(MENAFN - ProactiveInvestors - Australia) Platina Resources (ASX: PGM) has received a A1.27 million cash refund under the Federal Government's Research & Development Incentive Scheme.
The return relates to costs of research and development conducted by the company during the 2012 financial year, essentially on the Owendale Platinum and Scandium Project in New South Wales.
Platina now has 2.45 million in cash to advance its Owendale Project and other precious metals projects.
Owendale is Australia's newest platinum resource and the world's highest grade lateritic scandium deposit.
Platina plans to fasttrack development of the project, which hosts an Indicated and Inferred Resource of 12.7 million tonnes at 0.7 grams per tonne (g/t) for 287,000 platinum ounces and 10.1 million tonnes at 340g/t for 3,400 scandium tonnes.
Consideration is being given to increasing the Indicated and Inferred Resource for platinum by further drilling, and marketing and other economic studies, especially on the scandium component of the mineralisation, are expected to begin in the March quarter.