Resources and Reserves

Two Rivers

Two Rivers holds contiguous old order mining rights over a total of 1,879 hectares on a portion of the farms Dwarsrivier.

Mine development targeting the UG2 Reef began in 2005 and the operation is still in a build-up phase. The mining layout is based on a mechanised bord and pillar design. The operation is managed by African Rainbow Minerals.

Two Rivers – Mineral Resources

		as at 30 June 2007			as at 30 June 2006
Orebody	Category	Channel tonnes (millions)	Grade (g/t) 3PGE+Au	Pt oz (millions)	Channel tonnes (millions)	Grade (g/t) 3PGE+Au	Pt oz (millions)
Merensky	Indicated	18.7	3.34	1.2	18.7	3.34	1.2
	Inferred	3.9	3.16	0.2	3.9	3.16	0.2
UG2	Measured	13.7	4.55	1.1	13.1	5.17	1.2
	Indicated	44.1	3.82	3.0	46.2	3.70	2.9
	Inferred	8.1	3.90	0.6
Total		88.5	3.81	6.1	81.9	3.83	5.5

Two Rivers –Mineral Reserves

		as at 30 June 2007			as at 30 June 2006
Orebody	Category	Mill tonnes (millions)	Grade (g/t) 3PGE+Au	Pt oz (millions)	Mill tonnes (millions)	Grade (g/t) 3PGE+Au	Pt oz (millions)
UG2	Proved	10.2	3.74	0.7	9.5	3.60	0.6
	Proved (Stockpile)	0.2	3.71	0.06	1.0	3.60	0.1
	Probable	30.2	3.34	1.8	29.8	3.44	1.7
Total		40.6	3.44	2.5	40.3	3.48	2.4

Notes

• The figures in the above statement reflect the total estimates for Two Rivers as at 30 June 2007.
• 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 bord and pillar mining operations.
• Both the Mineral Resource and Mineral Reserve classifications have been reviewed for the UG2 Reef. This resulted in the south-eastern fault block now being included in the Inferred Mineral Resource category as well as a small area in the north-western extremity now being classified as an Inferred Mineral Resource. The outline of the Mineral Reserve classified as Proved Mineral Reserve has been adapted.
• The mining schedule has been reviewed and the Mineral Reserve estimate updated. Additional footwall dilution has been allowed for, resulting in a slightly lower predicted overall head grade and an increase in tonnage.
• The Mineral Reserves quoted include the North open pit.
• The stockpile reported in FY2006 has been reduced.
• No additional work has been undertaken on estimating the Merensky Mineral Resource since the previous reporting period.
• The individual metal proportions for the Merensky Reef were derived by Implats.
• Rounding–off of numbers may result in minor computational discrepancies.
• More details regarding the Mineral Resources and Mineral Reserves can be obtained in the 2007 ARM Annual Report.