Aquarius Pt ships concentrate from Everest

[] — AQUARIUS Platinum said Monday that following the announcement in which it had restarted the Everest Mine, the mine’s concentrator plant had now been commissioned and milling operations had recommenced.

First concentrate was shipped from Everest last Friday, some three months ahead of schedule.

It is anticipated that approximately 120,000 tonnes of ore will be processed at
Everest in May and June, contributing approximately 8,000 PGMs (platinum group metals, 4 elements) ounces to Aquarius’ attributable production for the financial year ending June 2010.

The capital cost of the project to restart Everest of 259 million rand, of which approximately R170m has been spent to date, remains within budget.

Revenues from the above-mentioned production and the associated operating costs
will be charged to the income statement.

Stuart Murray, CEO of Aquarius, said: “We are very pleased with the progress at
Everest. Following the closure of the mine in December 2008 due to the subsidence
event, the restart of the mine has been delivered ahead of schedule and within budget, and in a better PGM price environment than that originally anticipated when the restart was authorized.

“We anticipate a fairly rapid ramp-up of production as underground stoping is being
complemented with opencast tonnes being mined from a reserve that was previously sterilized.”
“We expect Everest will be producing approximately 120,000 PGM (4E) ounces in the 2011 financial year, approximately 180,000 ounces in the 2012 financial year and reaching steady-state production of 200,000 ounces beyond that,” he said.