Watch Live

Tweet TWEET

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

Ivanplats Announces Financial Results and Review of Operations for the Second 
Quarter of 2013 
TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Ivanplats Limited
(TSX:IVP) today announced its financial results for the second
quarter ended June 30, 2013. All figures are in US dollars unless
otherwise stated.  
HIGHLIGHTS  


 
--  On June 10, Ivanplats announced that it had filed a Mining Right
    Application for its Platreef platinum-group metals, nickel, copper and
    gold project on the Northern Limb of South Africa's Bushveld Complex.
    This marks the culmination of years of successful exploration and
    engineering to define high-grade mineralization that Ivanplats believes
    are amenable to safe, efficient, large-scale, mechanized underground
    mining methods. 
    
--  In conjunction with the Mining Right Application, and in compliance with
    South African ownership requirements under the Mining Charter, Ivanplats
    also announced that the Platreef Project ownership structure has been
    modified to include a Broad-Based Black Economic Empowerment (BBBEE)
    partner that will represent local communities, women, children and
    employees. The BBBEE partner will acquire a 26% interest in the Platreef
    Project through a private company incorporated in South Africa - BBBEE
    SPV. Ivanplats will finance the transaction, to take effect upon
    Ivanplats' receipt of the Mining Right, and retain a 49% minority share
    in BBBEE SPV. 
    
--  On August 6, Ivanplats announced that key elements have been established
    for a new study to help set the stage for the cost-effective development
    of a mine and processing plant at the company's Kamoa copper discovery
    in the Democratic Republic of Congo's Katanga province. The refocused
    Kamoa development study, to be prepared in conformance with the
    requirements set out in Canada's National Instrument 43-101, is expected
    to result in the declaration of the first mineral reserves at Kamoa and
    to report on the establishment of an appropriately phased approach to
    achieving first production and progressive expansion of the Kamoa
    Project. 
    
--  At the Kipushi Zinc-Copper Project, dewatering of the existing mine
    workings is continuing. The water level was 1,016 metres below surface
    in early August, a reduction of 30 metres since the end of June. The
    company expects that the mine will be dewatered to the bottom of the
    ramp decline, at 1,270 metres below surface, during Q1 2014. 

 
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 that Ivanplats believes 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 zinc, copper 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 Project  
95%-owned by Ivanplats  
Democratic Republic of Congo (DRC) 
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.
On January 17, 2013, an updated mineral resource estimate 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 updated 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 directed by 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
contain an estimated 5.4 billion pounds of copper. 
Phased approach to the development of large mine and smelter  
The project team is finalizing an updated Preliminary Economic
Assessment (PEA) that will reflect a phased development approach to
the Kamoa Project. Kamoa will be developed in two phases, with a
first phase of mining that would target production of high-grade
copper mineralization from shallow, underground resources to yield a
high-value concentrate. Initial mill feed would come from Kansoko Sud
and lead into the Centrale area of Kamoa's gently-dipping mineralized
zones that collectively contain estimated Indicated Resources of 224
million tonnes grading 3.85% copper (at a 3.0% copper cutoff and a
minimum 3.0-metre vertical mining thickness) as detailed in the March
2013 Kamoa Technical Report. The second phase would entail a major
expansion of the mine and mill and construction of a large smelter. 
The PEA, expected to be completed later this year, will be followed
by a comprehensive Development Study, projected to be completed in
the second half of next year, which the company expects will declare
an initial estimate of mineral reserves. 
Building of underground mine-access decline at Kamoa planned to begin
early next year  
Excavation of the first mine-access decline at Kamoa is expected to
begin early next year. The decline would provide access to the
high-grade, near-surface copper resources that would be targeted for
the planned first phase of production using the room-and-pillar
mining method. 
Initial start-up could involve concentrate sales pending construction
of smelter  
The start-up scenario to be examined in the PEA and Development Study
will consider the sale of copper concentrates as an interim measure
pending Ivanplats' completion of its planned smelter in the vicinity
of the Kamoa Project.  
Additional power to develop optimum-sized smelter  
In 2011, Ivanplats and DRC's state-owned power company, La Societe
Nationale d'Electricite (SNEL), agreed to upgrade two existing
hydroelectric power plants, Mwadingusha and Koni, to feed up to 113
megawatts into the national power supply grid. SNEL would provide the
Kamoa Project with 100 megawatts from the grid, which would be
sufficient to operate the initial mine. In April 2013, SNEL signed a
further memorandum of understanding with Ivanplats to upgrade a third
hydroelectric power plant - Nzilo 1 - that is projected to provide
approximately an additional 100 megawatts to the grid upon its
completion, entitling Kamoa to receive another 100 megawatts to be
supplied from the grid. A combined total of 200 megawatts from the
grid would cover the power requirements of Kamoa's smelter and future
mine expansions.  
Additional studies are underway to advance the geotechnical,
engineering and metallurgical understanding of Kamoa in support of
the development study. Stantec Inc., of Arizona, USA, is preparing
the mine plan based on the mineral resource estimate contained in the
March 2013 Kamoa Technical Report. Four rigs are drilling at Kamoa to
obtain additional core for the Phase 5 metallurgical studies to help
fine tune the optimal copper recovery process. Further hydrological
drilling and testing is scheduled for the first half of 2014 to
improve Kamoa's hydrological models.  
Metallurgical testwork is ongoing at XPS in Sudbury, Canada. Copper
recoveries of 87% have been achieved for hypogene mineralization,
which makes up approximately 85% of the mill feed; copper recoveries
of 83% have been achieved for supergene mineralization that makes up
the remainder of the feed. These results are the best to date,
however some work on reagent optimization remains outstanding.
Concentrate grades for hypogene mineralization are in the order of
37% copper, with supergene mineralization being approximately 45%
copper. Concentrate compositions from the various mineralization
types are suitable for smelting.  
Drilling during Q2 2013 continued to focus on requirements for the
development study, including 12,322 metres of core drilled for
geotechnical and condemnation drilling for mine infrastructure
(around the Kamoa and Makalu domes); resource infill drilling
(Kansoko Sud, Kansoko Centrale and Kamoa Ouest); and completion of
the Phase 5 metallurgical program (Intra-Mining Block Variability in
Kamoa Sud, Kansoko Nord, Kansoko Centrale, and Kansoko Sud). In the
same period, 808 metres were drilled by Land Cruiser rigs conducting
exploration in the Kansoko Nord, Makalu Est and Kakula Est areas.  
Platreef Project  
90%-owned by Ivanplats  
South Africa 
Platreef development work focused on the Mineral Resources contained
in the 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 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 mineral
resources for the Flatreef Deposit. The Technical Report was prepared
by AMEC in accordance with CIM Guidelines and directed by AMEC
Technical Director Dr. Harry Parker. 
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 (platinum-palladium-gold- rhodium) for
a grade-thickness of 98 grams-metres 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 87 grams-metres 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-metres 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 Flatreef's mineralization, the company is investigating
mining scenarios that concentrate on highly mechanized mining
methods. 
Mining Right Application filed in Q2 2013  
Ivanplats filed the Platreef Mining Right Application (MRA) with the
Department of Mineral Resources (DMR) on June 6, 2013, and received a
letter of acceptance on July 17, 2013. This important step has
allowed the company to initiate the Environmental and Social Impact
Assessment (ESIA) process.  
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 structure. 
The approval of the company's Platreef Bulk Sample Application, which
was filed with the DMR during September 2012, remains pending. South
Africa-based Aveng Mining has been appointed as the sinking
contractor for the initial exploration shaft in anticipation of the
application's approval.  
The Section 93 Directive, which was imposed by the DMR during Q4
2012, was lifted in Q2 2013 following extensive consultation with
affected parties. Development drilling for the pre-feasibility and
feasibility studies has resumed, with 11 rigs in operation. The
development drill program for the remainder of 2013 involves infill,
geotechnical, condemnation, variability and metallurgical drilling.
Ivanplats also plans to complete four exploration step-out drill
holes toward the southwest of the indicated resource. 
A comprehensive drill program to define an initial resource at
Platreef's southwest extension target area - Madiba - is being
planned. Together with the Japanese consortium, Ivanplats is working
on a scoping study based on a mining operation of up to 12 million
tonnes per year with multiple shafts. The study is expected to be
completed late this year or early next year. DRA Mineral Projects
(Pty.) Ltd., of South Africa, in consultation with Stantec, SRK,
Geotail, Golder Associates and Digby Wells, is continuing with the
pre-feasibility study. 
Kipushi Project  
68%-owned by Ivanplats  
Democratic Republic of Congo (DRC) 
The Kipushi Project, also located in the DRC's Katanga province,
southeast of the company's Kamoa Project, 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 La
Generale des Carrieres et des Mines (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.  
Dewatering and project development  
Dewatering of the existing mine workings is continuing. The water
level was pumped down to approximately 986 metres below surface at
the end of June and had reached 1,016 metres below surface in early
August. The full rate of predicted drawdown was not met because of
the breakdown of electrical control systems on the primary pumps
following power outages and fluctuations in the main power supply.
Unstable electricity supply continues to cause problems with pumping
schedules and has resulted in motor and electrical control burnouts.
SNEL, the state-owned power authority, is working to upgrade the
electrical distribution network in the vicinity of the Kipushi Mine
and electrical supply and reliability has improved at the mine site,
although national electrical supplies are reported to be limited due
to low water levels at the Inga Dam hydroelectric station, the
country's main power generating facility.  
Pumping rates at Kipushi averaged 2,591 cubic metres per hour during
June 2013, resulting in an average lowering of the water level of 1.6
metres per day. Accelerated dewatering is planned through the
installation of Vogel pumps in Shaft 5, refurbishment of water pipes
and progressive lowering of pumps as water levels descend. The target
for dewatering to the bottom of the ramp decline at 1,270 metres
below surface now is expected to be met during Q1 2014. 
Geological relogging of existing drill cores on the Big Zinc Deposit
is complete and modelling is underway to plan underground diamond
drilling to validate and expand the historical resource estimate
included in the September 2012 Kipushi Technical Report prepared by
IMC Group Consulting Ltd., which is available on www.sedar.com.
Independent consultant MSA Group of South Africa has been appointed
to prepare an updated resource estimation of the Big Zinc Deposit to
NI 43-101 standards following completion of the confirmation drilling
program. 
Mintek recently completed a preliminary metallurgical testwork
campaign on drill core from the Big Zinc Zone. Comminution testwork
indicated that the material is soft and therefore easy to crush and
mill; flotation testwork indicated that the material was easily
upgradable to a saleable concentrate composition at high zinc
recoveries. 
Regional Exploration 
Democratic Republic of Congo  
During Q2 2013, Ivanplats' Regional Exploration Group commenced field
geology and drilling operations for the 2013 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 relatively unexplored
greenstone belts in Gabon. These permits cover untested gold-in-soil
anomalies adjacent to extensive placer gold workings. During Q2 2013,
Ivanplats made logistical preparations for a 2,000-metre drilling
program focused on the Ndangui prospect. A drilling and logistics
camp was established and stocked with the necessary fuel, drilling
equipment and supplies in anticipation of the drilling that began
recently. The initial target area is focused on a zone of
co-incidental gold-in-soil anomalism, peak gold auger drilling
results and encouraging assay results from nearby trenches.  
Ivanplats conducting strategic process for early lock-up release
transaction 
Ivanplats has obtained regulatory approval for a novel transaction
structure that the company contemplates would simultaneously provide
locked up shareholders with a right to release and sale of locked up
shares to a designated purchaser; would provide additional funding
for the ongoing project development of the company and would secure a
strategic investor who would help to advance the overall development
of the company's key projects. The company is in the process of
discussion and negotiation with potential third party participants in
the transaction, with any such transaction subject to finalization of
definitive commercial terms with one or more of those third parties. 
Management and Board changes  
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, effective June 1, 2013. Mr. Gill formerly was Deputy
Director of Mongolia-based Oyu Tolgoi LLC; he worked closely with
Steve Garcia, who now is Ivanplats' Chief Development Officer, for
seven years overseeing construction of the Oyu Tolgoi
copper-gold-silver mine. As Managing Director, 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, including a
shared-services company and the Kamoa and Kipushi Projects, as well
as regional exploration.  
South African business leader Cyril Ramaphosa resigned from
Ivanplats' Board of Directors in May 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. 
In August, Ivanplats appointed Peter Brokenshire as Vice President,
Technical Services. Mr. Brokenshire is a Professional Engineer,
registered at the Engineering Council of South Africa. He also has a
MBA degree from the University of the Witwatersrand in South Africa.
Mr. Brokenshire, who has more than 30 years' experience as a mining
engineer, was formerly a principal of Stantec Mining, of Tempe,
Arizona.  
SELECTED QUARTERLY INFORMATION 
The following table summarizes selected financial information for the
prior eight quarters. Other than its share of revenue from the RK1
Consortium, Ivanplats 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  September
                                   June 30,  March 31,        31,        30,
                                       2013       2013       2012       2012
----------------------------------------------------------------------------
                                  $    '000  $    '000  $    '000  $    '000
                                                                            
Exploration and project                                                     
 expenditure                         41,281     32,131     31,314     29,368
General administrative                                                      
 expenditure                          8,413      9,218      9,887      5,586
Finance costs                           319        223      2,069      8,653
Total comprehensive loss                                                    
 attributable to:                                                           
  Owners of the Company              43,804     37,867     37,949     38,368
  Non-controlling interest            7,198      4,523      4,771      3,315
                                                                            
Loss per share (basic and                                                   
 diluted)                              0.08       0.07       0.07       0.09
----------------------------------------------------------------------------
                                                                            
                                               3 Months ended               
                                --------------------------------------------
                                                         December  September
                                   June 30,  March 31,        31,        30,
                                       2012       2012       2011       2011
----------------------------------------------------------------------------
                                  $    '000  $    '000  $    '000  $    '000
                                                                            
Exploration and project                                                     
 expenditure                         34,666     33,087     29,921     29,304
General administrative                                                      
 expenditure                          8,340      4,180      9,964      4,766
Finance costs                         9,074      6,822      4,518         42
Total comprehensive loss                                                    
 attributable to:                                                           
  Owners of the Company              51,514     38,654     40,548     34,568
  Non-controlling interest            2,745      2,321      1,969      1,696
                                                                            
Loss per share (basic and                                                   
 diluted)                              0.12       0.10       0.10       0.08
----------------------------------------------------------------------------

 
Review of the Three Months Ended June 30, 2013 vs. 2012  
The company's total comprehensive loss for Q2 2013 was $3.3 million
lower than for the same period in 2012. The decrease mainly was due
to a decrease in finance costs of $8.8 million and an increase of
exploration and project expenditure of $6.6 million.  
The decrease in finance costs was attributable to the conversion of
the convertible bonds issued by the company in late 2011 and early
2012 (Pre-IPO Bonds) into Common Shares on October 23, 2012, as a
result, and upon completion of the initial public offering (IPO), as
well as the settlement in full of the Kipushi purchase consideration
during 2012.  
The increase in exploration and project expenditures by $6.6 million
was due to an increase in expenditure of $11.3 million at the Kipushi
Project following its acquisition in 2011, which was partially set
off by decreased expenditure at the Kamoa and Platreef Projects by
$1.9 million and $3.8 million respectively. There also was an
increase in expenditure on regional exploration in Q2 2013 compared
to the same period in 2012.  
The decrease in drilling at the Platreef Project was as a result of
the Section 93 directive from the DMR received during Q4 2012, which
halted all exploration activity. The directive was lifted in Q2 2013
and drilling has resumed.  
Salaries and benefits for Q2 2013 increased by $1.6 million compared
to Q2 2012 due to the increase in executive and administrative staff
during the past year, which also resulted in an increase in office
and administration expenditure. Legal fees were $2.4 million higher
in Q2 2012 than in Q2 2013 due to the legal expenditure incurred in
preparation for the IPO in 2012. 
Financial position as at June 30, 2013 vs. December 31, 2012 
The company's total assets decreased to $642.4 million as at June 30,
2013, from $726.7 million as at December 31, 2012. This mainly was
due to a decrease in cash and cash equivalents of $101.3 million. The
company utilized $90.2 million of its cash resources in its
operations and earned interest income of $0.7 million on cash
balances. A total of $9.7 million was spent to acquire property,
plant and equipment and other non-current assets.  
The company's total liabilities increased from $113.1 million as at
December 31, 2012, to $135.8 million as at June 30, 2013. This was
due to an increase in non-current borrowings of $19.1 million, as
well as an increase in trade and other payables of $3.4 million.  
The company had $158.6 million in cash and cash equivalents and $80.1
million in short-term deposits as at June 30, 2013. Certain of the
company's cash and cash equivalents and short-term deposits, having
an aggregate value of $188.6 million, are subject to contractual
restrictions as to their use. As at June 30, 2013, the company had
consolidated working capital of approximately $229.6 million,
compared to $324.3 million at December 31, 2012. The Platreef Project
working capital is restricted and amounted to $188.9 million at June
30, 2013, and $204.2 million at December 31, 2012. Excluding the
Platreef Project working capital, the resultant working capital is
$40.7 million at June 30, 2013, and $120.1 million at December 31,
2012.  
This release should be read in conjunction with Ivanplats' unaudited
Q2 2013 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.  
Forward-looking statements 
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) the
Development Study, which contemplates the declaration of a mineral
reserve estimate at the Kamoa Project; (iii) grant of a mining right
application and a bulk sample application at the Platreef Project;
(iv) the creation of a BBBEE program for the Platreef Project; (v) a
PEA and pre-feasibility study at the Platreef Project; (vi) efforts
to upgrade historical resource estimates at the Kipushi Project; and
(vii) 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,
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.  
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 below and under "Risk Factors", 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.
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
 
 
Press spacebar to pause and continue. Press esc to stop.