Platinum Australia Sold PGM Project to Panoramic

Mining Weekly reported Platinum Australia (ASX:PLA) sold its Panton platinum-group metals  project toPanoramic Resources (ASX:PAN) for A$5.25-million and a net smelter return of 0.5%.

As quoted in the market news:

The project is estimated to contain a resource of some 14.32-million tons grading 2.19 g/t platinum and 2.39 g/t palladium on granted mining leases.

Platinum Australia MDJohn Lewins said on Monday that the decision to sell the Panton project followed the completion of the recent study review, which showed that despite significant increases in metal prices, further improvements to both metal prices and exchange rate would be required for the project to be commercially viable on a standalone basis.

Click here to read the full Mining Weekly report.