5 November 2014

ASX Release: PGM

Platina to Commence Scoping Studies on the Owendale

Project

Highlights

• SNC-Lavalin engaged to commence Scoping study

• Further prefeasibility and final feasibility studies anticipated to be awarded immediately after Scoping study completion

• Aim for production date of scandium oxide is the first half of 2017

Platina Resources Ltd (ASX: PGM) is pleased to announce that SNC-Lavalin Australia Pty Ltd have been commissioned to develop and manage a comprehensive hydrometallurgical test work program for the extraction of Scandium and associated metals (Copper, Cobalt, Nickel and Platinum) from the Owendale Deposit.

The current program will provide the basis for a Scoping Study to investigate the initial economic attractiveness, at a +/-50% level of accuracy, of several hydrometallurgical options for the development of the resource. Other options to be investigated include direct shipping of ore to a processing plant in China, or a partial processing of a concentrate in Australia.
The hydrometallurgical test work program is scheduled to commence on 5 November 2014 and will take approximately 7 weeks to complete.
The work will include a range of leaching options including Solvent Extraction tests and will be used to investigate the preliminary economics and viability of several project options and identify which of these are the most attractive to take to the pre - feasibility and final feasibility stage.
Other aspects of the Owendale project such as environmental baseline studies and requirements for a mining lease application are currently being reviewed by the Company and its Consultants and will be formalised and advised in due course.
Platina Managing Director Rob Mosig said: "Platina is currently progressing negotiations with two Chinese manufacturers who have signed Heads of Agreement, and the commencement of the Scoping Study at Owendale is a major milestone in the project history towards development of the deposit."

The Owendale Project hosts an Indicated and Inferred Mineral Resource (JORC 2012) of 24 million tonnes of scandium grading 384ppm Sc (at a cut-off of 300ppm Sc) and contains a total in-situ content of 9,100 tonnes of scandium metal or 14,000 tonnes of scandium oxide (Table 1). Details of the resource are in the technical description of the Company's ASX release dated 3 October 20132.

Figure 1. Owendale Project location

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Resource Table - Owendale Project

Table 1. Owendale Mineral Resource statement

*Note ppm and g/t are equivalent units of measure with g/t traditionally used for Pt

Scandium is commonly sold as scandium oxide (Scandia) Sc2O3. Conversion factor from Sc to Sc2O3 is 1.5338

Resource Estimation carried out by Golder Associates Pty Ltd, Brisbane. Further details available in the Company's ASX

announcement dated 3rd October, 2013.

The platinum equivalent formulae, PtEq = Pt + 2xNi + 2.5xCo is based on the least optimistic recovery process for nickel and cobalt for atmospheric leaching; where the platinum price is US$1,500/oz, the nickel price is US$8/lb and the cobalt price is US$12/lb. The metal equivalent calculation assumes metallurgical recovery of 95% for platinum, 70% for nickel and 60% for cobalt and metal payability of 75% for nickel and cobalt.

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About Platina Resources

Platina Resources Ltd is an international resource company focused on the exploration and development of a global portfolio of precious and specialty metal projects. Platina has been listed on the ASX since May 2006 (ASX ticker: PGM) and is based on the Gold Coast, Australia.
Platina's core focus is on three advanced, 100%-owned resources - the Owendale Platinum and Scandium Project in Australia, the Skaergaard Gold and Platinum Group Metal (PGM) Project in Greenland, and the Munni Munni PGM Project in Australia.
Platina's aim is to create shareholder value by advancing these projects into production as rapidly as possible. Platina also has exploration licences/applications comprising nearly 3,000km2 in WA with potential for large PGE-nickel-copper and/or gold deposits.
In the longer term, the Company's objective is to discover new world-class precious metal deposits in mining-friendly jurisdictions.

Owendale Platinum and Scandium Project

The resource estimations2 for the Owendale Platinum and Scandium Project give a total contained metal of 519,000oz platinum and 9,100 tonnes of scandium metal or 14,000 tonnes of scandium oxide. It represents Australia's newest platinum resource and the world's largest and most high- grade scandium deposit.
Platina Resources' Owendale Project is located in central New South Wales, approximately 75km NW of Parkes, and 45km NE of Condobolin. Owendale is also located 12km north of the Fifield Deep Lead, Australia's only historical platinum mine.
The platinum and scandium resources overlap and are contained within the laterite profile that begins at surface and extends to a maximum depth of approximately 50m.

It is the Company's intention to fast track the development of the Owendale platinum and scandium resources as soon as practicable. It is the Company's belief that Owendale has the potential to become Australia's sole platinum mine, with the added upside of coincidentally being the world's largest, highest grade scandium resource. Advances in the processing of scandium could unlock the potential for the metal to contribute significantly toward project economics.

References :

1. Scandium - Mineral Commodity Summary, 2013, USGS.

2. Platina Resources ASX announcement dated 3rd October 2013.

Platina Resources currently has 134,419,108 shares and 84,340,575 listed options on issue.

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Electronic copies and more information are available on the Company website:
www.platinaresources.com.au

For further information please contact:

Robert Mosig, Managing Director
Office: +61-7 5580 9094
Email: [email protected]
Nathan Ryan, NWR Communications
Office: +61 (0)420 582 887
Email: [email protected]
The information in this announcement that relates to the Owendale Indicated and Inferred Mineral Resource is extracted from the report entitled ASX Release "Owendale Updated Resource Estimate" created on 3 October 2013 and is available to view on www.platinaresources.com.au. The report was issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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