JOGMEC to Explore Pt in South Africa

Japan Oil, Gas and Metals National Corporation concluded the cooperation in platinum exploration agreement in Stellex North area, South Africa with Stellex Platinum, an exploration company in South Africa, and other companies, announced on Tuesday.

Platinum, palladium and gold prospect is estimated at 3.4 million ounces in Stellex North area and the reserve of platinum is the largest in the world. However, the exploration was not implemented in the area. JOGMEC decided to implement the co-exploration in the area when Platinum Australia, a parent firm of Stellex Platinum, confirmed the pay platinum mineralization in the area.

JOGMEC capitalizes US$ 3.5 million for co-exploration for 4 years and gains 35% of interest in the project. Platinum Stellex gains 65%. JOGMEC and Platinum Stellex start the exploration in 2010.