Just found this in the Platinum Gazette. Much the same details...

Just found this in the Platinum Gazette. Much the same details with a bit more info in the last paragraph!

If my math is correct then this contract would run for around 16 months (800,000/50,000)! I wonder if this would be positive or negative for the sale process and reopening of Smokey Hills if the Platinum Prices keep going up?

http://www.scribd.com/doc/109763674/Platinum-Gazette-12-October-2012

Page 3

Dilokong tailings tobe toll processed

Aim- and JSE-listed mine-to-metal specialist Jubilee on Tuesday said it had entered into anagreement for the toll processing of 800 000 tons of Dilokong Chrome Mine platinum-bearing tailings using the concentrator at Platinum Australia’s Smokey Hills mine.Jubilee said newly formed subsidiary company Pollux Investment Holdings entered intoa binding and exclusive memorandum of understanding with Platinum Australia subsidiary Phokathaba Platinum, which would see the tailings being processed at the Phokathaba concentrator.

Jubilee was awarded the right to recover the platinum-group metals contained in ASAMetals Dilokong mine’s tailings in June.“This MoU enables Jubilee to accelerate bringing to production its own high-chromeplatinum concentrate for minimal capital investment, allowing Jubilee to leverage off itsexclusive ConRoast process. The MoU further endorses the company’s strategy to acquirein the short to near term, surface stocks of platinum-bearing waste materials,” CEO LeonCoetzer said.

The company would be targeting a tailings processing rate of up to 50 000 tons permonth.

The MoU is subject to final due diligence by Jubilee, the approval of Platinum Australia’s senior finance provider [READ: Macquarie Bank] and, to the extent necessary, regulatory approvals. The parties have agreed to a timeline of 45 days to satisfy the conditions precedent. Pollux would be renamed Jubilee Tailings Treatment Company