News

$5 Million Private Placement Of Units

February 4, 2004
Mr. Ian Rozier, President of Elgin Resources Inc (the "Company") is pleased to announce that the Company has arranged a non-brokered private placement for 4 million units at $1.25 per unit to raise $5.0 million. Each unit will consist of one common share and one share purchase warrant that entitles the holder to purchase one additional share for $1.50 per share for two years. There are no finder's fees payable on the Private Placement.

Proceeds from the Private Placement will be used for exploration and development of the Rooikraal PGM project in the Republic of South Africa, (see news release dated January 21, 2004), and for due diligence and economic evaluations on other PGM projects in South Africa.

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For further information contact: Mr. Ian Rozier, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.