Eastern Platinum Limited

Eastern Platinum Limited

January 14, 2010 08:27 ET

Eastplats Reports Record Production for the Quarter Ended December 31, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2010) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report record production from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2009.

The Company produced a quarterly record of 34,000 PGM ounces, up 13% compared to the quarter ended September 30, 2009 and up 17% compared to the fourth quarter of 2008. For the year ended December 31, 2009, the Company produced a total of 130,338 PGM ounces, up 11% compared to 117,909 PGM ounces in 2008.

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

  Quarter ended Increase (decrease)
Production statistics Dec 31, 2009 Sept 30, 2009 June 30, 2009 Mar 31, 2009 Dec 31, 2008 Q4 2009 vs
Q3 2009
Q4 2009 vs
Q4 2008
Ounces produced 34,000 29,986 33,383 32,969 29,015 4,014 4,985
Run-of-mine rock tonnes hoisted 321,393 244,959 342,368 321,165 280,933 76,434 40,460
Run-of-mine rock tonnes processed 321,983 280,777 304,354 318,394 298,514 41,206 23,469
Development (meters) 3,254 2,882 4,326 4,573 4,604 372 (1,350)
On-reef development (meters) 2,135 1,562 2,860 2,745 2,922 573 (787)
Stoping units (square meters) 55,153 36,263 51,342 45,098 46,459 18,890 8,694
Head grade (grams/tonne) 4.1 4.1 4.2 4.0 4.0 -- 0.1
Concentrator recovery from ROM ore 79% 78% 80% 80% 76% 1% 3%
Chrome produced (tonnes) 109,388 83,930 82,760 77,554 69,937 25,458 39,451

Run-of-mine tonnage processed and ounces produced increased 15% and 13% respectively compared to the third quarter of 2009 as a result of increased stoping activity made possible by ongoing development and equipping of workplaces in the preceding quarter.

Development meters increased by 13% compared to the previous quarter. At these levels of development, the mine will sustain current available ore reserves.

Efficiencies at the chrome recovery plant continue to improve, resulting in a 30% increase in chrome tonnes produced compared to the third quarter of 2009.

"After a very disruptive third quarter we recovered extremely well to achieve a record quarterly production in Q4. The quick production ramp up reflects the extensive on and off reef development carried out during the past 12 months despite adverse market conditions and we plan to maintain development at current levels in order to sustain the eighteen month mining reserve that has been built up at CRM over the past two years. We look forward to increasing production from the mine during 2010, with further production increases coming from Crocette which comes on stream later in the year," said Ian Rozier.

Fourth quarter and year-end results

Eastplats is scheduled to release its results for the year ended December 31, 2009 on Wednesday March 31, 2010. Any change to this date will be announced.

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

Total shares issued and outstanding: 680,946,625

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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