The group’s results for the year ended 30 June 2014 also saw a headline loss to 5.5 million rand from nine million in the same comparable period last year.
Bauba Platinum Limited has various mineral prospecting rights for platinum group metals mineralisation, collectively known as the Bauba Project, in the Eastern Bushveld Complex.
The platinum groups says the year under review focused on the raising of funding in a financial climate not conducive to capital raising for exploration miners.
“The main objective [of raising funds] being to continue the exploration activities in order to develop the platinum assets,” said the company.
“Due to these challenges, the group decided to complete the drilling activities it started in the previous financial year and suspend all new exploration drilling activities until sufficient cash is secured.”
[DATA BAU:Bauba Platinum Limited] said its exploration activities were constrained to the completion of the drilling activities commenced in the previous financial year.
“After the completion of the exploration activities the group re-assessed the total resource and declared a total inferred resource of 16.9 Moz (attributable 10.1 Moz) PGM. The total target resource is 109.9 Moz (attributable 65.9 Moz),” added the group.
“The exploration planning for the next year includes continued drilling of planned holes in the Northern Cluster. The number of drill rigs in operation will depend on the economic climate and the ability of the Group to raise capital when required. Currently all drilling activities are on hold.”