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  • PLATINA RESOURCES LIMITED | fifth annual report | 2011

  • AUSTRALIA

    Southern Cross

    Skaergaard & Kangerlussuaq

    Munni Munni

    Mt Venn

    Owendale

    GREENLAND

    NAMIBIA

    PLAT_0706_2009 Report.indd 2 24/9/10 1:47:40 PM

    AUSTRALIA

    Southern Cross

    Skaergaard & Kangerlussuaq

    Munni Munni

    Mt Venn

    Owendale

    GREENLAND

    NAMIBIA

    PLAT_0706_2009 Report.indd 2 24/9/10 1:47:40 PM

  • 01-02 Platina Resources Limited Annual Report 2011

    Directors

    Reginald N Gillard | Non Executive Chairman

    Robert W Mosig | Managing Director

    Brian Moller | Non Executive Director

    Company Secretary

    Duncan Cornish

    Australian Business Number

    25 119 007 939

    Head and Registered Office

    Address Suite 5, Level 1, 2 Boston Court

    Varsity Lakes QLD 4227

    Postal PO Box 4192

    Robina Qld 4226

    Telephone +61 7 5580 9094

    Facsimile +61 7 5580 9394

    Email admin@platinaresources.com.au

    Website www.platinaresources.com.au

    Share Registry

    Link Market Services

    ANZ Building, Level 19

    324 Queen Street

    Brisbane Queensland 4000

    Solicitors

    Hopgood Ganim

    Level 8, Waterfront Place

    1 Eagle Street

    Brisbane Queensland 4000

    Auditors

    Bentleys

    Level 25, AMP Place

    10 Eagle Street

    Brisbane Queensland 4000

    Stock Exchange

    The Company’s Securities are quoted on the Australian Stock Exchange

    Limited code: PGM

    Corporate Directory 02

    Chairman’s Letter 03

    Overview of Operations – Project Portfolio 04

    Tenement Schedule 16

    Corporate Governance 17

    Director’s Report 21

    Auditors Independence Declaration 27

    Consolidated Statement of Comprehensive Income 28

    Consolidated Statement of Financial Position 29

    Consolidated Statement of Changes in Equity 30

    Consolidated Statement of Cashflow 31

    Notes to the Financial Statements 32

    Director’s Declaration 60

    Independent Audit Report 61

    Shareholding Information 63

    CONTENTS CORPORATE DIRECTORy

  • Dear Shareholder,

    2011 has been an exciting and busy year for Platina, with significant results achieved at both the Skaergaard Gold and Palladium Project in East Greenland and at our Owendale Platinum and Scandium Project in central New South Wales, Australia.

    CHAIRMAN’S LETTER

    The Company also completed very successful fund-raisings in January

    and February 2011 by way of a private placement and shareholder

    participation in an Options Issue. These activities raised approximately

    $9.7 million before costs.

    Significant progress was made this field season at the Company's

    flagship project, Skaergaard, where a further 13 diamond drill holes

    totaling 3,488m were completed. Approximately 1 tonne of the

    diamond core has been separated for metallurgical testing later this

    year, whilst the remainder of drill holes were located in the northern

    and western portion of the Skaergaard Intrusion, where gold and

    palladium mineralisation either outcrops or occurs at shallow depths. In

    addition, a new NI 43-101 and JORC Ore Resource Estimate is nearing

    completion which includes the diamond drilling carried out by Platina

    in 2008 and 2010. Updated project economic studies will be carried

    out once the new Resource Estimate has been reviewed, and further

    development activities at Skaergaard including the 2012 field program

    will be completed later this financial year.

    PLATINA .........exploring the world for PGM

    Since my last letter to shareholders, over 7,000 metres of shallow

    drilling has been completed on the platinum and scandium rich laterite

    at the Owendale Project in New South Wales. Excellent assay results

    have been received for both these metals, and the maiden Resource

    Estimate for this new discovery is anticipated by the end of October.

    Further drilling is underway and we look forward to these results along

    with extensive metallurgical evaluations currently in progress.

    I would like to take this opportunity to thank all of the Platina team,

    particularly your Managing Director and the Exploration Manager for

    their untiring efforts. We look forward to a series of announcements on

    our projects in the near future.

    Yours Sincerely,

    Reg Gillard

    Chairman

  • 03-04 Platina Resources Limited Annual Report 2011

    SKAERGAARD - PGM AND GOLD PROJECT - GREENLAND Platina Resources Ltd 100%

    EL2007/01

    OvERvIEW Of OPERATIONS

    Skaergaard’s Gold Zone was economically viable. These positive project

    economics gave the impetus for Platina to embark on the 2008 field

    season, whereby a purpose built camp was established at Skaergaard

    and diamond drilling conducted. Further diamond drilling has since

    occurred in 2010 and 2011. In 2009 AMEC Minproc (Brisbane) with

    the assistance of AMC Consultants (Brisbane) were commissioned to

    undertake mineral processing and mining studies. The study confirmed

    the technical viability of a 2.4 million tonne per annum underground

    mine development of the Gold Zone. In addition, metallurgical test work

    identified that the unique properties of Skaergaard ore are amenable to

    gravity and flotation process, achieving excellent recoveries from both

    techniques. With the addition of a small leach circuit, it is conceptually

    possible to produce a gold dóre on site.

    Drilling campaigns conducted in 2008 and 2010 have accomplished in

    excess of 9,000m of diamond drilling which in conjunction with historic

    drilling is currently being included into a new Resource Estimation

    for the Skaergaard Project. AMEC Americas Limited (Toronto) has

    been commissioned to undertake the estimation, the first since the

    original estimation which was conducted by Roscoe Postle Associates

    Incorporated in 2005. The new Resource Estimation will be constructed

    from scratch, using both 2D and 3D block models as the foundation.

    The block models are currently under construction by AMEC (Toronto).

    Project Summary

    › World-class inventory of precious metals:

    › Gold

    › Palladium

    › Platinum

    › Resource update in progress

    › Major drilling programs completed in 2010 and 2011

    The Skaergaard Project is located on the East Coast of Greenland,

    approximately 400km west of the vast geothermal power supplies of

    Iceland. Skaergaard is a layered intrusion which hosts world-class

    quantities of precious and base metal mineralisation in two continuous

    planar layers, referred to as the Gold Zone and Palladium Zone. The

    intrusion was originally identified in the 1930’s, but has only been

    economically evaluated since 1986. Since then, over 30,000m of diamond

    drilling has been completed, delineating an Inferred Mineral Resource

    (2005) reported in accordance with both the JORC Code (2004) Guidelines

    and Canadian National Instrument 43-101 Standards (refer to Table 1).

    Platina acquired 100% of the 141km2 Exploration Licence in November

    2006 and immediately engaged the services of SRK Consulting (Cardiff)

    to undertake a Scoping Study review. The SRK review concluded that

    Sodalen Camp

  • Satellite image of the Skaergaard Intrusion, showing 2011 drilling (green) and historic drilling (yellow). The dashed blue line signifies outcropping Gold and Palladium Zones.

    Table 1. Skaergaard Inferred Resource Estimate for the Combined Zone, Au Zone and Pd Zone.

    Grades Metal

    Zone Tonnes

    (Mt)

    Au

    (g/t)

    Pd

    (g/t)

    Pt

    (g/t)

    Au

    (Moz)

    Pd

    (Moz)

    Pt

    (Moz)

    Combined

    Zone

    1.520 0.21 0.61 0.04 10.3 29.6 2.0

    Contained within the Combined Zone

    Au Zone 107 1.68 0.59 0.05 5.8 2.0 0.2

    Pd Zone 104 0.11 1.91 0.16 0.4 6.4 0.5

    Table 1. Skaergaard Inferred Resource Estimate for the Combined Zone, Au Zone and Pd Zone.

    Calculated by Roscoe Postle Associates Inc (2005) and Verified by AMC Consultants Pty Ltd (2009).

    field visit at Sodalen Camp

  • 05-06 Platina Resources Limited Annual Report 2011

    Logging Drill Core at Skaergaard Project Geologists Inspecting Drill Core

    Skaergaard Drill Section

    Competent Person Statement – Skaergaard Greenland

    The information in this Annual Report that relates to the Skaergaard Inferred Mineral Resource is based on information compiled by Mr Mark Sweeney who is a full time employee of AMC Consultants Pty Ltd and who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Sweeney has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“2004 JORC Code”). Mr Sweeney consents