Aquarius Platinum Ltd - Annual Report 2004


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Mineral Resources and Ore Reserves

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	The Mineral Resource is inclusive of the Ore Reserve.

Chairman's statement

Chief Executive Officer’s report

Review of operations

Market report

Investor relations

Sustainable development

Mineral Resources and Ore Reserves

Exploration prospects

Comparison

Director’s report

Glossary of terms

Corporate governance statement

Consolidated income statement

Consolidated balance sheet

Consolidated statement of cash flows

EVEREST

Mineral Resources and Ore Reserves at 30 June 2004: The tables below encompass the Mineral Resources and Ore Reserves contained in Everest. A bulk sample was collected from the trial shaft and on-reef drive. The on-reef development confirmed the expected reef morphology, structural, dilution and mining parameters.

Mineral Resources
Category		Everest South
		Mt		4E PGE g/t		4E PGE Moz
Measured		21.77		3.63		2.54
Indicated		20.04		3.50		2.26
Inferred		3.94		3.44		0.44
Total		45.75		3.56		5.24
*g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)*

Ore Reserves
	Category		Everest South
			Mt		4E PGE g/t		4E PGE Moz
Opencast	Proved		0.61		5.40		0.11
	Probable		0.84		4.16		0.11
Underground	Proved		14.53		3.23		1.51
	Probable		10.81		3.12		1.08
Total			26.79		3.26		2.81
*g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)*

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