Blue Ridge PGE Project, South Africa

Aquarius Platinum's Ridge project situated Blaauwbank farm 30km south-east Groblersdal eastern limb Bushveld Igneous Complex (BIC) Africa. project originally owned Ridge Mining Aquarius acquired July 2009.

SBM VSI5X Impact Crusher, VSI Impact Crusher, PE Jaw Crusher, JCE Jaw Crusher

Ridge started exploration project 2001 completed feasibility 2005. Mine development estimated cost $170m January 2007.

The project 50:50 joint venture Aquarius BEE partner Imbani invested $100m equity December 2008.

December 2007 project finance agreements signed consortium banks consisting Development Bank Southern Africa Industrial Development Corporation Africa Standard Bank Investec Bank R715m giving finance production quarter 2009.

SBM VSI Impact Crusher, PE Jaw Crusher, JCE Jaw Crusher, Symons Cone Crusher

The cash operating cost assumption Ridge $660/oz platinum palladium rhodium gold giving expected payback period years. project start-up phase production. concentrate mine shipped April 2009.

Geology

"Aquarius Platinum's Ridge project situated Blaauwbank farm 30km south-east Groblersdal."

The eastern limb BIC complex consists distinct strata including PGE-bearing layers known reefs being UG2 chromitite reef.

SBM PE Jaw Crusher, JCE Jaw Crusher, Symons Cone Crusher, Hydraulic Cone Crusher

The PGEs UG2 chromitite occur primarily discrete phases varying sulphide assemblages (predominantly cooperite braggite malanite laurite) consisting significant component alloys (such Pt-Fe alloy) various telluride bismuthinide bismuthotelluride arsenide sulpharsenide phases.

Resources

Total Measured Indicated Inferred resources 81.85Mt giving contained 4PGE 8.38Moz average grade 3.19g/t. Total proved probable reserves nearly 25.08Mt contained 4PGE nearly 2.42Moz 3g/t.

SBM JCE Jaw Crusher, Symons Cone Crusher, Hydraulic Cone Crusher, Spring Cone Crusher

Production

The mine development based central truck ramp shafts. 2008 focused opening production levels faces readiness earnest. mine higher grade portion reef using method called "Efficient Cut".

Before commissioned Ridge stockpiled 200,000t – months’ worth throughput production – allowing processed concentrator underground workings continue ramp-up capacity planned middle 2009.

SBM Symons Cone Crusher, Hydraulic Cone Crusher, Spring Cone Crusher, Jaw Crusher Mobile Crusher

Annually mine forecast 75,000oz platinum 35,000oz palladium 22,000oz ruthenium 13,000oz rhodium 2,500oz iridium 1,500oz its initial 18-year life.

Processing

The processed using crushing milling flotation milling flotation concentrate. fed primary ball mill into primary roughers cleaners feed goes thickener secondary ball mill roughers cleaners tails thickeners. concentrator entrance decline shaft conveyor belt surface. Processing testwork recoveries into concentrate 82%-86%.

"During 2008 focused opening production levels faces readiness earnest."

Once mine achieved steady-state production Aquarius plans boost its performance re-treating tailings processing Millennium acquired Ridge Lonmin March 2008 undisclosed amount. Millennium raised original resources Ridge 70% allows company mine higher rate because gives greater strike length. offtake agreement signed Impala Refining Services production mine.

SBM Hydraulic Cone Crusher, Spring Cone Crusher, Jaw Crusher Mobile Crusher, Cone Crusher Mobile Crusher

Water comes combination boreholes nearby Loskop Dam.

For electrical power Ridge signed utility Eskom moratorium supply contracts. line supply 70% mine’s requirements 17MVA production installed November 2008 installed 2009. cater shortfall interim unforeseen outages however back-up diesel generators provide mine’s power albeit higher cost.

SBM Spring Cone Crusher, Jaw Crusher Mobile Crusher, Cone Crusher Mobile Crusher, Impact Crusher Mobile Crusher

The process plant operated Minopex built Bateman Engineering; Murray & Roberts Cementation responsible underground mine development.

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