PMCI Platinum Min

    TRADING STATEMENT
                                        
                                        
30 January 2008


Platinum Mining Corporation of India PLC ("PMCI" or "the Company") is providing
this update on trading for the 17 months ended 31 December 2007 in advance of
its Preliminary Results announcement, expected to be released by 27 February
2008.

Financial Results

There  has  been little operational activity in this period, and no revenue  has
accrued.  The  only  source of income has been interest from  the  Group's  cash
balances amounting to some �679,000.  At 31 December 2007, the cash position  of
the  Group was �9.29m.  Administrative expenses in the period were approximately
�1.9m,  of which just under �0.5m was for legal and financial advice in relation
to  the  takeover  by SPI Partners Limited, and a further �0.2m  was  for  legal
opinion over the re-negotiation of contracts in India.

India

On 8 August 2007, PMCI announced that the Indian federal authorities had ordered
a  suspension of mining activities at the Boula mine, because they asserted that
the mine lay in a designated wildlife zone.

PMCI's  joint  venture partner, Ferro Alloys Corporation Limited ("FACOR"),  has
disputed  this and the matter is currently sub-judice with the Honourable  Court
of  Anandpur in the state of Orissa. The court has granted the status-quo  order
and  has  permitted FACOR to continue mining operations without  hindrance,  and
FACOR has continued to mine Chromite. FACOR is diligently pursuing the case  and
PMCI is engaged in an on-going dialogue with FACOR to understand and monitor the
situation.  Based on its assessment of the position, PMCI is optimistic  that  a
court  decision  in favour of FACOR may be reached. However, in  the  event  the
court  rules against FACOR, there can be no assurance that PMCI will be able  to
derive value from the Boula mine, the Company's principal asset.

As a result of the ongoing court process, the sampling and exploration programme
for platinum, which had been planned to commence following entering into the New
Contracts (referred to below), has been deferred pending a successful resolution
between FACOR and the Indian federal authorities.

The  New  Contracts refer to contracts intended to replace the  Joint  Operating
Agreement  ("JOA") between FACOR and PMCI's 70%-owned subsidiary Boula  Platinum
Mining  Private  Limited  ("BPM")  dated 5  February  2005.  The  Joint  Venture
Agreement between FACOR, PMCI and BPM is the primary agreement setting  out  the
terms  of the joint venture in relation to the Boula mine, and remains  in  full
force  and effect. Both parties have agreed to suspend negotiations, which  were
at  an  advanced stage, over the New Contracts until there has been a resolution
of the dispute in relation to the wildlife zone.



The Board

It  was  announced on 16 January 2008 that Keith Rumble had accepted the Board's
invitation to become a non-executive director.  He brings enormous experience in
the  platinum sector and as Chief Executive Officer of SUN Mining will  help  to
drive  the  Company's development in the platinum industry.  Two Directors  have
retired  from  the  Board.  Vijay Tandon joined the Board  in  June  2006  at  a
difficult  time  in the Company's development, and his steadfast  and  practical
advice  has been of great benefit to the Company ever since and the Board wishes
him  well  in pursuing his future business interests.  Sheldon Kirkpatrick,  who
joined the Board in February 2007 following SUN's takeover, has also decided  to
step-down  from  the Board.  The Company intends to appoint another  independent
non-executive director soon.

Recent Developments

The  Board  is  resolved to looking for other investment  opportunities  in  the
platinum  sector.  PMCI  announced on 19 October 2007 it  had  entered  into  an
agreement,  subject  to  completion of due diligence  and  necessary  Government
approvals,  to  acquire 20% of the share capital of Majormatic167  (Proprietary)
Limited  ("Majormatic") for US$1 million with the right to increase its interest
to  51%  by  investing  a  further US $3.5m. Majormatic  has  been  granted  the
prospecting rights over the Naboom Platinum Deposit in South Africa.  Government
approvals  have  now  been  received  and the  Company  has  completed  its  due
diligence.  The Company is now providing funding to Majormatic for its  drilling
campaign and once it has funded $1m, it will complete the acquisition of its 20%
interest,  provided the suspensive conditions of the agreement  have  been  met.
Should  these  conditions not be met, all of PMCI's funding will be re-imbursed.
The  drilling  campaign  at  Naboom has now commenced  and  is  expected  to  be
completed  at the end of March 2008. Preliminary results will be made  known  as
soon as available.

Outlook

The setback at Boula is disappointing, especially as the Company was close to
concluding the contract negotiations. The Board, strengthened by the appointment
of Keith Rumble, is determined to maintain the right to mine at Boula. In the
meantime, however, PMCI is looking at other platinum opportunities and awaits
the results from the drilling campaign at Naboom. With the Group's strong cash
resources and the backing of SUN Mining, the Company is well positioned to take
advantage of other opportunities.



Enquiries:

Charles Zorab
PMCI
Telephone:  0207 340 0970

James Joyce
WH Ireland Limited
Telephone:  0207 220 1698

Grafico Azioni Platinum Mining Of India (LSE:PMCI)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Platinum Mining Of India (LSE:PMCI)
Storico
Da Giu 2023 a Giu 2024