RIDGE MINING - used to be Cluff

the news is beginning to spread:



Ridge Mining making good progress

Wednesday December 15, 2004 12:04 - (SA)

London-listed platinum explorer Ridge Mining on Wednesday announced that it had made good progress at its three main platinum projects in the Bushveld Complex of South Africa.

The company also gave notice of exercise of the option to sell its gold assets in West Africa and Zimbabwe. The remaining proceeds of the sale total US$4.71 million in cash and are due to be paid by 7 January, 2005.

The pre-feasibility study on the Sheba's Ridge Platreef joint venture is progressing well and remains on target for completion in March 2005, Ridge Mining said.

Ridge Mining currently has a 65% interest in the joint venture, while Anglo Platinum (AngloPlat, AMS) has a 35% stake. Ridge Mining has the right to increase its interest to 87.5% following a decision to commence production.

In April 2004, Ridge Mining announced a Platreef mineral resource estimate containing 792,000 tons of nickel, 11.2 million ounces 3PGE (Pt+Pd+Au) and 302,000 tons of copper.

In addition, the overlying lower grade Upper Platreef contributed a further 680,000 tons of nickel, 8.9 million ounces 3 PGE and 191,000 tons of copper.

A further 45 boreholes (9,187 assays) have been drilled and are currently being incorporated into the existing Phase 3 database of 128 boreholes (35,724 assays).

A revised resource estimate will be included in the pre-feasibility study.

The scoping study completed in March 2004, examined the viability of mining 12 million tons of ore per annum from the Platreef only.

In September the Ridge Mining board decided to evaluate various options for realising value from Ridge Mining's investment in the Blue Ridge project.

Ridge Mining wholly owns the Blue Ridge project on the eastern limb of the Bushveld, with a feasibility study having been completed.

"This investigation considered an outright sale, joint venturing the project, and optimisation of the technical parameters of the project. Nedbank Capital was engaged to identify potential purchasers.

"An information memorandum was distributed to a limited number of selected parties in South Africa and
overseas," Ridge Mining said in a statement.

The Blue Ridge project has elicited much interest but this has so far failed to meet the valuation criteria set, Ridge Mining said.

The company is currently examining ways by which the economics of Blue Ridge might be improved.

Ridge Mining is also developing the Fountain Ridge project. During the second half of 2004, an aeromagnetic survey was carried out over the Fountain Ridge joint venture area.

Ridge Mining has a 51% interest in the joint venture, Mmakau Mining 30%, and 19% is reserved for local community and employee trusts.

The aeromagnetic survey indicated that most of the joint venture area is part of one structural block, located down dip and along strike from the farm Elandsfontein 440JQ, where AngloPlat has estimated a mineral resource of 98.2 million tons grading 4.34 g/t 4PGE (containing 13.7 million ounces 4PGE) in the UG2 chromitite reef.

A number of dolerite and syenite dykes transgress the property, but they do not appear to mark major displacements.

Drill sites have been identified on the basis of the aeromagnetics and an aerial photographic survey, which was also conducted.

Drilling contracts have recently been awarded and a drilling programme of 18 holes totalling 25,000 metres is scheduled to commence in January 2005.

I-Net Bridge