from $628.3 million in December 2011. This was mainly due
to an increase in cash and cash equivalents of $73.6 million. The
Company received $288.9 million net of costs from its IPO, $6.7
million in proceeds from the exercise of options and $4.7 million
from warrants exercised for Class B Common Shares. The Company also
received $53.4 million from the issuance of a second tranche of
convertible senior unsecured bonds on March 28, 2012, with a
principal value of $50 million and an effective interest rate of
18.73%. 
The Company utilized $142.2 million of its cash resources in its
operations and earned interest income of $2.4 million on cash
balances. The remainder of the purchase consideration payable of $105
million for the acquisition of Kipushi was settled during the year,
while an additional $20 million of the social development loan was
advanced to Gecamines. Finally, $9.4 million was spent to acquire
property, plant and equipment. 
The Company's total liabilities decreased from $327.1 million at
December 31, 2011, to $109.2 million as at December 31, 2012. This
was due to the conversion of the Pre-IPO Bonds on completion of the
IPO, as well as the settlement of the purchase consideration for
Kipushi payable as explained above. 
SELECTED QUARTERLY INFORMATION 
The following table summarizes selected financial information for the
prior eight (8) quarters. Other than its share of revenue from the
RK1 Consortium, the Company had no operating revenue in any financial
reporting period and did not declare or pay any dividend or
distribution in any financial reporting period. 


 
                                         3 Months ended                   
                     -----------------------------------------------------
                       December 31, September 30,     June 30,    March 31,
                              2012          2012         2012         2012
--------------------------------------------------------------------------
                             $'000         $'000        $'000        $'000
                                                                          
Exploration and                                                           
 project expenditure        31,314        29,368       34,666       33,087
General                                                                   
 administrative                                                           
 expenditure                 9,887         5,586        8,286        4,212
Finance costs                2,069         8,653        9,025        6,793
Total comprehensive                                                       
 loss attributable                                                        
 to:                                                                      
 Owners of the                                                            
  Company                   37,949        38,368       51,514       38,654
 Non-controlling                                                          
  interest                   4,771         3,315        2,746        2,320
                                                                          
Loss per share (basic                                                     
 and diluted)                 0.07          0.09         0.12         0.10
--------------------------------------------------------------------------
                                                                          
                                         3 Months ended                   
                     -----------------------------------------------------
                       December 31, September 30,     June 30,    March 31,
                              2011          2011         2011         2011
--------------------------------------------------------------------------
                             $'000         $'000        $'000        $'000
                                                                          
Exploration and                                                           
 project expenditure        29,921        29,304       21,439       15,930
General                                                                   
 administrative                                                           
 expenditure                 9,964         4,766        4,548        5,306
Finance costs                4,518            42            -            -
Total comprehensive                                                       
 loss attributable                                                        
 to:                                                                      
 Owners of the                                                            
  Company                   40,548        34,568       25,714       21,627
 Non-controlling                                                          
  interest                   1,969         1,696          462          153
                                                                          
Loss per share (basic                                                     
 and diluted)                 0.10          0.08         0.06         0.05
--------------------------------------------------------------------------

 
This release should be read in conjunction with Ivanplats' audited
2012 Financial Statements and Management's Discussion and Analysis
report available at www.ivanplats.com and at www.sedar.com. 
Qualified Person 
Disclosures of a scientific or technical nature in this news release
have been reviewed and approved by Stephen Torr, who is co
nsidered,
by virtue of his education, experience and professional association,
a Qualified Person under the terms of National Instrument 43-101.
Ivanplats has prepared a NI 43-101 compliant technical report for
each of the Kamoa Project, the Platreef Project and the Kipushi
Project, which are available under the Company's SEDAR profile at
www.sedar.com. These technical reports include relevant information
regarding the effective date and the assumptions, parameters and
methods of the mineral resource estimates on the Kamoa Project and
Platreef Project cited in this news release, as well as information
regarding data verification, exploration procedures and other matters
relevant to the scientific and technical disclosure contained in this
news release in respect of the Kamoa Project, Platreef Project and
Kipushi Project.  
Cautionary statement on forward-looking information 
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws, including those matters identified in the
forward looking statement disclaimer in the company's Management's
Discussion and Analysis for the year ended December 31, 2012 that are
re-stated in this news release. Such statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. Such statements can be
identified by the use of words such as "may", "would", "could",
"will", "intend", "expect", "believe", "plan", "anticipate",
"estimate", "scheduled", "forecast", "predict" and other similar
terminology, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
These statements reflect the company's current expectations regarding
future events, performance and results and speak only as of the date
of this release. 
This release also contains references to estimates of Mineral
Resources. The estimation of Mineral Resources is inherently
uncertain and involves subjective judgments about many relevant
factors. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. The accuracy of any such estimates
is a function of the quantity and quality of available data, and of
the assumptions made and judgments used in engineering and geological
interpretation (including estimated future production from the
company's projects, the anticipated tonnages and grades that will be
mined and the estimated level of recovery that will be realized),
which may prove to be unreliable and depend, to a certain extent,
upon the analysis of drilling results and statistical inferences that
may ultimately prove to be inaccurate. Mineral Resource estimates may
have to be re-estimated based on: (i) fluctuations in copper, nickel,
PGE, gold, zinc or other mineral prices; (ii) results of drilling,
(iii) metallurgical testing and other studies; (iv) proposed mining
operations, including dilution; (v) the evaluation of mine plans
subsequent to the date of any estimates; and (vi) the possible
failure to receive required permits, approvals and licenses. 
Although the forward-looking statements contained in this release are
based upon what management of the company believes are reasonable
assumptions, the company cannot assure investors that actual results
will be consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this release
and are expressly qualified in their entirety by this cautionary
statement. Subject to applicable securities laws, the company does
not assume any obligation to update or revise the forward-looking
statements contained herein to reflect events or circumstances
occurring after the date of this release. 
The company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of the
factors set forth in the "Risk Factors" section in the Company's
Annual Information Form for the year ended December 31, 2012. 
Contacts:
Investors:
Ivanplats Limited
Bill Trenaman
+1.604.331.9834 
Media:
Ivanplats Limited
Bob Williamson
+1.604.512.4856
www.ivanplats.com
 
 
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