Two Rivers

Two Rivers Platinum is located approximately 35km to the south-west of Burgersfort on the eastern limb of the Bushveld Complex. In broad terms, the geological succession is similar to that of other areas of the eastern limb; both the Merensky Reef and underlying UG2 Reef occur at Two Rivers. The UG2 Reef outcrops in the Klein Dwarsrivier valley over a northsouth strike length of 7.5 kilometres, dipping to the west at between 7 degrees and 10 degrees. The extreme topography results in the UG2 occurring at a depth of 935m on the western boundary. The vertical separation between the Merensky and UG2 Reefs is around 140m.

Three distinct reef facies (reef types) have been defined for the UG2 Reef at Two Rivers, namely the ‘normal facies’ with a thick main chromitite layer; a ‘split reef’ in the southern, west-central and north-eastern parts, characterised by an internal pyroxenite/norite lens of up to 6m thick and situated approximately two-thirds of the chromitite thickness upwards from the base; and a ‘southern facies’ comprising a second pyroxenite/norite lens situated approximately one-third of the chromitite thickness from the base. The Merensky Reef is the upper portion of a pyroxenite layer, with a chromitite stringer close to the contact with the hanging wall and mineralisation decreasing from the chromitite stringer into the hanging wall and footwall. Only the UG2 Reef is currently being mined.

Two Rivers holds a contiguous old order mining right over a total of 1 879ha on a portion of the farm Dwarsrivier. Mine development targeting the UG2 Reef began in 2005 and the mining layout is based on a mechanised bord and pillar design. The orebody is accessed via two decline shaft systems, situated approximately 2.5km apart. The operation is managed by ARM and Implats has a 45% interest in the joint venture.

Two Rivers (inclusive reporting)

Notes:

• The figures in the statement above reflect the total estimates for Two Rivers, as at 30 June 2009. The corresponding estimated attributable Mineral Resources and Reserves to Implats are summarised elsewhere in the report.
• Mineral Resources are quoted inclusive of Mineral Reserves
• Grade estimates were obtained by means of ordinary kriging of UG2 and Merensky Reef borehole intersections.
• The modifying factors used in the UG2 Mineral Reserve calculations are based on mechanised room and pillar mining operations.
• Merensky Reef estimates are unchanged from the previous statements.
• The overall UG2 Mineral Resource estimate is effectively unchanged if depletion is taken into account; limited portions of the Indicated estimate progressed to the Measured class.
• Changes in the Mineral Reserve estimate involved an increase in the cut-off grade and the exclusion of limited blocks due to geotechnical considerations.
• The Mineral Resources and Reserves quoted for 30 June 2009 exclude estimates for the North Open Pit pending environmental authorisation. This was included in previous estimates.
• The individual metal proportions for the Merensky Reef were derived by Implats.
• Mineral Resource and Mineral Reserve grades are now also reflected in both 3PGE+Au and 5PGE+Au formats.
• Rounding-off of numbers may result in minor computational discrepancies.
• More details regarding the Mineral Resources and Mineral Reserves can be found in the 2009 ARM Annual Report.

Note: Mineral Resources are inclusive of Mineral Reserves.

Merensky Mineral Resources

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UG2 Mineral Resources and Mineral Reserves

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