PMCI Platinum Min

RNS Number:9860M
Platinum Mining Corp of India PLC
30 November 2006

                    PLATINUM MINING CORPORATION OF INDIA PLC

                                  OFFER UPDATE

30 November 2006

The Board of Platinum Mining Corporation of India PLC ("PMCI") notes the
announcement made on 29 November 2006 by Montrose Partners LLP on behalf of SPI
Partners Ltd ("SPI") in relation to SPI's cash offer for PMCI (the "Offer"),
which was declared wholly unconditional on 23 November 2006.

The announcement stated that:

(i)   as at 1.00pm on 28 November 2006, valid acceptances have been received in
respect of approximately 51.33 per cent. of PMCI's issued share capital and that
SPI owns or has received valid acceptances in respect of approximately 67.82 per
cent. of PMCI's issued share capital;

(ii)   SPI has decided that it does not intend to acquire compulsorily the
remaining PMCI shares to which the Offer relates or to procure the making of an
application by PMCI for the cancellation of the admission of PMCI's shares to
trading on AIM;

(iii)   if PMCI Shareholders wish to remain as shareholders in PMCI they may do
so and SPI will endeavour, subject to the rules of AIM, to ensure that the
listing of PMCI on AIM is maintained"; and

(iv)    it "intends to devote substantial resources to come to an understanding
on the commercial relationship between FACOR and BPM and to find mutually
satisfactory arrangements between the participants in the Boula mine going
forward. Although there can be no assurance that FACOR will be willing to enter
into any such arrangements, the board of SPI is cautiously optimistic that
satisfactory working arrangements will be agreed with FACOR in the near future."

Prior to making this announcement, SPI had reserved the right, if sufficient
acceptances were received, to procure the making of an application by PMCI for
the cancellation of the admission of PMCI's shares to trading on AIM.
Accordingly, on 24 November 2006 the Board of PMCI, in response to SPI's
announcement on 23 November 2006 that the Offer had been declared wholly
unconditional, recommended that shareholders should consider carefully the risks
of not accepting the Offer, including the fact that they could become minority
shareholders in a company controlled by SPI without any market for their shares
in PMCI, and that shareholders who did not wish to take such risks should accept
the Offer by not later than 1.00pm (London time) on 8 December 2006.

The Board, which continues to believe that SPI's offer of 12 pence per PMCI
share is inadequate, now wishes to update that advice in light of SPI's most
recent announcement.

In light of SPI's announcement on 29 November 2006, the Board, having been so
advised by W.H. Ireland Limited, recommends shareholders to consider carefully
the risks of not accepting the Offer and remaining as shareholders of PMCI,
including the facts that:

(i)    they would be minority shareholders in a company controlled by SPI;

(ii)   given the size of SPI's likely ultimate shareholding, there may be
limited liquidity in the market for the remaining PMCI shares; and

(iii)  notwithstanding the intention expressed by SPI in its announcement on 29
November 2006, given the size of SPI's likely ultimate shareholding and the fact
that an application by PMCI for the cancellation of the admission of PMCI's
shares to trading on AIM requires the consent of not less than 75 per cent. of
the votes cast by shareholders of PMCI in a general meeting, SPI is likely to be
able to procure the cancellation of PMCI's shares to trading on AIM at any time
in the future and, in that event, there is no guarantee that shareholders would
be able to sell their shares in PMCI at an acceptable price, or at all, in the
market prior to such delisting.

Any shareholders in PMCI who have not yet accepted the Offer and who do not wish
to take such risks are accordingly recommended to accept the Offer as soon as
possible and in any event by not later than 1.00pm (London time) on 8 December
2006, after which time the Offer will no longer be capable of acceptance.

If, notwithstanding such risks, any shareholders in PMCI who have not yet
accepted the Offer decide that they wish to remain as shareholders in PMCI, they
should take no action in relation to their PMCI shares.

Enquiries:

Malcolm Groat
Platinum Mining Corporation of India PLC
Telephone  01202 606010

Paul Dudley
W.H. Ireland Limited
Telephone  020 7220 1666

W.H. Ireland Limited, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for PMCI and for no one
else in connection with SPI's offer and will not be responsible to anyone other
than PMCI for providing the protections afforded to clients of W.H. Ireland
Limited nor for giving advice in relation to SPI's offer or any matter or
arrangement referred to in this announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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