Mine Head CEO Arne H. Frandsen says the year has been challenging, "We continued to improve the value of our investment platforms. Platmin is now in production and increasing its PGM output to expectation. We are consolidating our manganese and iron ore interests to create a South African-Australian approach which is well positioned to participate in this attractive growth segment."

Pallinghurst has issued their latest trading statement showing the Resources and Investment group posted a profit of $62 million - and announced it's "African Queen" strategy of concentrating on Platinum Group Metals is moving into the next phase.

CEO Arne H. Frandsen says the year has been challenging, "We continued to improve the value of our investment platforms. Platmin is now in production and increasing its PGM output to expectation. We are consolidating our manganese and iron ore interests to create a South African-Australian approach which is well positioned to participate in this attractive growth segment."

He says the Company's August announced an equity raising in the form of the partially underwritten, renounceable rights offer which raised ZAR800

million (approximately US$107 million) intended through the issue of 228,571,376 shares at ZAR3.50 per share.

The Company's investment valuations, net of additions, increased by over US$60 million in the year, and the net asset value per share increased by 5% to US$0.68, despite challenging market conditions.

But the net asset value per share decreased by 12% in the six-month period since 30 June 2009, as a result of the dilutive effects of the capital raising in September 2009, which increased the number of shares in issue by approximately 92%.

IN a statement, the Resources Investment company says its African Queen strategy is to build Pallinghurst's unique

portfolio of PGM investments into a significant PGM platform according to a Group statement.

The Company's first PGM investment was Boynton, via the Moepi Group of companies - Boynton is the 72.39% operating subsidiary of Platmin Limited.

Boynton's flagship project, PPM, is located north of the Pilanesberg intrusion on the Western Limb of the BIC.