Eastern Platinum Limited
LSE : ELR

April 18, 2011 02:00 ET

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

FOR: EASTERN PLATINUM LIMITED

TSX, AIM SYMBOL: ELR

JSE SYMBOL: EPS

April 18, 2011

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 18, 2011) - 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, 2011.

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

----------------------------------------------------------------------------
                                                                   Increase
                             Quarter ended                        (decrease)
----------------------------------------------------------------------------
                                                           Q1 2011  Q1 2011
Production     Mar 31,  Dec 31, Sept 30,  Jun 30,  Mar 31,      vs.      vs.
 statistics      2011     2010     2010     2010     2010  Q4 2010  Q1 2010
----------------------------------------------------------------------------
Ounces
 produced      25,387   32,752   37,798   30,820   30,531   (7,365)  (5,144)
----------------------------------------------------------------------------
Run-of-mine
 tonnes
 hoisted      247,369  324,879  362,042  297,186  304,309  (77,510) (56,940)
----------------------------------------------------------------------------
Run-of-mine
 tonnes
 processed    245,500  327,872  357,219  290,028  290,854  (82,372) (45,354)
----------------------------------------------------------------------------
Development
 (meters)       4,219    3,501    3,299    3,202    2,812      718    1,407
----------------------------------------------------------------------------
On-reef
 development
 (meters)       2,434    1,925    1,797    1,573    1,931      509      503
----------------------------------------------------------------------------
Stoping units
 (square
 meters)       44,674   53,044   50,892   50,573   51,760   (8,370)  (7,086)
----------------------------------------------------------------------------
Head grade
 (grams/tonne)   3.93     3.97     4.03     4.12     4.11    (0.04)   (0.17)
----------------------------------------------------------------------------
Concentrator
 recovery
 from ROM ore
 (i)               79%      78%      81%      80%      78%       1%       1%
----------------------------------------------------------------------------
Chrome
 dispatched
 (tonnes)      62,498   79,461  100,023   76,677   75,846  (16,963) (13,348)
----------------------------------------------------------------------------
(i)Concentrator recovery has been rounded to the nearest percentage point.

Early in the quarter, a comprehensive internal safety review was conducted in line with new DMR (South African

Department of Mineral Resources) general safety recommendations on roof support requirements. Following this

review, support methods at CRM have been modified. This review has also accelerated the previously planned

progressive introduction of cement grout support packs into working panels as mining operations at CRM get

deeper and where support requirements are projected to increase. These measures should further enhance safety

standards at CRM. This increase in support standards necessitated the retraining of underground personnel with

a consequent temporary reduction in the number of working panels during the quarter that impacted on mine

production.

Following the decision taken early in 2010 to accelerate the development of reserves at CRM, development has

increased for the fourth consecutive quarter.

Concentrator recovery from ROM ore for the quarter increased to 79% compared to 78% in the quarter ended

December 2010 as a result of improved concentrator utilization and stability.

The increase in on reef development has impacted slightly on the head grade delivered to the plant.

"The traditional slow start in January combined with the introduction of revised support methods resulted in a

significant decrease in production for the quarter. We are confident that the impact of this is short term and

that production will return to anticipated levels. Development at Crocette is progressing, and in the Eastern

Limb we anticipate awarding contracts for construction for Mareesburg shortly," stated 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 first quarter results on Wednesday, May 11, 2011.

Total shares issued and outstanding: 908,187,807

S&P TSX Composite Index

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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FOR FURTHER INFORMATION PLEASE CONTACT:

Eastern Platinum Limited

Investor Relations

1-(604)-685-6851

1-(604)-685-6493 (FAX)

info@eastplats.com

www.eastplats.com

OR

NOMAD:

Mark Williams / Ryan Cohen

Canaccord Genuity Limited, London

+44 20 7050 6500

MWilliams@canaccordgenuity.com / rcohen@canaccordgenuity.com

OR

JSE SPONSOR:

Johan Fourie

PSG Capital (Pty) Limited

+27 21 887 9602

johanf@psgcapital.com

No stock exchange, securities commission or other regulatory authority has approved or disapproved the

information contained herein.

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Contact Information

  • Eastern Platinum Limited