Eastern Platinum Limited

Eastern Platinum Limited

April 16, 2010 09:05 ET

Eastplats Reports Operating Results for the Quarter Ended March 31, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2010) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report operating results from the Crocodile River Mine ("CRM") for the first quarter ended March 31, 2010.

Production statistics for the current quarter and historical quarters are as follows:

  Quarter ended Increase (decrease)
Production statistics Mar 31, 2010 Dec 31, 2009 Sept 30, 2009 June 30, 2009 Mar 31, 2009 Q1 2010 vs. Q4 2009 Q1 2010 vs. Q1 2009
Ounces produced 30,531 34,000 29,986 33,383 32,969 (3,469) (2,438)
Run-of-mine tonnes hoisted 304,309 321,393 244,959 342,368 321,165 (17,084) (16,856)
Run-of-mine tonnes processed 290,854 321,983 280,777 304,354 318,394 (31,129) (27,540)
Development (meters) 2,812 3,254 2,882 4,326 4,573 (442) (1,761)
On-reef development (meters) 1,931 2,135 1,562 2,860 2,745 (204) (814)
Stoping units (square meters) 51,760 55,153 36,263 51,342 45,098 (3,393) 6,662
Head grade (grams/tonne) 4.1 4.1 4.1 4.2 4.0 0.0 0.1
Concentrator recovery from ROM ore 78% 79% 78% 80% 80% (1%) (2%)
Chrome produced (tonnes) 103,852 109,388 83,930 82,760 77,554 (5,536) 26,298

Mine start up following the December break was much slower than anticipated which resulted in a 10% reduction in run-of-mine tonnage processed and ounces produced when compared to the fourth quarter of 2009. Underground development was also negatively impacted by the slow start in January with total development meters lower by 14% compared to the previous quarter.

A surface stockpile of 12,236 tonnes (representing approximately 1,274 recoverable PGM ounces) was measured at the end of the quarter.

Head grade was maintained at 4.1g/t and concentrator recovery was 78% for the quarter. The chrome extraction plant continued to run effectively during the quarter and chrome prices continue to improve.

Underground development commenced at Crocette on April 4 2010 in accordance with the planned CRM production growth schedule.

"The slow start to 2010 following the December break affected all aspects of our operations. However, our mining rates have picked up to normal levels since January, and the head grade and PGM recoveries have remained consistent, putting us on track for a much more productive second quarter," said Ian Rozier.

The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.

Eastplats will release its full first quarter results on Wednesday, May 12, 2010.

Total shares issued and outstanding: 682,872,307

Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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