announcement good and bad, page-2

I'm sure the Mooinooi issue will be resolved shortly.

Meanwhile, Everest North is rapidly shaping as another Kroondal in its own right. Following close on the heals of yesterday's encouraging news on the drilling, today we have this, a 'pool & share' agreement between SLV and Eastern Platinum Ltd. We already had an inferred resource of 800,000 oz. The Eastplats deal will substantially add to that resource and I'm smacking my chops at the economies of scale:


Company Announcement
22 September 2006


Dear Sir,

Re: SYLVANIA SIGNS LETTER OF INTENT WITH EASTPLATS

Sylvania Resources Limited ("Sylvania") is pleased to announce it has signed a Letter of Intent with Eastern Platinum Limited ("Eastplats") with the objective of establishing a 'Pool and Share' Agreement on the Everest North and Mareesburg projects respectively ("the properties"). The properties comprise a contiguous platinum group metals project on the Eastern Limb of the Bushveld Igneous Complex near Steelpoort in Mpumalanga Province, South Africa. Both parties recognise that the pooling of assets at Everest North will lead to a more efficient and profitable use of reserves and realise a considerably longer mine life for the project. Sylvania and Eastplats are currently reviewing each others data with a view to formalising the terms and conditions of the Pool and Share Agreement with respect to the management of mining and processing operations and the sharing of all PGM concentrate produced from the properties subject to the agreement.

Yours faithfully
Sylvania Resources Limited