PMCI Platinum Min

RNS Number:4817K
Montrose Partners LLP
13 October 2006


SPI PARTNERS LIMITED
13 October 2006

 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR
PART, IN, INTO OR FROM CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO
     WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION

                               PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE                                            13 October 2006

                                   CASH OFFER
                                       BY
                              SPI PARTNERS LIMITED
                                      FOR
                    PLATINUM MINING CORPORATION OF INDIA PLC

                         POSTING OF OFFER DOCUMENTATION

Further to the announcement made on 28 September 2006 of a cash offer (the
"Offer") by Montrose Partners LLP on behalf of SPI Partners Limited ("SPI") for
Platinum Mining Corporation of India PLC ("PMCI"), the board of SPI announces
that the offer document containing the full terms and conditions of the Offer
(the "Offer Document") is being posted to PMCI Shareholders today, together with
the Form of Acceptance.

On 11 October 2006, the board of PMCI made an important announcement (the "PMCI
Announcement") with respect to the joint operating agreement dated 5 February
2005 between BPM and FACOR relating to the Boula mine (the "Operating
Agreement"). The PMCI Announcement states that an agreement terminating the
Operating Agreement was signed in August 2005. This information is of material
significance to PMCI, PMCI Shareholders and to SPI in the context of the Offer.

The effect of this new information, although adverse, is not clear to the board
of SPI at this time. The board of SPI has determined that pending receipt of
further information on this important development it will proceed with the Offer
in accordance with the requirements of the City Code. A further announcement
will be made by the board of SPI following receipt of such information and
clarification of the effect of the evident termination of the Operating
Agreement on SPI in the context of the Offer.

It is a condition of the Offer that the Operating Agreement and the joint
venture and shareholders' agreement dated 5 February 2005 between PMCI (UK)
Limited, FACOR and BPM remain in full force and effect. The board of SPI
reserves the right, after consultation with the Panel, to invoke the relevant
condition if it is determined that the evident termination of the Operating
Agreement is of material significance to SPI in the context of the Offer, in
which case the Offer will lapse for failure to satisfy the conditions of the
Offer.

If you hold your PMCI Shares, or any of them, in certificated form (that is, not
in CREST), to accept the Offer in respect of those PMCI Shares you should
complete, sign and return the Form of Acceptance which has been posted to you
with the Offer Document (together with your share certificate(s) and any other
documents of title) as soon as possible and, in any event, so as to be received
by Capita Registrars not later than 1.00 pm (London time) on 3 November 2006.

If you hold your PMCI Shares, or any of them, in uncertificated form (that is,
in CREST), to accept the Offer in respect of those PMCI Shares you should accept
the offer electronically through CREST in accordance with the instructions set
out in the Offer Document so that the TTE Instruction settles as soon as
possible and, in any event, not later than 1.00 pm (London time) on 3 November
2006. If you hold your PMCI Shares, or any of them, as a CREST sponsored member,
you should contact your CREST sponsor as only your CREST sponsor will be able to
send the necessary TTE Instruction to CRESTCo.

Terms used in this announcement shall have the meaning given to them in the
announcement of the Offer dated 28 September 2006, save where the context
otherwise requires.

Enquiries:

Montrose Partners LLP                                     Tel: +44 020 7484 0902
(Financial Adviser to SPI Partners Limited)
Matthew Clarke

Montrose Partners, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for SPI and for no-one
else in connection with the Offer and will not be responsible to anyone other
than SPI for providing the protections afforded to clients of Montrose Partners
or for providing advice in relation to the Offer or any other matter referred to
herein.

This announcement does not constitute, or form part of, any offer for, or any
solicitation of any offer for, securities. Any acceptance or other response to
the Offer should be made only on the basis of information referred to in the
Offer Document and, in relation to PMCI Shares in certificated form, the Form of
Acceptance.

The Offer is not being, and will not be, made, directly or indirectly, in or
into, or by the use of the mails of, or by any means or instrumentality
(including, without limitation, electronic mail, facsimile transmission, telex,
telephone, internet or other forms of electronic communication) of interstate or
foreign commerce of, or any facility of a national securities exchange of,
Canada or Japan or any jurisdiction where to do so may violate the laws in that
jurisdiction. Accordingly, copies of the Offer Document and the Form of
Acceptance are not being, and must not be, directly or indirectly, mailed,
transmitted or otherwise forwarded, distributed or sent in, into or from, Canada
or Japan or any such jurisdiction and the Offer will not be capable of
acceptance by any such use, means, instrumentality or facility. Any person
(including, without limitation, any nominee, trustee or custodian) who could, or
otherwise intends to, or who may have a contractual or legal obligation to,
forward the Offer Document and/or the accompanying Form of Acceptance and/or any
other documents related to the Offer outside the United Kingdom, should read the
details in this regard which are contained in the Offer Document before taking
any action.

Copies of the Offer Document and Form of Acceptance are and will remain
available for inspection by PMCI Shareholders at the offices of King & Spalding
International LLP at 25 Cannon Street, London, EC4M 5SE during normal business
hours on any weekday (public holidays excepted) while the Offer remains open for
acceptance. Copies of the Offer Document and Form of Acceptance are available
for collection by PMCI Shareholders at the offices of Capita Registrars at
Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU and
Montrose Partners LLP at 90 Jermyn Street, London, SW1Y 6JD during normal
business hours on any weekday (public holidays excepted).



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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