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Chrome Project – First Blast

Mine establishment began in the first week of January 2015, culminating in this blast which will produce approximately 15 000 tonnes of chrome ore at an expected grade of 39% chrome. The first delivery of run of mine chrome ore to ASA Metals Proprietary Limited will commence before the end of March 2015. The build up to the planned 20 000 tonnes of chrome ore per month is expected to be achieved within two months from start-up.

“This first blast represents a significant milestone for Bauba”, says Bauba Chief Executive Officer, Syd Caddy. “It truly announces the transformation of Bauba from a pure platinum exploration company to an exploration and production company. The chrome production will further ensure that funding becomes available to support the platinum exploration program and place the company in a position to declare dividends to its shareholders.”

Bauba is, in addition to its current Moeijelijk project, continually evaluating other potential chrome projects, with a view to potentially expanding its chrome footprint in the market place and thereby, if successful, further enhancing its free cash flow.

Posting of Circular and Notice of General Meeting

1. Posting of Circular
Further to the announcements released on SENS on 19 March 2014 (PDF), 27 March 2014 (PDF) and 20 June 2014 (PDF) and using the terms defined therein unless otherwise stated, shareholders are hereby advised that the circular containing full details of, inter alia, the Acquisition as well as a notice to convene a general meeting of Bauba shareholders in order to consider and, if deemed fit, to pass, with or without modification, the resolutions necessary to approve and implement, inter alia, the Acquisition, has been distributed today, 22 August 2014. The circular is also available for download (PDF – 2.5MB)

2. Notice of General Meeting
Notice is hereby given that the general meeting of shareholders of Bauba will be held at 10:00 on Friday, 19 September 2014 at the registered office of Bauba, Hammets Crossing Office Park Building 816/5, First Floor, 2 Selbourne Road, Fourways, 2067, to conduct the business stated in the notice of general meeting, which is contained in the circular.

The board of directors of the Company has determined that, in terms of section 62(3)(a), as read with section 59 of the Companies Act, 2008 (Act 71 of 2008), as amended, the record date for the purposes of determining which shareholders of the Company are entitled to participate in and vote at the general meeting is Friday, 12 September 2014. Accordingly, the last day to trade Bauba shares in order to be recorded in the Company’s securities register to be entitled to vote will be Friday, 5 September 2014.

22 August 2014

Merchantec Capital

Renewal of Prospecting Rights

Johannesburg 19 July 2012: Bauba Platinum is pleased to announce that it has been granted the renewal of the two new order Prospecting Rights, held by Bauba A Hlabirwa Mining Investments (Pty) Ltd (“Bauba A Hlabirwa”), over the Bauba Project. Bauba A Hlabirwa is 60% held by Bauba Platinum and 40% by the Bapedi Nation.

The Prospecting Rights have been issued by the Department of Mineral Resources for a further period of three years. They cover all eight properties which make up the Bauba Project and which are geographically grouped as the Southern, Central and Northern clusters.

The renewed rights have been notarially executed and will be lodged with the Mineral and Petroleum Titles Office for registration.

“We are delighted that the renewals have been granted. This will allow the company to continue to develop the Bauba Project in accordance with our strategy and in collaboration with the Bapedi Nation,” said Bauba’s Chief Executive, Grant Pitt.

Bauba Platinum exploration update

Johannesburg, 20 April 2012: Bauba Platinum has today announced that it has declared a SAMREC inferred resource of 8.6Moz (“4E”) over a portion of the company’s Southern Cluster properties, following the completion of the first phase of the drilling programme and geological modelling.

Bauba Platinum’s properties are grouped into three clusters, the Northern, Central and Southern Clusters and are located on the Eastern Limb of the Bushveld Igneous Complex.

Four boreholes have been drilled on the Southern Cluster, all of which yielded Merensky Reef intersections and two yielded UG2 reef intersections. The Merensky and UG2 reef intersections were at depths of approximately 1 600 metres and 1 930 metres respectively.

“We are pleased to be able to demonstrate that Bauba Platinum is making good progress with its drilling programme and increasing the resource confidence,” said Bauba’s Chief Executive, Grant Pitt. “Based on these results, and on the assumption that the Company can from time to time raise the additional funds required, Bauba Platinum is planning to explore the target resource area by the second quarter of 2014 with a view to converting the target resource to an inferred resource or better.”

The current 4E (Pt+Pd+Rh+Au) PGM resource estimate for the Bauba Platinum prospects, discounted for geological losses, is tabulated below with 60% of the total resource being attributable to Bauba Platinum.

Current Resource Estimate


Current Resource Estimate
Resource Classification Merensky Reef UG2 Combined Attributable
Inferred 17.00% 27.41 3.46 24.00% 35.76 5.09 63.17 8.55 37.90 5.13
Target 19.61% 379.26 53.26 24.32% 360.34 65.22 739.60 118.48 443.76 71.09
Total 19.44% 406.68 56.71 24.29% 396.10 70.31 802.78 127.02 481.67 76.21

The above mentioned resource estimate has been verified and approved by a competent person in terms of the SAMREC Code, namely Mr A N Clay of Venmyn Rand Proprietary Limited.

On the Central Cluster properties, drilling started in June 2011 and two drill rigs are currently in operation. An initial programme of six boreholes is planned for this area. The first borehole, BAU023, was drilled on the western boundary of the property in order to define the maximum reef depth. It intersected the UG2 Reef at 2 336 metres below surface, some 300 metres shallower than predicted, which suggests a flattening of the dip of the reef with increasing depth possibly as result of the Central Cluster’s proximity to the adjacent Paradys Dome structure.

Drilling will begin on the Northern Cluster properties by the end of April 2012. A second rig will be mobilised in June 2012 to facilitate the initial programme of ten boreholes planned for this Cluster.

In addition, beginning in July 2012, 2D seismic surveys will be conducted on both the Northern and Central Cluster properties, with four lines on the Northern Cluster and three lines on the Central Cluster.

Bauba is listed on the Platinum and Precious Metals sector of the Main Board under the share code BAU.

Bauba releases assay and drilling results

Thursday, 30 September 2010: Bauba Platinum Limited is pleased to announce assay results and drilling progress on the Southern Cluster of the Bauba Project, situated on the Bushveld Complex Eastern Limb.

Bauba has completed the drilling of two boreholes, both of which have successfully intersected the Merensky Reef.

Latest assay results:
Borehole Number 2 (BH 002) intersected the Merensky Reef at a depth of 1 526 metres below datum. The results have revealed a grade (3PGE + Au) of 6.25g/t over a channel width of one metre.

Previously reported assay results:
The Company previously reported that Borehole Number 4 (BH 004) had intersected the Merensky Reef at 1 451 metres below datum. Assay revealed an average PGM grade over a one metre channel of 5.29g/t (3PGE + Au).

Both assay results exceed the Targeted Resource Estimate of 4.60 g/t over a one metre thickness and are in line with results reported on neighbouring properties.

Drilling, sampling and internal quality assurance and control (QAQC) are overseen by consulting geologist, Mr S. Gain. Assays are carried out by Genalysis Laboratory Services.

Drilling Progress:
Drilling of Borehole Number 12 (BH 012) and Borehole Number 6 (BH 006) is currently in progress.

The current depth of BH 012 is 1 480 metres, having intersected the Merensky reef at 1 457 metres below datum. Drilling will continue in order to intersect the UG2 reef.

BH 006 is currently at a depth of 505 metres below datum.

Bauba Platinum Limited Appoints New Director

Johannesburg, 17 September: Bauba today announced the appointment of Mr Damian Smith (MSc Geology) as a non-executive director of the Company.

Mr Smith holds a B.Sc (Hons) Geology from the University of Liverpool; an MSc Exploration Geology from the Camborne School of Mines; and is a registered Professional Natural Scientist.

Mr Smith has 20 years’ experience in mining and exploration for platinum group metals (PGMs), gold and base metals, with a particular focus on the Bushveld Complex geology for the last decade. Before becoming a Consulting Geologist to various companies, Mr Smith was the Group Geologist for Northam Platinum Limited. He has conducted exploration programmes on projects both in South Africa and internationally, and has undertaken due diligence, evaluation and feasibility studies on a number of PGM projects.

“We are extremely pleased with Damian joining the Bauba Board,” said CEO, Pine Pienaar. “Damian’s extensive experience in the PGM industry will be of tremendous value as we look to transform Bauba from a platinum explorer to miner.”

Bauba Platinum lists on Main Board of the JSE

Bauba Platinum was created through the reverse listing of a 60% interest in Bauba A Hlabirwa Mining Investments (the Bauba Project). The listing marked a key milestone in the transformation of the company.

Bauba’s immediate business objective is the exploration, evaluation and development of the Bauba Project, a high quality Platinum Group Metals (PGMs) resource base located on the Eastern Limb of the Bushveld Complex, in the heart of the world’s best-known platinum neighbourhood. The project, which extends over approximately 12,700 hectares, is strategically located down-dip from four producing PGM mines and four development projects.

In order to give full effect to the development of the business imperative offered by the Bauba Project, the company has realigned itself to optimise shareholder value, which included listing on the Main Board of the JSE, a change in name (to Bauba Platinum Limited) to reflect the core business and a reconstituted Board of Directors.

The appointed members are:

Jonathan Best (#) (Chairman) – Former CFO of AngloGold Ashanti
Pine Pienaar (CEO) – Former CEO of Mvelaphanda Resources
Mark Rosslee (Financial Director) – Former CFO of Braemore Resources
Kenneth Dicks (#) – Non-executive director of Harmony Gold and Gold One International
Sholto Dolamo (#) – Former head of Lonmin Platinum’s research and development team for the precious metals refinery
Dr Mathews Phosa (*) – Former Premier of Mpumulanga
Damian Smith (*) – Former Group Geologist of Northam Platinum
(#) Independent non-executive director, (*) Non-executive director

An introductory capital raising earlier in the year was completed and the proceeds are funding the initial exploration drilling programme and scoping study, as well as the working capital.

The exploration programme, which began in April this year, will determine the nature and extent of the PGM mineralisation.

Initial drill results have exceeded expectations, with the first two boreholes successfully intersecting the Merensky Reef and confirming the anticipated mineralisation. These results provide a solid base from which the company can, with confidence, accelerate the drilling programme and evaluations.

Bauba CEO, Pine Pienaar is confident that the platinum market is poised for growth and investment over the next five years and expects Bauba to be well-positioned to take advantage of such. “I am extremely happy to be associated with a PGM project with such potential. I am confident that with such an exceptionally experienced team, Board and management in place we will successfully manage the Bauba Project from a brownfield exploration project to an operating mine,” said Pienaar.

Bauba is fully compliant with the requirements of the Mining Charter in terms of its equity component. The Bapedi Nation has a direct participation of 40% in the Bauba Project. Kgosi Victor Thulare, King of the Bapedi Nation, was on hand today to blow the kudu horn, signaling the commencement of trade for Bauba Platinum.

Bauba Transaction Concludes

Johannesburg, 22 July 2010: The Board of Directors of Absolute Holdings (“the Company”) has confirmed that all the conditions precedent have been met for the successful conclusion of the Bauba transaction, whereby the Company will acquire an effective 60% direct and indirect participation in the Bauba Project.

Further to the previous announcements released on the Johannesburg Stock Exchange’s News Service (SENS), the required minimum capital raising closed on Tuesday, 20 July 2010. Irrevocable undertakings with a gross proceeds value of R24 815 590 have been received and, accordingly, 8 005 029 new shares at R3.10 per share will be issued within the shareholders’ authority and existing authorised share capital of the Company.

Chief Executive Officer, Pine Pienaar, commented, “This is an important and exciting milestone for the company as we will now be able to proceed with the next stage of the exploration programme.”

The special resolutions approved at the general meeting of shareholders on 7 June 2010, which include, inter alia, the change of the company’s name to Bauba Platinum Limited and an increase in authorised share capital, will now be lodged for registration with CIPRO.

The following new Board appointments will take place once all the necessary resolutions are registered and the new shares for Bauba’s acquisition have been issued:

Mr Jonathan Best – Independent Non-Executive Chairman;
Mr Pine Pienaar – Chief Executive Officer;
Dr Mathews Phosa – Non-Executive Director;
Mr Kenneth Dicks – Independent Non-Executive Director;
Mr Jonathan Best – Independent Non-Executive Director; and
Mr Sholto Dolamo – Independent Non-Executive Director.
“The capital raised will allow us to continue the drilling work, which will qualify an inferred resource on a portion of Bauba’s southern cluster,” said Pienaar. “We have already intersected platinum group metals mineralisation at the anticipated depths, confirming our original estimations, and are keen to move ahead with the exploration programme.”

THE BAUBA PROJECT: Bauba holds prospecting rights over eight farms, which are prospective for platinum mineralisation in the Eastern Bushveld Igneous Complex, encompassing an area of approximately 50km in length and 6km in width (approximating 12 700 hectares), collectively the Bauba Project. The farms cover the known down-dip extent of several current development projects and operating mines on the Eastern limb of the Bushveld Igneous Complex. The geological location is expected to reveal both Merensky Reef and UG-2 Chromitite Layer occurrences as extensive exploration programmes have been conducted on the properties neighbouring the Bauba Project.

Bauba Shareholders Approve Resolutions and Agree Capital Raising Extension

Johannesburg, 7 June 2010: The Board of Directors of Absolute Holdings today announced that all the resolutions at today’s general meeting have been passed by the requisite majority of shareholders, while it has been agreed to extend the closing deadline of the capital raising programme to the end of June 2010, and reduce the minimum capital amount to be raised to R15 million.

Chief Executive Officer, designate, Pine Pienaar, said: “The reduced amount and the need to extend the closing of the capital raising time is as a direct result of weak market conditions, which have resulted from volatile equity markets. The decision to extend the capital raising to end Sufficient capital will be available for the drill rigs to continue operating and which, I am pleased to say, are intersecting platinum group metals’ mineralisation at the anticipated depths.”

While all resolutions were passed by shareholders at today’s general meeting, certain resolutions will only be implemented on successful conclusion of the capital raising:

Absolute Holdings’ name will change to Bauba Platinum Limited;
Pine Pienaar will be appointed Chief Executive Officer;
Mark Rosslee will assume the Financial Director role and
The other new members of the Board of Directors will be appointed, with Jonathan Best as Chairman.
The Company will now continue its information sharing ‘roadshow’ with tential potential investors over the coming two weeks after which it will inform shareholders of the proposed course of action going forward.

THE BAUBA PROJECT: Bauba holds prospecting rights over eight farms, which are prospective for platinum mineralisation in the Eastern Bushveld Igneous Complex, encompassing an area of approximately 50km in length and 6km in width (approximating 12 700 hectares), collectively the Bauba Project. The farms cover the known down-dip extent of several current development projects and operating mines on the Eastern limb of the Bushveld Igneous Complex. The geological location is expected to reveal both Merensky Reef and UG-2 Chromitite Layer occurrences as extensive exploration programmes have been conducted on the properties neighbouring the Bauba Project.

Strong Board of Directors Announced for Bauba Platinum

Johannesburg, 18 May 2010: Absolute Holdings (“the Company”), soon to be renamed Bauba Platinum Limited, is pleased to announce a reconstituted board of directors to lead the Company’s new platinum group metals (“PGMs”) growth and development initiatives.

This is in accordance with the announcement on 15 February 2010, and with reference to a detailed terms announcement on 17 May 2010, in which the Company has proposed the acquisition of an effective 60% controlling interest in certain assets that will transform it into a junior miner and explorer with its primary focus being on a PGM resource base, known as the Bauba Project.

The proposed new board of directors has extensive industry experience and is well positioned to realise the full potential offered by the Bauba Project.

The proposed board is:

Jonathan Best (Independent Non-executive Chairman);
Pine Pienaar (CEO);
Mark Rosslee (FD);
Kenneth Dicks (Independent non-executive director);
Sholto Dolamo (Independent non-executive director); and
Dr Mathews Phosa (Non-executive director).
The Chief Executive Officer, designate, Pine Pienaar, commented: “I am exceptionally pleased that we have managed to secure board members of such calibre, comprising individuals with vast skills and experience, to steer the Company toward becoming a successful developer of what is shaping-up to be a quality platinum asset.”

The board appointments are subject to the approval of shareholders at the Company’s General Meeting, which is to be held on 7 June 2010.

Herewith biographical details of the new board of directors of the Company:

Executive directors

Pine Pienaar (CEO)
Pine is a Chartered Accountant (CA(SA)) with 15 years experience in the mining industry. He was CEO of Mvela Resources from May 2005 – 2009. His previous directorships include Gold Fields South Africa, Trans Hex, Northam, Anglovaal Mining (Avmin), ERPM and Grootvlei Gold Mining. Before taking up his position with Mvela Resources, he was the executive responsible for new business at Harmony Gold Mining Company (Harmony). He also served for a time as the operations executive of Harmony’s Free State operations.

Mark William Rosslee (Financial Director)
Mark is a Chartered Accountant with 18 years experience in the mining industry. Mark is a CA(SA), with a Certificate in Mining Tax and holds a Graduate Diploma in Mining Engineering. He previously held the position of Chief Financial Officer and Director of Central African Gold, having held similar positions with Metallon Gold, Southern Era Diamonds and Southern Platinum Limited. He has gained extensive experience in the mining industry with the De Beers group at both a corporate and operational level over a period of 12 years. Until recently he was chief financial officer of Braemore Resources.

Non-executive directors

Jonathan Best (Chairman)
Jonathan has over 40 years experience with companies associated with the mining industry. He brings strong mining industry and financial expertise from his previous roles as Chief Financial Officer and Executive Director of AngloGold Ashanti. He currently holds additional board positions: non-executive independent director and Chairman of the Audit Committee of JSE Polymetal, a Russian-based mining company listed on the LSE, and non-executive independent director and member of the Audit Committee of Metair Investments.

Kenneth Dicks (Independent Non-Executive)
Kenneth has 39 years’ of experience in the mining industry mainly in the Anglo American group. He has served on the boards of mining companies such as Freegold, Western Deep Levels and Kusasalethu. He is also a non-executive director of Harmony Gold and Gold One International.

Sholto Dolamo (Independent Non-Executive)
Sholto is currently employed by RMB and holds the following qualifications – BSc Chemistry, BTech Ceramics Science, MSc Materials Engineering, MBA (GIBS). He had 10 years experience within the mining and manufacturing industry. This includes six years as a research scientist / engineer for De Beers’ research laboratory, where he was instrumental in developing a variety of new materials and technologies for applications in both open-pit and underground operations, in rock drilling and cutting. Prior to joining RMB, Sholto was involved in resource fund asset management at Stanlib and before that, he was head of Lonmin Platinum’s research and development for the precious metals refinery.

Dr Nakedi Mathews Phosa (Non-Executive Director)
Dr Phosa, an attorney by profession and recently non-executive chairman of Braemore Resources, is a leading figure in South Africa’s business and political world. He served as Premier of Mpumalanga from 1994 to 1999 where he pioneered planning interaction between the private sector and government. He serves on the National Executive Committee of the ANC, is Treasurer General of the ANC and currently holds chairman, vice-chairman and board member duties in a number of prominent South African companies.

Absolute Announces Terms Aimed at the Formation of a PGM Exploration and Development Company

Johannesburg, 17 May 2010: Absolute Holdings (“the Company”) has today announced that it has posted a circular to its shareholders outlining the terms of a transaction that is seeking approval, at a shareholders meeting on 7 June 2010, to acquire a 60% stake in certain platinum group metal (“PGM”) assets.

On successful conclusion of the transaction, the Company will hold prospecting rights over eight farms in the Eastern Bushveld Igneous Complex (“BIC”), encompassing an area of approximately 50km in length and 6km in width (approximating 12 700 hectares) along the Leolo mountain range in the Limpopo Province of South Africa.

The farms, collectively known as the Bauba Project, cover the known down-dip extent of several current development projects and operating mines on the Eastern limb of the BIC. The farms are prospective for PGMs and, based on the extensive exploration programmes that have been conducted on the properties neighbouring the Bauba Project, the area is expected to reveal both Merensky Reef and UG-2 Chromitite Layer occurrences.

In order to determine the nature and extent of the platinum mineralisation (including a resource base which is SAMREC compliant) the Company intends to secure commitments from both existing and new shareholders for a minimum capital raising of R60 million.

The full amount of funds raised will be employed by the Company on a detailed drilling programme, as well as the geological assaying and modelling, early design and planning work (including scoping study), and as working capital.

As part of the transaction and approval process, and to give full effect to the Company’s new primary business focus, a number of important steps will firmly reposition the Company*:

The shareholding control structure of the Company will change;
The board of directors will be reconstituted;
The Company’s name will change to Bauba Platinum Limited; and
The Company’s listing will be transferred to the Main Board of the JSE Limited.
Pending shareholder approval, the Company will conclude a binding agreement with Hlabirwa Mining Investments (Pty) Limited, Highland Trading Investments Limited and the shareholders of Ndarama Mineral Resources (Pty) Limited, whereby Absolute will acquire an effective 60% direct and indirect participation in Bauba. The purchase consideration of R340 623 000 is to be settled through the issue of 68 124 600 new shares in Absolute at an issue price of R5.00 per share.

The consideration for a further licence, the Houtbosch prospecting right, is to be settled through the issue of an additional 21 189 600 new shares in Absolute at an issue price of R5.00 per share.

“We have a significant resource that is strategically located down-dip from three existing producing platinum mines and three development projects,” noted Chief Executive Officer, designate, Pine Pienaar. “Furthermore, should the proposal to shareholders be accepted, we will have the technical and financial skills necessary to manage the Bauba Project from greenfield exploration through to full development, ensuring proper exposure to a platinum market that is poised for significant growth and investment over the next five to ten years.”

Bauba has designed a detailed investigative exploration programme, which was initiated in April 2010, to be conducted through diamond drilling, geological and geophysical mapping and interpretation of the areas of interest.

“The drilling will be conducted according to a pre-determined sequence, starting with the Southern Cluster,” said Pienaar. “This will be followed by the Central and Northern Clusters to determine the mineral resource base and the style of mineralisation.”

The proposed transactions will ensure full BEE compliance as per the existing Mining Charter. The Bapedi Nation holds a direct shareholding of 37.6% in Bauba, whilst Hlabirwa will retain its participation in the Bauba Project, through its direct and indirect shareholding in Bauba of 2.4% and 3.6% respectively, thereby ensuring the continuous involvement of the surrounding community. The Math-Pin Trust and Calulo Resources (Pty) Limited will hold an effective 6.5% and 3.6% interest in the Company, which equates to a 3.9% and 2.2% interest in the Bauba Project, respectively. The effective cumulative BBBEE participation in the Bauba Project will therefore be equal to 49.7%, after the capital raising. The Company is committed to the development of these properties to the benefit of the surface right owners according to a detailed community development plan in terms of which these prospecting rights were conferred.

*These changes are proposed in the Circular to Shareholders, which has been distributed and will be subject to approval from shareholders at the General Meeting to be held on 7 June 2010.

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