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.
-- 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.