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Goldplat demands 13.5M rand from Rand Refinery

said July 11 that its 74%-ownedGoldplat Recovery (Pty.) Ltd.,or GPL, has concluded the toll-treatment stipulated under its silver processingmemorandum of understanding with RandRefinery (Pty.) Ltd. and has issued a demand letter to the refineryfor about 13.5 million South African rand in unpaid invoices.

The companywill also use alternative options to treat the bulk of its products due to issueswith the Rand Refinery smelter that have previously placed Goldplat in "verydifficult positions." Furthermore, GPL was notified that Rand Refinery willnot be able to accept by-product materials for treatment in their smelter in Augustfor operational reasons.

According toGoldplat, Rand Refinery is disputing the unpaid invoices, denying any indebtednessto GPL. However, Goldplat remains confident that GPL will recover the money as theunit intends to initiate legal processes to resolve the issue.

Goldplat isstill reviewing the impact of the situation on its financial results for the fiscalyear ended June 30.