ANNUAL REPORT 2006

Project Development
Platinum Australia has recently
commenced a 20,000 metre
drilling program which is focused
on more fully evaluating the open
pit potential of the project currently
standing at 12 million tonnes @
3.6 g/t 3E PGM. A key element
in the planning of this program
has been the results from the low
level airborne survey undertaken
by PLA which provided more
detailed information on the
geology and structure of the
project and identified a number
of targets outside of the known
deposits. An updated resource
will be estimated following the
completion of this program to be
used as the basis of the PFS being
undertaken with GRD Minproc as
the Lead Engineer.
A N N U A L R E P O R T 2 0 0 6
Following the completion of the
initial 20,000 metres, PLA will
continue the drilling program with
a further 25,000 metres which
should be completed in the second
half of 2007. This second phase
drilling program will be aimed at
raising the status of the identified
deposits, testing the additional
prospects and targets that have
been identified and infilling
between the know deposits. The
results from this program will
allow a further resource estimate
to be undertaken which will form
the basis for the BFS on the
project.
The study will focus on the development of an open cut
mining operation producing a flotation concentrate for
smelting and/or refining by others. It is anticipated that
the study will also provide an indication of the longer
term underground potential of the project.
Part of extended area
under application
Kalpats detailed Aeromag including part of extended area.
24 RIVERS PGM PROJECT
The results from the initial work on this project did not
identify any potentially economic mineralisation and the
Company withdrew from the project in August 2006.
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