Platmin Ltd: Secures 6 million 4e pgm ounces in the Contiguous Sedibelo West property in a. transforming acquisition

TORONTO, March 23 - Platmin Limited ("Platmin" or the "Company") (TSX/AIM: PPN; JSE: PLN) today announced the acquisition of an incremental 5.99 million 4E PGM inferred resource ounces (42.57 million tonnes at a grade of 4.38g/t) contained within the western portion of the Sedibelo PGM Project concession ("Sedibelo West") from the Bakgatla-Ba-Kgafela Tribe ("Bakgatla") and Itereleng Bakgatla Mineral Resources (Pty) Limited ("IBMR"), for an aggregate consideration of US$75 million in cash (equivalent to US$12.50 per 4E PGM inferred resource ounce).

Sedibelo West is contiguous with and down-dip of the eastern boundary of Tuschenkomst, Platmin's operating pit, where PGM production is building up.

The acquisition of the Sedibelo West property (the "Acquisition") will add significant value to Platmin by:

- materially increasing the PGM mineral base accessible from the existing pit
- extending the life of mine significantly and
- providing operational flexibility, particularly in the north pit.

Optimisation studies to maximise the value of the enlarged PPM/Sedibelo West property have begun, and should be concluded during the 2011 financial year.

A clear benefit of mining from PPM's existing pit through the farm boundary into Sedibelo West is the direct access to the sulphide ore which achieves higher recoveries than oxide or transitional ore.

In addition to the Sedibelo West purchase, Platmin has also acquired an effective 50% interest in an infrastructure vehicle (the "Vehicle"), which has acquired all of Barrick's strategically important infrastructure rights and assets. These include power and water rights as well as certain other assets which can be used for the development of the PGM deposits to the east of the existing operations (the Sedibelo Central, Sedibelo East and Magazynskraal projects). Through this transaction, Platmin has not only secured all of its future power and water requirements, but has also positioned itself ideally for participation in further regional consolidation. This acquisition has been completed in partnership with the Bakgatla and Ivy Lane Capital Limited (a Pallinghurst-related entity) which will jointly own the other 50% of the Vehicle. The aggregate consideration for Platmin's 50% interest is approximately US$12 million.

Platmin Chairman, Brian Gilbertson, welcomed these landmark transactions, which represent a significant first step towards Platmin's participation in the cost-effective development of the last shallow PGM resource on the western limb of the Bushveld Complex.

Gilbertson noted, "Today's announcement cements a long-standing partnership between the Traditional Council of the Bakgatla and Platmin, and will deliver value to shareholders, community members and indeed to South Africa.

"Nature's orebodies are not delineated by arbitrary farm fences. It was the Bakgatla's vision - and one we share - to develop PPM and Sedibelo West in the most productive manner: This means one orebody, one mine.

"The acquisition of the Sedibelo West deposit will create mining flexibility and extend the life of our Pilanesberg Platinum Mine with all the multiplier benefits of employment; foreign exchange: revenue to the fiscus; and the economic and regional socio-economic benefits that will be generated. Importantly, Platmin's world-class concentrator and other infrastructure will be used to process more PGM-bearing reef, making this one of the most productive acquisitions in the industry."


Kgosi Nyalala Pilane to join the board of Platmin

As Chairman of Platmin, Mr Gilbertson has invited Kgosi Nyalala Pilane to join the board of Platmin in order that he can directly represent the Bakgatla-Ba-Kgafela Traditional Council in the company's affairs. In extending this invitation to Kgosi Pilane, Mr. Gilbertson said "We look forward to his counsel and leadership - in what is set to be a long association with the company".

Kgosi Nyalala Pilane welcomed the development of an extended operation on communal land by responsible operators. "The Bakgatla Traditional Authority's partnership with and investment in Platmin will support the tribal administration's ability to invest in ongoing community development programmes.

"The proceeds from the sale of these rights will inject significant funds and resources into our ongoing community development projects. These will benefit the more than 350,000 members of the Bakgatla community. This new mining venture in Moruleng initially created 2,500 casual jobs during the mine's construction phase and continues to provide employment and skills training for many community members."


About Platmin

Platmin's primary asset is the Pilanesberg Platinum Mine, which is building up to full production from the Tuschenkomst pit. The focus of the Company is on achieving the metal production forecasts predicted in the bankable feasibility study for the project and participating in the value creation of developing the western limb of the Bushveld Complex. Platmin also hold interests in projects on the eastern limb.


National Instrument 43-101 Disclosures

Under National Instrument 43-101 ("NI 43-101") of the Canadian Securities Administrators, the Qualified Person for the Sedibelo West property is Mr. Terry Holohan, a Qualified Person as defined by NI 43-101. Mr. Holohan is not independent of Platmin for purposes of NI 43-101. He has reviewed and verified the contents of this press release. The effective date of the mineral resources disclosed in this press release is March, 2011. A cut-off grade of 0.5 g/t 4E was used in the estimation. Individual metal grades within the resource are 2.63 g/t Pt, 1.29 g/t Pd, 0.33 g/t Rh, and 0.13 g/t Au. The method used for estimation was ordinary co-kriging.


Cautionary note regarding forward-looking statements

This market release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial and operating performance of Platmin, its subsidiaries and its mineral properties, the future price of platinum or other PGMs, the estimation of mineral resources and reserves, the realisation of mineral resource estimates, exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, timing of economic and scoping-level studies, forecasts and projections of future production, capital costs and operating costs, future timing of achieving a steady state of production, future costs and timing of future exploration, requirements for additional capital, government regulation of mining operations and exploration operations, timing and receipt of approvals and licences under mineral legislation, environmental risks, title disputes or claims and limitations of insurance coverage. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this market release include among others: the Company's plans with respect to the future development and operation of the PPM and the future advancement of the Sedibelo projects; timing of the receipt of governmental approvals and/or acceptances; targets, estimates and assumptions in respect of platinum and other PGMs production and prices; amount and type of future capital expenditures and capital resources; mineral reserves and mineral resources; anticipated grades; recovery rates; future financial or operating performance; costs and timing of the development of new deposits; costs, timing and location of future drilling; earning of future interests in various permits; production decisions; costs and timing of construction; operating expenditures; costs and timing of future exploration; and environmental and reclamation expenses.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Platmin and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations and studies; currency fluctuations; future prices of platinum and other metals; possible variations of ore grade or recovery rates; failure of equipment to operate as anticipated; accidents, political instability, insurrection or war; delays in obtaining governmental approvals or financing; liquidity and financing risks related to the global economic crisis, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form filed at www.sedar.com. Such forward-looking statements are based on a number of material factors and assumptions, including: that contracted parties provide goods and/or services on the agreed timeframes; that no unusual geological (including grade) or technical problems occur; that plant and equipment work as anticipated, and that there is no material adverse change in the price of platinum or other PGMs. Although Platmin has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this announcement and Platmin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES



For further information:

Tom Dale, Platmin - CEO
+27 12 661 4280

Arne H Frandsen, Platmin - Director
+27 21 886 7294

Charmane Russell
Russell & Associates
+27 11 880 3924
+27 82 372 5816

George Nakos
Investec Bank Limited
+27 11 286 7311
+27 82 903 3746