PLATINA RESOURCES LIMITED (ASX: PGM)

ASX/Media Release                                                                                                                                                                                7 February 2010    

PLATINA RAISES $6.8M TO ACCELERATE GREENLAND-AUSTRALIA WORK PROGRAM

STRONG SUPPORT FROM EXISTING AND NEW STRATEGIC INVESTORS FOR RIGHTS ISSUE

KEY POINTS

75% take-up for non-underwritten 1-for-2 non-renounceable rights issue at $0.25 per share, raising $5.5 million before issue costs

Strategic investor Carling Capital Partners and three Hong Kong investors subscribe for shortfall of $1.3 million ? unallocated shortfall of $0.5 million to be placed over the next three months

Funds to be used for forthcoming 6,000m diamond drilling program at the multi-million ounce Skaergaard Gold-PGM Project to define the high-grade gold zone

Proceeds will also underpin completion of Skaergaard Pre-Feasibility Study and Scoping Study at the Munni Munni PGM Project in Western Australia

Initial exploration planned at the recently acquired Kobberminebugt Project, Greenland, where it is targeting PGM mineralisation as well as a larger polymetallic deposit

International precious metals company Platina Resources Limited (ASX: PGM) is pleased to advise that it has successfully raised $6.8 million through a recently concluded successful rights issue, providing a strong platform to underpin accelerated exploration and evaluation activities across its portfolio of advanced gold and platinum group metals (PGM) assets in Greenland and Australia.

The proceeds of the raising will be used to underpin completion of a Pre-Feasibility Study at its world-class Skaergaard Gold-PGM Project in Greenland and a Scoping Study at the Munni Munni PGM Project in Western Australia.

Together, these projects contain a world-class inventory comprising more than 10 million ounces of gold, over 30 million ounces of palladium, nearly 3 million ounces of platinum and almost 80,000 ounces of rhodium.

Activities at Skaergaard in 2010 will include a planned 6,000m diamond drilling program targeting a higher-grade core to the existing Gold Zone Inferred Resource of 107 million tonnes containing: 5.8 million ounces of gold at an average grade of 1.68 g/t Au, 2.0 million ounces of palladium at an average grade of 0.59 g/t Pd and 0.2 million ounces of platinum at an average grade of 0.05 g/t Pt.

This is expected to provide the foundation for completion of the Pre-Feasibility Study which will outline the basis for a commercial mine development.

Rights Issue Closes with Strong Support

The non-renounceable rights issue, which closed on 27 January 2010, provided shareholders with the opportunity to subscribe for one new share for every two existing shares held at a price of 25 cents per share. In addition, for every two new shares subscribed for, Platina has issued one attaching new option with an exercise price of 35 cents and an expiry date of 28 February 2011.

The rights issue closed with a strong overall take-up of 75% from shareholders and Company-approved applications above their entitlements, raising a total of $5.477 million before issue costs.

In addition, three new Hong Kong investors and approximately 10 clients of Carling Capital Partners of Sydney took up $1.3 million of the shortfall, leaving $0.5 million (approximately 2 million shares and 1 million attached options) of shortfall for the Company to place before 27 April 2010.

Major Work Programs Planned for 2010

The funds raised will be used to accelerate exploration and evaluation programs both at Skaergaard and Munni Munni, as well as for the identification and pursuit of new exploration opportunities and for general working capital.

Platina is currently preparing for the commencement of the 2010 field season at Skaergaard, which will start in July to coincide with the northern summer.

Activities will include the completion of a minimum 6,000m diamond drill program aimed at delivering a new resource estimate for Skaergaard that will be reported in accordance with the JORC Code based entirely on the higher grade core of the deposit. In addition the Company is planning a metallurgical test work programme to reduce capital and operating costs.

In conjunction with AMC Consultants, Platina has designed a 19-hole diamond drilling program covering an area of 4km² at 500m nominal drill placing, with a specific high-grade area of interest to be drilled at 250m spacing. This will form the basis of a new resource estimate, focusing on the higher grade core of the deposit.

Platina is currently finalising the drilling contract for the planned program with an internationally recognised drilling firm.

Activities at Munni Munni will centre on the completion of an updated conceptual mining study, being prepared in conjunction with AMEC Minproc, designed to assess the best way to take the project forward. 

The objectives of this study are to identify the potential high-grade portions of the resource and its amenability to either open cut or underground mining, review metallurgy and processing options, review the possibility of on-site smelting and completely review and audit previously estimated operating and capital costs.

In addition, the Company intends to commence exploration at the newly acquired Kobberminebugt (Copper Mine Bay) project in Greenland, which offers excellent potential for PGM mineralisation as well as for the definition of a large-scale polymetallic deposit. This project was mined historically for copper, gold and silver and is prospective for large-scale IOCG (iron-oxide copper-gold) deposits.

Platina Resources? Managing Director, Mr Rob Mosig, said he was delighted by the strong support the Company had received from shareholders for the capital raising.

“I would like to thank all shareholders who participated in this rights issue. 2010 is set to be a big year for Platina as we prepare for a major escalation of the Pre-Feasibility Study at Skaergaard and the completion of the Scoping Study at Munni Munni,” he said.

For further information, please contact:

Mr Rob Mosig, Managing Director

Platina Resources Limited

Telephone: +61-7 5580 9094

Nicholas Read / Paul Armstrong

Read Corporate Investor Relations

Nicholas Read - +61-419 929 046

Paul Armstrong + 61-421 619 084

Background Information

Platina Resources Limited (ASX: PGM) is an emerging resource company which is totally focused on the exploration and development of platinum group metal (PGM) deposits throughout the world, but particularly in Greenland and Australia. Platina has been listed on the ASX since May 2006.

Platina?s primary assets are the 100%-owned Skaergaard Gold and PGM Project in Greenland, which currently has a JORC and NI 43-101 Inferred Resource containing 10.3 million ounces of contained gold, 29.8 million ounces of contained palladium and 1.95 million ounces of contained platinum and the Munni Munni project in Western Australia.

Based in Queensland, Australia, Platina comprises a small but highly skilled team of experienced geologists and back-up technical personnel. In addition to the Skaergaard Project, Platina is also progressing the Munni Munni PGM Project in Western Australia?s Pilbara region, considered to be one of the few PGM mine development opportunities within Australia.

Skaergaard Inferred Resource Estimate

Skaergaard Inferred Resource Estimate for the Combined Zone, Au Zone and Pd Zone. Estimated by Roscoe Postle Associates Inc (2005) and verified by AMC Consultants Pty Ltd (2009).

Munni Munni Resource Estimate

Munni Munni undiluted resource estimate at a cut-off grade of 1.9g/t PGM + Au (SRK, 2002, subsequently confirmed by Snowden, 2003).

Competent Persons Statement

The information in this Report (excluding references to the Resource Report prepared for the Skaergaard Project in Greenland) that relates to Exploration Results and Mineral Resources  is based on information compiled by Mr R W Mosig who is a full time employee of Platina Resources Limited and who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Mosig has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mosig consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this Report that relates to the Skaergaard Inferred Mineral Resource is based on information compiled by Mr Mark Sweeney who is a full time employee of AMC Consultants Pty Ltd and who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Sweeney has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (?2004 JORC Code?). Mr Sweeney consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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