Company Information for Ridge Mining Plc

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Company Statement

Ridge Mining plc is an AIM and PLUS traded company, registered in England, focussing on developing its prospective Platinum Group Metal (PGM) projects on the Bushveld Complex of South Africa.

The Company’s two most advanced PGM projects are the 50% owned Blue Ridge Project on the eastern limb of the Bushveld where development commenced in January 2007 and first production is scheduled for the fourth quarter of 2008 at the rate of 149,000 ounces per annum 6PGE. 

The nearby Sheba’s Ridge Project is a joint venture with Anglo Platinum and the Industrial Development Corporation of South Africa over which a full feasibility study was completed at the end of 2007. The Sheba's feasibility study identified the need for additional smelting facilities to be constructed and negotiations are at an advanced stage with Impala Platinum, ARM and the IDC to undertake a feasibility study into a new independent facility.

Current Operations

BLUE RIDGE SUMMARY

• Development commenced January 2007
• Mineral Resources totaling 9.2 million ounces 4PGE
• Bankable Feasibility Study completed end 2005
• Mine planned to produce 149,000 ounces 6 PGE per annum
• Offtake Agreement signed with Impala Platinum
• Banking finance signed for US$104 million.
• 50% owned by BEE Company, Imbani Platinum
• First production planned fourth quarter 2008

An Offtake Agreement has been signed with Impala Refining Services under which Impala has committed to acquire all the proposed production from the Blue Ridge Mine.


In June 2007. Imbani Platinum acquired a 50% interest in the project by investing Rand 340 million (US$50 million) of equity towards the project’s development. In December 2007, project finance agreements were signed with a consortium of banks consisting of The Development Bank of Southern Africa, The Industrial Development Corporation of South Africa, Standard Bank and Investec Bank for Rand 715 million (US$104 million) following which the project is fully financed through to first production.

Mine development commenced in the first quarter of 2007 and first production is on schedule for fourth quarter 2008.

SHEBA'S RIDGE SUMMARY
Sulphide Mineral Resource containing:

• 1.4 million tonnes nickel
• 22 million ounces 3PGE
• 0.5 million tonnes copper

Feasibility study completed:

• mine processing 18 million tonnes ore per annum
• production of 23,000 tonnes nickel and 350,000 ounces PGE per annum
• operating cost of US$12.40 /tonne
• initial capex of US$707 million 
• Advanced discussions with Impala, ARM and IDC to undertake feasibility study into new independent smelting facilities

Geographical Spread

Focussed on PGM interests on and around the Bushveld Complex in South Africa

Board of Directors and Key Management

Executive Directors
Terence Wilkinson	Chief Executive
Francis Johnstone	Commercial Director
Donald McAlister	Finance Director
Non-executive Directors
Oliver Baring	Chairman
Gunter Steffens	Deputy Chairman
Peter Ledger
Susan Li

Company Address 7th Floor, Brettenham House 5 Lancaster Place London, United Kingdom WC2E 7EN Telephone: 44 (0) 207 379 1474 Facsimile: 44 (0) 207 379 9443 Email: admin[at]ridgemining.com Website: http://www.ridgemining.com

Capital Number of Shares in Issue 91.07m Market Capitalisation £76.5 million

Annual General Meeting 17th July2008

Year End December 31

Nominated Brokers RBC Capital Markets Thames Court One Queenhithe London EC4V 4DE

Nominated Advisors RBC Corporate Finance Ltd Thames Court One Queenhithe London EC4V 4DE

Major Shareholders

Gold Mountains (HK) International Mining Co Ltd	18,136,000	19.99%
SIS Segaintersettle	3,695,005	15.09%
BlackRock Invt Mgmt (UK) Ltd	11,967,000	13.19%
New Star Asset Mgmt	3,636,057	4.01%

Related News

23/06/08 - Ridge Mining Is Ready To Go At Sheba’s Ridge, So Long As It Can Get Power And A Smelter
28/05/08 - Ridge Mining Will Partially Fill The Platinum Supply Deficit, Providing It Gets Power To Its Projects
29/01/08 - More Power to Ridge Mining! Or Not…
28/09/07 - Ridge Mining On A Roll
15/08/06 - Ridge Mining has a Good Pedigree

Most Recent Statement

22/09/08 - Interim Results
17/07/08 - AGM Statement
19/06/08 - Ridge Mining Reports Results of Feasibility Study into Sheba's Ridge Nickel/PGM Project
14/05/08 - Ridge draws down on Blue Ridge Debt Facilities
27/03/08 - Block Admission Application
17/03/08 - Preliminary un-audited Results for the year ended 31 December 2007