Ivanplats Announces Financial Results and Review of Operations for the First Quarter of 2013

Ivanplats Announces Financial Results and Review of Operations for the First 
Quarter of 2013 
Major Increases in Resources at Two Key Projects in South Africa and
the DRC in Q1 2013 
Agreement Reached on Upgrading of a Third Hydroelectric Power Plant
in the DRC to Support Expanded Mining Scenarios at Ivanplats' Kamoa
Copper Discovery 
TORONTO, ONTARIO -- (Marketwired) -- 05/15/13 -- Ivanplats Limited
(TSX:IVP) today announced its financial results for the first quarter
ended March 31, 2013. All figures are in US dollars unless otherwise
stated.  
HIGHLIGHTS  


 
--  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 and 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.  
 
--  In April 2013, DRC's state-owned power company, La Societe Nationale
    d'Electricite, signed a memorandum of understanding with Ivanplats to
    upgrade a third hydroelectric power plant - Nzilo 1 - to secure an
    additional supply of sustainable electricity for the Company's Kamoa
    Project. The proposed Nzilo 1 upgrade would be in addition to the
    planned upgrades by Ivanplats of the Mwadingusha and Koni hydroelectric
    plants. The three plants could produce a combined 200 megawatts of long-
    term, clean electricity for the grid, which would be more than
    sufficient to launch production at Kamoa. 
 
--  In May 2013, Ivanplats expanded its mine-building team with the hiring
    of Brock Gill as Managing Director of the Kamoa Project and Vice
    President of DRC Operations, effective June 1, 2013. 
 
--  The Mining Right Application for Ivanplats' Platreef Project is being
    finalized for application in Q2'13. 

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


 
--  Kamoa, the Company's 2008 world-scale copper discovery in a previously
    unknown extension of the Central African Copperbelt in the DRC. 
--  Platreef, a discovery of platinum-group elements, nickel, copper and
    gold on the Northern Limb of South Africa's Bushveld Complex, which
    contains the Flatreef Deposit. Discovered in 2010, Flatreef is a zone of
    high-grade mineralization that lies within a flat, to gently dipping,
    portion of the Platreef and potentially is amenable to highly mechanized
    underground mining methods. 
--  Kipushi, the historic, high-grade zinc-copper mine, also on the
    Copperbelt in the DRC, acquired in 2011 and now being dewatered and
    upgraded to support a future return to production of copper, zinc and
    other metals following the end of an 18-year care-and-maintenance
    program in 2011. 

 
Ivanplats also is evaluating other opportunities as part of its
objective to become a broadly based international mining company. 
Kamoa 
95%-owned by Ivanplats 
Democratic Republic of Congo 
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 Katangan
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. Ivanplats 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 AMEC's 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. 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. 
Mining rates of up to 20 million tonnes a year seen possible 
In August 2012, the DRC government granted mining licences for the
Kamoa Project that cover a total of 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 2013. Several
throughput scenarios are being modelled and the optimal case will
form the basis of the updated PEA. Given the Kamoa 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 of 87%. 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 Q4
2013. Discussions are ongoing with the DRC government to secure
further hydroelectric power for the Kamoa Project. In addition,
Ivanplats and La Societe Nationale d'Electricite (SNEL), the DRC's
state-owned power company, signed a Memorandum of Understanding on
April 10, 2013, for the refurbishment of a third existing power plant
- Nzilo.  
Drilling during Q1 2013 focused on programs related to
pre-feasibility studies, including civil geotechnical and
condemnation drilling for mine infrastructure, hydro-geological pump
testing, resource infill drilling in Kamoa Ouest and Kansoko Centrale
and metallurgical drilling for the variability program. A total of
8,698 metres were drilled during the quarter, including 7,750 metres
of infill drilling in both Kamoa Ouest and Makalu. These holes were
drilled to study variability in the mineral resource and were sampled
for the Phase 4 metallurgical studies.  
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 Kamoa Project's hydrological
models. 
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 the recently discovered underground
Flatreef Deposit of thick, platinum-group elements (PGE), nickel and
copper mineralization in the Northern Limb of the Bushveld Complex,
approximately 280 kilometres northeast of Johannesburg.  
In the Northern Limb, such mineralization 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 its original
Platreef discovery, now known as the Flatreef Deposit, that
potentially is amenable to underground mining methods. This area lies
entirely on the Turfspruit and Macalacaskop properties. 
In March 2013, Ivanplats received a new independent Technical Report
in support of its February 6, 2013, news release that outlined a
major expansion and upgrade of the previously declared underground
mineral resources for the 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 resources estimate was based on results from 399 UMT-series drill
holes and 34 re-logged 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. 
Table1: Mineral Resource Statement for Mineral Resources amenable to
Selective Mining Methods; Effective Date March 13, 2013, Harry M.
Parker, RM.SME, and Timothy O. Kuhl, RM.SME. 


 
---------------------------------------------------------------------------
Indicated Mineral Resources                                                
---------------------------------------------------------------------------
Tonnage
and Grades                  Pt     Pd     Au     Rh     4PE                
Cutoff 4PE      Mt        (g/t)  (g/t)  (g/t)  (g/t)   (g/t)  Ni (%)  Cu (%)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
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                
Cutoff 4PE      Mt        (g/t)  (g/t)  (g/t)  (g/t)   (g/t)  Ni (%)  Cu (%)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
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   2.221   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; 60% for Ni and 80% for
Cu.  
The 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 2013 
Operations at the Platreef Project during Q1 2013 and to date in Q2
2013 primarily have focused on the generation and compilation of the
Mining Right Application (MRA). The MRA is comprised of a number of
different reports, including a Mine Works Program, a Social and
Labour Plan and the broad-based black economic empowerment (BBBEE)
structure. Ivanplats expects to submit its MRA to the Department of
Mineral Resources (DMR) during 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 the preparation of its MRA filing, Ivanplats 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
women 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 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 commenced last year. Survey
data will be recorded to assist with the planning of 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, that halted exploration activity, including drilling, at the
Platreef Project site until the project's current community
compensation agreements are ratified by the Department of Rural
Development and Land Reform (DRDLR). The DRDLR now has issued a
compliance letter to the DMR, indicating the validity of the
project's compensation agreements, and the DMR is reviewing
Ivanplats' request that it be permitted to resume exploration. 
Results from recent metallurgical testwork by Mintek have indicated
that 4PE recoveries of 85.2% and nickel recoveries of 73.6% are
achievable at saleable concentrate grades of 119.2 g/t 4E PGM and
10.8% nickel. The concentrate is suitable for flash smelting using
the Outotec DON process as well as roasting followed by conventional
electric furnace smelting and converting. 
Ivanplats is preparing a preliminary economic assessment, based on
the recently updated Mineral Resource statement, which it expects to
release by Q3 2013. Talks are underway with two potential
shaft-sinking contractors in anticipation of the approval of the
Platreef Bulk Sample Application. A contract has been signed with DRA
Mineral Projects (Pty.) Ltd. of South Africa, to conduct the
Pre-Feasibility Study planned for completion during Q1 2014. 
Exploration discovers Flatreef extension 
During 2012, Ivanplats completed an airborne geophysical survey over
the Platreef Project to identify possible extensions of the Flatreef
Discovery. Proprietary geophysical modelling of the survey results
appears to have identified a significant southward extension of the
Flatreef.  
The southwest extension target area was tested with three initial
diamond-drill holes. All three 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 geophysical modelling.  
The results of this program were released in November 2012. AMEC used
the drilling results 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, AMEC restated a previous exploration target to the
southwest of Zone 1. This 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. 
The two exploration targets are conceptual in nature and there has
not been sufficient exploration to define the 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 
Drilling planned to establish resources in unmined Big Zinc Zone 
The Kipushi Project, also located in the DRC's Katanga province,
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 hosts a historical 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.  
The Big Zinc Zone, discovered by Gecamines prior to 1993 in the
footwall of the Kipushi Fault Zone, 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. Estimates of Kipushi's
historical resources above the 1,500-metre level total approximately
17 million tonnes, averaging 16.7% zinc and 2.3% copper, which
include the Big Zinc's historical resources. 
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 aimed at 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. 
Pumping capacity being expanded to advance dewatering 
Dewatering of the existing mine workings is continuing. The water
level was approximately 978 metres below surface at the end of Q1
2013. Corroded sections of steelwork and equipment are being replaced
as the water level recedes. New flight pumps installed in April 2013
raised the pumping rate to 2,700 cubic metres per day and additional
pumping capacity is currently being installed to further increase the
pumping rate to a planned 3,400 cubic metres per day.  
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 Q2
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; initial flotation results are promising. 
Regional Exploration 
Democratic Republic of Congo 
During Q1 2013, Ivanplats' Regional Exploration Group completed an
assessment of its 2012 activities and began planning for the 2013
field season. More than 15 prospects are at drill stage and will be
prioritized for drilling this year. Highlights include: (i) Nzilo,
which hosts broad zones of Kamoa-style copper mineralization and
remains untested along strike; (ii) Kengere, which has not been
evaluated since 2006 when several holes intersected high-grade,
Kipushi-style zinc mineralization; and (iii) Mulomba East, where 2012
drilling intersected multiple zones of copper mineralization
associated with carbonate veins and albite alteration, with strong
analogies to the Kansanshi Mine in northern Zambia. 
Gabon 
Ivanplats holds two exploration permits within poorly explored
greenstone belts in Gabon. These permits cover untested gold-in-soil
anomalies adjacent to extensive placer gold workings. During Q1 2013,
reports were received for the 2012 season and plans drawn up for up
to 3,000 metres of diamond drilling, primarily at Ndangui. Drilling
is scheduled to begin in June. 
Management and Board changes  
In January, Ivanplats appointed Steve Garcia as Executive Vice
President and Chief Development Officer. Mr. Garcia will lead the
development of the Company's three principal projects: the Platreef
platinum-palladium-gold-nickel-copper project in South Africa and the
Kamoa copper and Kipushi zinc-copper projects in the Democratic
Republic of Congo. Mr. Garcia, who has more than 30 years of
experience in large-scale mine construction and operations, is based
in Johannesburg. He is working closely with Mike Gray - who joined
Ivanplats in 2012 as Chief Operating Officer - on the design,
engineering and development of Ivanplats' principal projects. 
The roster of executive appointments in January also included (i)
Andre Zeelie as Project Manager overseeing the rehabilitation of the
Kipushi Mine; (ii) Gopolang Enoch Makokwe as Vice President of
Business Sustainability responsible for the implementation of
socio-economic programs and initiatives in communities affected by
Ivanplats' mine development projects; and (iii) Jeremy Michaels as
Vice President of Communications and Public Affairs with a focus on
enhancing stakeholder engagement at Ivanplats' projects in South
Africa, the DRC and Gabon. 
In May, Ivanplats added to its mine-building team with the hiring of
Brock Gill as Managing Director of the Kamoa Project and Vice
President of DRC Operations. Mr. Gill recently was Deputy Director of
Mongolia-based Oyu Tolgoi LLC, where he worked closely with Mr.
Garcia for seven years overseeing construction of the Oyu Tolgoi
Copper-Gold-Silver Mine. As Managing Director for the Kamoa Project,
Mr. Gill will oversee all aspects of the Kamoa Project and prepare
for a sustainable operation beyond development. As Vice President of
DRC Operations, he will coordinate Ivanplats' activities in the DRC,
which now include a shared services company, the Kamoa and Kipushi
Projects, as well as regional exploration. Mr. Gill's appointment
will be effective June 1, 2013. 
Also in May, South African business leader Cyril Ramaphosa resigned
from Ivanplats Board of Directors after more than a decade of
service. This is in line with his decision to review his business
interests following his election as Deputy President of South
Africa's ruling party, the African National Congress, in December
2012. 
"Mr. Ramaphosa joined the Ivanplats board in 2002 when we were honing
our focus on exploration prospects in South Africa and the Democratic
Republic of Congo," said Ivanplats Executive Chairman Robert
Friedland. "On behalf of Ivanplats' fellow Directors and management
team, I am honoured to thank Mr. Ramaphosa for his informed insights
and counsel during our company-building years as a highly successful
explorer in some of Africa's major mineral districts. His guiding
contributions have helped usher Ivanplats into a position where it is
now planning world-scale mine developments that will play an
important role in the emergence of a new era of economic growth in
Sub-Saharan Africa and, in the process, deliver skilled jobs and
major benefits to communities and other stakeholders," Mr. Friedland
said Mr. Ramaphosa would be missed, professionally and personally.
"He departs with our Board's gratitude and best wishes for his future
endeavours." 
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                     
                         --------------------------------------------------
                         March 31,  December 31, September 30,      June 30,
                             2013          2012          2012          2012
---------------------------------------------------------------------------
                            $'000         $'000         $'000         $'000
                                                                           
Exploration and                                                            
 project                                                                   
 expenditure               32,131        31,314        29,368        34,666
General                                                                    
 administrative                                                            
 expenditure                9,218         9,887         5,586         8,286
Finance costs                 223         2,069         8,653         9,025
Total comprehensive                                                        
 loss attributable                                                         
 to:                                                                       
Owners of the                                                              
 Company                   37,867        37,949        38,368        51,514
Non-controlling                                                            
 interest                   4,523         4,771         3,315         2,746
                                                                           
Loss per share                                                             
 (basic and                                                                
 diluted)                    0.07          0.07          0.09          0.12
---------------------------------------------------------------------------
 
                                                                           
                                        3 Months ended                     
                         --------------------------------------------------
                         March 31,  December 31, September 30,      June 30,
                             2012          2011          2011          2011
---------------------------------------------------------------------------
                            $'000         $'000         $'000         $'000
                                                                           
Exploration and                                                            
 project                                                                   
 expenditure               33,087        29,921        29,304        21,439
General                                                                    
 administrative                                                            
 expenditure                4,180         9,964         4,766         4,548
Finance costs               6,822         4,518            42             -
Total comprehensive                                                        
 loss attributable                                                         
 to:                                                                       
Owners of the                                                              
 Company                   38,654        40,548        34,568        25,714
Non-controlling                                                            
 interest                   2,321         1,969         1,696           462
                                                                           
Loss per share                                                             
 (basic and                                                                
 diluted)                    0.10          0.10          0.08          0.06
---------------------------------------------------------------------------

 
Review of the Three Months Ended March 31, 2013 vs. 2012 
The Company's total comprehensive loss for Q1 2013 was $1.4 million
higher than for the same period in 2012. The increase was
attributable mainly to the increase in general administrative
expenditure of $5.0 million. This was the result of an increase in
salaries and benefits of $1.6 million, an increase in share-based
payments of $1.0 million and an increase in office and administration
expenditure of $0.6 million. 
Salaries and benefits were impacted by the increase in executive and
administrative staff during the past year which also resulted in an
increase in general administrative expenditure. Share-based payments
increased due to the 6,650,000 options granted during the 12 months
preceding March 31, 2013, compared to the 225,000 options granted
during the 12 months preceding March 31, 2012.  
Exploration and project expenditures decreased by $1.0 million.
Expenditure on the Kamoa and Platreef projects decreased by $3.7
million and $8.3 million respectively, which was partially set off by
the increase in expenditure of $7.3 million at the Kipushi Project
following its acquisition in 2011. There was also an increase in
expenditure on regional exploration in Q1 2013 when compared to the
same period in 2012. 
The Company had $216.6 million in cash and cash equivalents and $80.0
million in short-term deposits as at March 31, 2013. Certain of the
Company's cash and cash equivalents and short-term deposits, having
an aggregate value of $196.4 million, are subject to contractual
restrictions as to their use. Based on current planned work programs,
these restricted funds should be sufficient to advance the Platreef
Project to 2014. With the closing of its initial public offering, the
Company believes it has sufficient resources to cover its short- to
medium-term cash requirements. However, the Company's access to
financing is always uncertain and there can be no assurance that
additional funding will be available to the Company in the future. 
This release should be read in conjunction with Ivanplats' unaudited
Q1'13 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 considered,
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 without limitation, the timing
and results of: (i) an updated PEA at the Kamoa Project; (ii) a
pre-feasibility study at the Kamoa Project; (iii) a mining right
application at the Platreef Project; (iv) the creation of a BBBEE
program for the Platreef Project; (v) efforts to upgrade historical
resource estimates at the Kipushi Project; and (vi) the de-watering
program at the Kipushi Project. 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,
platinum group elements, 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. 
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance
or results, and will not necessarily be accurate indicators of
whether or not such results will be achieved. A number of factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not
limited to, the factors discussed above, as well as unexpected
changes in laws, rules or regulations, or their enforcement by
applicable authorities; the failure of parties to contracts with the
Company to perform as agreed; social or labour unrest; changes in
commodity prices; and the failure of exploration programs or studies
to deliver anticipated results or results that would justify and
support continued exploration, studies, development or operations.  
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 of the Company's
Q1'13 MD&A.
Contacts:
Investors:
Ivanplats Limited
Bill Trenaman
+1.604.331.9834 
Media - North America:
Ivanplats Limited
Bob Williamson
+1.604.512.4856 
Media - South Africa:
Ivanplats Limited
Jeremy Michaels
+27.11.088.4348
www.ivanplats.com
 
 
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