:: New Low-cost Ounces as Chromite Tailings Retreatment Project Enters Production

Aquarius Platinum Limited is pleased to announce that the Chromite Tailings Retreatment Project produced its first concentrate on 21st January 2005. The project will provide additional new ounces to the Aquarius portfolio, demonstrating the company's innovative approach to providing low-cost growth.

The project is located at the Kroondal Platinum Mine, South Africa, to treat old dumps and current tailings streams derived from the beneficiation processes employed by the neighbouring chromite miners in the Kroondal area. In addition there will be a clean up of old dumps on the Kroondal property derived from early chromite activities, thus furthering Aquarius' commitment to sound environmental practice.

The operation will treat 20,000 tonnes of chromite tailings a month, at an average grade of 4 g/t PGM, equating to approximately 20,000 PGM ounces in the 2005 calendar year (Aquarius attributable 50%). This will rise to 28,000 PGM ounces a year (Aquarius attributable 50%) from year two, with the life of operation extending, similar to Kroondal itself, to 2017.