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Infrasors -- Pienaarspoort study
Infrasors, through its wholly owned subsidiary Delf Sand (Pty) Ltd ("Delf"), is the owner, of Portion 55 of the farm Pienaarspoort 339 JR("P.55") measuring in extent some 501 hectares ("the property"). Delf has historically mined alluvial silica on the property and has explored and established the mining area for the proposed Pienaarspoort Silica crushing operation in the north eastern portion of the property. Alluvial silica mining operations on the southern eastern portion of the property ceased in October 2009. Consequently, the Infrasors board has commissioned a town planning feasibility study by Hunter Theron Inc (Town and Regional Planners) with a view to establishing a township on the property. The purpose of the study was to evaluate the property to ascertain if it is practically feasible to ultimately proceed with the required steps to establish a township with the aim to proceed further if the feasibility study indicates that a township development framework plan would be warranted. Total development potential is 114 000 m2 developable floor area.
Infrasors has appointed an independent valuator to provide a market valuation on the property, based on a "willing informed seller and willing informed buyer" market value methodology. As a result of the study and independent valuation Infrasors has elected to instruct the town and regional planners Hunter Theron Inc to proceed with the second phase, namely the preparation of a Development Framework Plan for the study area. In the event that the Development Framework Plan proves to be feasible Infrasors will instruct the Town Planners to proceed further. In the event that a township establishment is approved by the relevant regulatory and other authorities, Infrasors does not intend to carry out the property development in house, but will seek an appropriate partner(s) or purchaser(s) to implement the property development projects.
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