Eastern Platinum Limited
TSX : ELR
AIM : ELR
JSE : EPS

Eastern Platinum Limited

January 14, 2011 08:00 ET

Eastplats Reports Production Results for the Quarter Ended December 31, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2011) - Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports production from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2010.

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

  Quarter ended Increase (decrease)  
Production statistics Dec 31, 2010 Sept 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009 Q4 2010 vs. Q3 2010   Q4 2010 vs. Q4 2009  
Ounces produced 32,752 37,798 30,820 30,531 34,000 (5,046 ) (1,248 )
Run-of-mine tonnes hoisted 324,879 362,042 297,186 304,309 321,393 (37,163 ) 3,486  
Run-of-mine tonnes processed 327,872 357,219 290,028 290,854 321,983 (29,347 ) 5,889  
Development (meters) 3,501 3,299 3,202 2,812 3,254 202   247  
On-reef development (meters) 1,925 1,797 1,573 1,931 2,135 128   (210 )
Stoping units (square meters) 53,044 50,892 50,573 51,760 55,153 2,152   (2,109 )
Head grade (grams/tonne) * 4.0 4.0 4.1 4.1 4.1 0.0   (0.1 )
Concentrator recovery from ROM ore * 78% 81% 80% 78% 79% (3% ) (1% )
Chrome tonnes dispatched 79,461 100,023 76,677 75,846 85,347 (20,562 ) (5,886 )
*Head grade and concentrator recovery have been rounded to the nearest tenth and percentage point, respectively.

CRM produced 32,752 PGM ounces, 13% less than the quarter ended September 30, 2010 ("Q3 2010") as a result of the following:

  • A 3% decrease in concentrator recovery caused by a planned shutdown and modification to the process plant.
  • A 1.5% decrease in head grade to the concentrator from 3.97 g/t in Q4 2010 compared to 4.03 g/t in Q3 2010 as a result of dilution due to an increase in development.
  • A 7% decrease in shifts worked as a result of the Christmas break.

Mine development at Crocette has progressed in line with company expectations during the quarter.

"We have gone through a transition year in which our goal was to streamline our operations at CRM and this has been evidenced by generally increased tonnages and improved concentrator recoveries compared to 2009. We look forward to production increases, as well as production from Crocette, which we expect will come on stream and contribute ounces within the next 12 months," said Ian Rozier.

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

Eastplats will release its full fourth quarter and year-end results on Wednesday, March 23, 2011.

Total shares issued and outstanding: 908,025,500

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.

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

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