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Mitsubishi pulls out of planned stake in Caledonia Mining’s South Africa’s platinum projects

1st Jul 2009, 3:39 pm
Mitsubishi pulls out of planned stake in Caledonia Mining’s South Africa’s platinum projects

Caledonia Mining Corp (TSX: CAL; AIM: CMCL) said Mitsubishi Corp has indicated it does not wish to participate in the Rooipoort and Mapochsgronde platinum exploration projects in South Africa as previously agreed.

Accordingly, the agreement has been terminated and Mitsubishi will not provide the envisaged exploration funding for the projects. The properties will continue to remain 100 percent owned by Caledonia.

Mitsubishi concluded that the conditions precedent relating to security of tenure of the prospecting rights held by Caledonia and its subsidiaries due to the Broad Based Black Economic Empowerment requirements imposed by the government do not meet their requirements.

Caledonia will explore and evaluate other strategic options in respect of the projects.

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