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

Eastern Platinum Limited

January 24, 2012 09:30 ET

Eastplats Reports Production Results For the Quarter Ended December 31, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS)("Eastplats") reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2011.

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

Quarter ended Increase (decrease)
Production statisticsDec 31,
2011
Sep 30,
2011
Jun 30,
2011
Mar 31,
2011
Dec 31,
2010
Q4 2011
vs.
Q3 2011
Q4 2011
vs.
Q4 2010
Ounces produced19,85426,95520,52825,38732,752(7,101)(12,898)
Run-of-mine tonnes hoisted200,919265,889203,166247,369324,879(64,970)(123,960)
Run-of-mine tonnes processed194,532261,280201,986245,500327,872(66,748)(133,340)
Development (meters)2,9293,9763,5624,2193,501(1,047)(572)
On-reef development (meters)1,5912,2482,0902,4341,925(657)(334)
Stoping units (square meters)31,76740,59431,82844,67453,044(8,827)(21,277)
Head grade (grams/tonne)4.054.083.933.933.97(0.03)0.08
Concentrator recovery from ROM ore*76%78%76%79%78%(2%)(2%)
Chrome dispatched (tonnes)62,79177,53164,91362,49879,461(14,740)(16,670)
* Concentrator recovery has been rounded to the nearest percentage point.

Fourth quarter mining and production at the Crocodile River Mine ("CRM") were negatively impacted by strike action by employees of CRM's main mining contractor, JIC Mining Services, in October, and by a Section 54 shut-down of operations following the fatality at CRM in November. Both incidents resulted in stoppages of mining operations. Concentrator recovery decreased as a result of the subsequent disruptions to the steady state operation of the processing plant.

As previously reported on December 19, 2011, mine development projects are on track at the Zandfontein section with the new infrastructure for underground ore and waste handling systems on 3 and 4-Level having been successfully installed, and the ongoing development of the conveyor decline required to mine between 5 and 9-Levels making steady progress.

At the Maroelabult Section, decline development and conveyor installations are proceeding and the mine life of this section of CRM has been extended by two years to 2016.

The Company does not expect a repeat of the negative events of 2011 at CRM during 2012 and anticipates production from CRM to be approximately 125,000 PGM ounces.

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

Eastplats will release its full fourth quarter and year-end results on Tuesday, March 6, 2012.


Total shares issued and outstanding: 928,187,807


Cautionary Statement on Forward-Looking Information

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 the Company and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and 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, changes in government legislation, controls, regulations and political developments.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.


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

Contact Information

  • Eastern Platinum Limited
    Investor Relations
    1-(604)-685-6851
    1-(604)-685-6493 (FAX)
    info@eastplats.com
    www.eastplats.com

    NOMAD:
    Canaccord Genuity Limited, London
    Rob Collins/Bhavesh Patel
    +44 20 7050 6500

    JSE SPONSOR:
    PSG Capital (Pty) Limited
    Johan Fourie
    +27 21 887 9602
    johanf@psgcapital.com