Japan's JOGMEC confirms platinum reserves in S.Africa

Tue Apr 16, 2013 5:02am EDT

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TOKYO, April 16 (Reuters) - Exploratory boring at Japan Oil,
Gas and Metals National Corp's  (JOGMEC) platinum group metals
project in South Africa has confirmed the presence of an
estimated total of 315 tonnes of platinum, palladium and gold,
up 54 percent from a preliminary survey last year, the state-run
firm said on Tuesday.
    JOGMEC and Canada's Platinum Group Metals Ltd are
jointly running the project in the Waterberg region of northern
South Africa.
    JOGMEC can obtain a 37 percent stake in the project if it
pays $3.2 million in inspection costs over four years.
    Following is a breakdown of precious metals estimated to be
in the development's area. Figures are in tonnes.
    
    
 Grade        New Estimate   Old estimate
 Platinum                96                64
 Palladium              188               116
 Gold                    31                25
 Total                  315               205
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