Stillwater Mining Company (the "Company") is engaged in the exploration,
development, mining and production of platinum, palladium and associated metals
from the Stillwater Complex in southern Montana, which the Company believes is
the only significant primary source of platinum and palladium outside the
Republic of South Africa. The Stillwater Complex includes an extensive
mineralized zone containing platinum group metals ("PGMs") known as the J-M Reef
which has been traced on surface for approximately 28 miles and which extends
downward over one mile to unknown depths. The Stillwater Complex has been
prospected for gold, copper, nickel and chromium since the late 1880s. The
Company currently owns or has the rights to 995 claims covering substantially
all of the presently identified PGM mineralized zone.
The Company began mining operations in 1986 with an underground mine
located in the Stillwater Valley.