LATEST DRILLING RESULTS CONTINUE TO CONFIRM PLA'S 3M OUNCE OPEN PIT TARGET FOR KALPLATS

Initial Phase Will Allow Updated Resource Estimate For Five Deposits By Mid-Year

Estimate For Entire Project After Completion Of Second Phase In October

Suggestions Of Thick And Possibly Duplicated Reef Structures At Sirius Deposit

The latest results from the resource definition drilling programme being undertaken by Platinum Australia Limited (ASX: PLA, AIM: PLAA) on the Kalahari Platinum (Kalplats) project in South Africa have extended the mineralisation at both Serpens North and Serpens South deposits. These are two of seven known deposits, together with three other prospects, identified over a 12km strike length of the Stella Layered Intrusive (SLI) structure and outlined to a depth of approximately 150m below surface. All appear to be open at depth and along strike.

This initial 20,000m drilling programme, due to be completed shortly, is designed to update the resource estimate for the Serpens North & South and Sirius deposits and to provide additional information on the extent of the Crater and Crux deposits. An updated resource estimate for these deposits should then be completed by June.

The programme will continue with a second phase of drilling, comprising a further 25,000m and scheduled for completion by October. This will enable an updated resource estimate to be established for the whole Kalplats project, including evaluation of the three known mineralised prospects - Scorpio, Pointer and Tucana.

Commenting today, PLA managing director Mr John Lewins said: "These results continue to confirm our open pit target for the Kalplats project of up to 3m ounces of 3E PGM (platinum, palladium and gold) to a depth of approximately 200m. In addition, the first results from the Sirius deposit confirm those from some of the previous drilling which identified unusually thick reef intersections and possible duplication of the reefs."

Although the 3m ounce target is conceptual and does not imply that a mineral resource has been or will be defined at Kalplats, PLA says that the results from the current drilling programme have significantly increased confidence in the potential of the project to achieve this target.

The Kalplats project, located 330km west of Johannesburg, is a joint venture with African Rainbow Minerals Platinum (ARMplatinum) in which PLA is earning a 49p.c. interest by completing a bankable feasibility study and providing the right for the project to use the patented Panton metallurgical process to treat the ore. The BFS is due to be completed by the end of 2007.

The project currently has indicated and inferred resource of 3.4m ounces 3E PGM, including a high grade component of 1.4m ounces 3E PGM, contained within seven separate deposits over a 12km strike length of the SLI. However, PLA believes there to be significant potential to increase these resources as all the deposits are open at depth and along strike. Geochemical surveys and a high-resolution aeromagnetic survey completed by PLA have also identified a number of additional targets within the SLI for further investigation.

As part of the JV with ARMplatinum, the two companies have applied for a prospecting right covering an area extending approximately 20km to the north and 18km to the south of the Kalplats project area, increasing the total strike length held over the Stella Layered Intrusion to almost 50km. Each company will have a 50p.c. contributing interest in the new area, and PLA will manage exploration which will target extensions of the known "Kalplats style" PGM mineralisation.

Significant results (3E PGM) from the latest drilling include:

Serpens North
8m of 2.40g/t from 50m and 6m of 3.97g/t from 68m in same hole 8m of 1.73g/t from 107m 2m of 2.92g/t from 22m and 5m of 3.51g/t from 39m in same hole 4m of 3.23g/t from 5m 2m of 2.29g/t from 23m, 2m of 4.21g/t from 31m and 4m of 7.17g/t from 39m (including 1m of 14.89g/t) in same hole 3m of 3.88g/t from 48m and 1m of 3.81g/t from 54m in same hole

Serpens South
9m of 2.11g/t from 54m (including 4m of 3.31g/t) and 3m of 2.64g/t from 70m in same hole 4m of 5.80g/t from 30m 3m of 3.92g/t from 153m 2m of 5.44g/t from 73m and 2m of 2.34g/t from 86m in same hole

Crater
4.55m of 4.44g/t from 118m (including 1m of 9.02g/t) 5.52m of 1.73g/t from 153m, 1.72m of 3.53g/t from 160.5m and 8m of 2.83g/t from 166m (including 1m of 8.80g/t) in same hole 3m of 3.47g/t from 78m

Sirius
3m of 2.57g/t from 6m, 3m of 2.52g/t from 16m and 8m of 3.42g/t from 39m (including 1m of 5.36g/t) in same hole




Platinum Australia Limited
11 April 2007


NEW ORDER RIGHT ISSUED FOR KALAHARI 'EXTENDED' PLATINUM PROJECT

Platinum Australia Limited (ASX:PLA) (AIM:PLAA) is pleased to announce that a
New Order Prospecting Right has been issued for the company's Kalahari
'Extended' Platinum ('Kalplats') Project (PLA 50% : ARMplatinum 50%). The
'Extended' Project covers an area approximately 20 kilometres to the north and
18 kilometres to the south of the Kalahari Platinum Project ('Kalplats') area,

The issue of the Right allows PLA to immediately commence exploration works
including a detailed aeromagnetic survey and geochemical sampling program on the
project area.

PLA Managing Director John Lewins said: 'With the issue of this Prospecting
Right the joint venture partners now have a combined project with almost 50
kilometres of potential strike length. This makes the project one of the largest
PGM projects in South Africa in terms of potential strike length.'

'We have recently announced the latest drilling results from the resource
drilling program on the Kalplats Project which continue to confirm our open pit
target for the Kalplats Project of up to 3 million ounces 3E PGM to a depth of
approximately 200 metres below surface. We have now almost completed the first
phase of this drilling program which should enable us to complete an updated
resource estimate for the project in June with a further updated resource due at
the end of 2007 as part of the Bankable Feasibility Study on the project.'

'PLA believes that the 'extended' area has significant potential to host
extensions of the known Kalplats style of PGM mineralisation.'

While the 3 million ounce 3E PGM target is of a conceptual nature and does not
imply that a mineral resource has been or will be defined, the results from the
current drilling have significantly increased the Board's confidence in the
potential of the project to achieve this.

Kalplats PGM Project
The Kalplats PGM Project is located 330km west of Johannesburg and has an
established Indicated & Inferred resource of 3.4 million ounces 3E PGM (platinum
+ palladium + gold), including a high grade Indicated & Inferred resource of 1.4
million ounces 3E PGM (12 Million tonnes at a grade of 3.6 g/t 3E PGM) in seven
identified deposits to an average depth of approximately 150 metres below
surface. PLA believes that there is significant potential to increase the size
of this resource as all deposits appear to be open at depth and along strike. In
addition a number of other targets have been identified from geochemical survey
work and a high resolution aeromagnetic survey completed by PLA.

Under the Kalplats Joint Venture Agreement, PLA is earning up to 49% of the
Kalplats Project from African Rainbow Minerals Platinum (Pty) Ltd
('ARMplatinum') by completing a Bankable Feasibility Study including further
drilling and providing the right for the project to use the Panton metallurgical
process ('Panton Process').

As part of the Joint Venture PLA and ARMplatinum have also obtained a
Prospecting Right covering an area approximately 20 kilometres to the north and
18 kilometres to the south of the Kalplats Project area, increasing the total
strike length held by the parties to almost 50 kilometres. PLA and ARMplatinum
each have a 50 percent contributing interest in the new area and PLA will manage
the exploration program which will target extensions of the known Kalplats style
of PGM mineralisation.

PLA is due to complete a Bankable Feasibility Study on the Kalplats Project by
end of 2007 which will include approximately 45,000 metres of RC and diamond
drilling. By the end of March PLA had completed over 17,000 metres of drilling.

SHARES MAG OCT 22 WRITES CURRENTLY (56.5)
Investors
are better off buying mining shares than the commodity itself,
particularly Platinum Australia (PLAA:AIM) at 54p, whose
Kalplats project in South Africa could be bigger than current figures
suggest. A pre-feasibility study shows a 1.5 million tonne
per year project,
averaging 115,000
ounces a year of production.
The results
are due in early 2010
and should be a significant
catalyst to
the share price.
Billionaire financier
George Soros was
last week revealed as
taking a 7% stake in
the miner. (DC)

The lightning has struck on George Soros!

Platinum Australia production slower than planned
Business Financial Newswire


Platinum Australia's quarterly report to 31 December 2009 shows that ramp up of underground production at its Smokey Hills Mine has been slower than planned due to a large pothole being encountered between adits 4 and 5 over a strike length of approximately 125 metres.

This has significantly reduced both the current stoping faces available and therefore stope tonnage mined and the development ore mined during the quarter.

It is anticipated that this will continue to impact on the stope tonnage during the majority of the March Quarter.

Mining of the open pit was extended from the planned completion date of end September to mid December to provide additional ore to compensate for the slower ramp up of material from underground.

The Company says the Definitive Feasibility Study for the Kalahari Platinum Project was commenced during the quarter following the completion of the Pre Feasibility Study which showed the project to be commercially and technically viable.

The Prospecting Right for the Rooderand Project was issued in late November and by the end of the month PLA had commenced the resource definition diamond drilling program

Platinum Australia currently has two diamond drill rigs working on the property and expects this to increase to three during the March Quarter. A program of approximately 100 diamond drill holes is planned and it is expected that this will be completed in the September Quarter 2010.

A Pre Feasibility Study on the project will commence in the March Quarter with DRA as the Lead Engineer.

In December the Company entered into an Agreement with Japan Oil, Gas and Metals National Corporation under which JOGMEC will earn an initial 35% interest in the Stellex North Project, an extension of the Kalplats project, by providing US$3.5 Million funding for exploration over the next 4 years.

Poor production will tilt it back to 40p.

Miners braced for plunge in earnings as Australia draws up fresh tax grab


Some of the biggest companies listed in London face soaring tax demands after Australia said that it would press ahead with plans to further tap the profits of miners.

A new Resource Super Profits Tax also known as the Henry Tax, after the Treasury Secretary Ken Henry will force BHP Billiton, Rio Tinto, Xstrata and others to hand over 40 per cent of profits made on their Australian operations from July 2012.

Demand for iron and coal from India, China and other parts of Asia has helped the Australian economy to ride out the global downturn in better shape than any other advanced economy. However, the Australian Government led by Kevin Rudd, the Prime Minister, argues that the royalties paid by miners to state administrations have not kept pace with companies profits. Ministers claim that over the past five years taxpayers have been short-changed to the tune of A$35 billion (21.2 billion) by the mining industry.

The industry expressed its disappointment at the proposed measures yesterday and warned that they would make investment in Australia far less attractive and ultimately would damage rather than bolster the economy. Marius Kloppers, BHPs chief executive, said: If implemented, these proposals seriously threaten Australias competitiveness, jeopardise future investments and will adversely impact the future wealth and standard of living of all Australians.

Industry experts estimated that the new tax scheme could lead to those companies earnings being slashed. Bank of America Merrill Lynch said that the earnings of BHP, with 51 per cent of its assets in Australia, would be pared by 19 per cent. Earnings of Rio, the worlds second-largest iron ore exporter with about a third of its assets in Australia, would fall by 30 per cent.

Shares in miners were marked sharply lower towards the end of last week in anticipation of the new plans. David Cassidy, chief strategist at UBS, the Swiss bank, expected them to fall still further after the news. He also cautioned that the new tax may stymie mergers in the mining sector and could threaten to derail the A$3.7 billion bid by Peabody Energy, an American coalminer, for Macarthur Coal, an Australian resource company.

The Minerals Council of Australia, a trade body, attacked the proposals as an unprecedented double tax, which would make the countrys mining industry the most heavily taxed in the world. It said that the sector made up 8 per cent of the economy but accounted for 18 per cent of all company tax in Australia, paying A$25 billion.

Mitch Hooke, chief executive of the MCA, said: There is real risk that many of these taxation gains that the Government is banking on may prove illusory if the secondary round impacts are a deterrent to investment.

However, Mr Rudd said: Companies will not pay the tax until after they have provided shareholders with the normal return on capital investments and only then on any additional profit.

Mr Rudd, who is seeking re-election this year, has earmarked the funds raised from the resource rent tax to deliver a pensions boost for all Australians and across-the-board business tax cuts.

Treasuryman

Ken Henry, appointed Treasury Secretary in 2001 by Australias former Liberal government, became the go-to man for Kevin Rudds Labor administration in the financial crisis. The 52-year-old economist, who has drawn flak for alleged political bias, is seen as the architect of the Governments A$42 billion (25 billion) stimulus, designed to mitigate any economic slump. Reportedly he advised: Go early, go hard and go households. In 2008, he was asked to conduct a root-and-branch review of tax.

Good for Australian miners like CEY and MML , mining outside of oz

PLAA has gone into oblivion.