Platina Resources Limited (ASX:PGM) Excellent Testwork Results From Owendale Scoping Study

Brisbane, Australia (ABN Newswire) - Platina Resources Ltd. (ASX:PGM) (OTCMKTS:PTNUF) is pleased to advise that hydrometallurgical testwork, a major part a scoping study at the Company's Owendale Scandium Project is now complete.

The tests were designed to achieve the maximum extraction possible for the scandium, platinum, nickel and cobalt contained within the Owendale laterite ore and were carried out under the supervision of Brisbane based Scoping Study Manager, SNC-Lavalin Australia Pty Ltd.

Highlights

- Excellent extraction of scandium (>85%), platinum (>80%) nickel (>95%) and cobalt (>99%) from High Pressure Acid Leach ("HPAL") tests from Owendale Scoping Study

- Solvent extraction testing to commence this week

- Owendale Scoping Study on schedule for completion end of February

- Negotiations to finalise scandium oxide offtake agreements with two Chinese scandium companies has been extended to March 31 and May 31

- Baseline environmental studies and Final Feasibility Studies expected to commence in March

Highly encouraging extraction results of up to 87% for scandium, 82% for platinum, 95% for nickel and 99% for cobalt have been achieved.

Solvent extraction tests are now the only laboratory testing remaining to be completed for the Scoping Study and these should be finished in January.

The Scoping Study is evaluating the mining, processing and treatment of approximately 50,000 tonnes of Owendale scandium and platinum ore to produce approximately 30 tonnes of Scandium Oxide at 99.9% purity.

The confirmation of excellent extraction rates for scandium, platinum, nickel and cobalt under commercial processing treatments such as HPAL is considered a significant milestone in the potential development of the Owendale deposit, which is located in central New South Wales, Australia.

Platina Managing Director and CEO Robert Mosig said:

"These results from our Scoping Study show what we have always understood; that Owendale will be Australia's first scandium mine with robust platinum credits and appreciable amounts of nickel and cobalt."

"We are now looking at ways to commence our environmental and final feasibility studies as soon as possible."

SNC-Lavalin is expected to complete the Owendale Scoping Study by the end of February.

Off-Take Agreements

The Company continues to seek off-take agreements for the supply of scandium oxide and scandium metal from Owendale.

Currently, Platina has signed heads of agreements (HoA) with two Chinese Scandium producing companies, Inner Mongolia Honfine Zirconium Industry Co Ltd (Honfine) and Hunan Oriental Scandium Co. Ltd (HNOSC) for the supply of scandium oxide.

The deadline for completion of off-take negotiations has been mutually extended to the 31 March 2015 (HNOSC) and 31 May 2015 (Honfine).

Within the past four years scandium oxide (99.9% purity) has sold within a range of USD$1,400-3,700 per kilogram.

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 in link below). Details of the resource are in the technical description of the Company's ASX release dated 3 October 2013.

To view figures and tables, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-839030.pdf

About Platina Resources Limited:

Platina Resources Ltd. (ASX:PGM) (OTCMKTS:PTNUF) has a global portfolio of Platinum Group Metal (PGM), gold and scandium projects, with a core focus on the development of two key advanced assets – the Skaergaard PGM-Gold Project in Greenland and the Owendale Platinum and Scandium Project near Fifield, NSW, Australia.

Source:

Platina Resources Ltd.

Contact:

Platina Resources Ltd.
T: +61-7-5580-9094
F: +61-7-5580-9394
WWW: www.platinaresources.com.au