South African platinum junior explorer Wesizwe has revealed that it has acquired 26 per cent of the Western Bushveld Joint Venture (WBJV).

The deal to buy Africa Wide Mineral Prospecting and Exploration (Africa Wide), which owned 27 per cent of WBJV, ends days of rumour and speculation about a possible deal.

WBJV is a joint venture between Anglo Platinum and Platinum Group Metals, while Wesizwe is the investment vehicle for the Bakubung Ba-Ratheo tribe.

The agreement will see Wesizwe pay 650 million rand ($94 million) for Africa Wide and take control of a large share of its neighbour in the western limb of the Bushveld complex.

Wesizwe now plans to issue around 62 million shares as part of the deal, which also gives it a stake in Platinum Group Metal exploration projects north of the WBJV.

Meanwhile, junior Eland Platinum has stated that it has not entered into discussions with Wesizwe about a possible sale following press reports.

Sources: Wesizwe acquires 26% of WBJV platinum neighbour on Bushveld western limb

25/04/07

http://www.mineweb.net/mineweb/view/mineweb/en/page66?oid=20086&sn=Detail  

Wesizwe to buy stake in joint venture for $93m

26/04/07

http://www.mg.co.za/articlepage.aspx?area=/breaking_news/breaking_news__business/&articleid=305936

Ÿ Adfero Ltd