VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2012) - Eastern Platinum Limited (TSX:ALR)(AIM:ELR)(JSE:EPS)("Eastplats") reports operating results from the Crocodile River Mine ("CRM") for the quarter ended March 31, 2012 ("Q1 2012").
| Production statistics for the current quarter and historical quarters are as follows: | ||||||||
| Quarter ended | Increase (decrease) | |||||||
Production statistics |
Mar 31, 2012 |
Dec 31, 2011 |
Sep 30, 2011 |
Jun 30, 2011 |
Mar 31, 2011 |
Q1 2012 vs. Q4 2011 |
Q1 2012 vs. Q1 2011 |
|
| Ounces produced | 24,474 | 19,854 | 26,955 | 20,528 | 25,387 | 4,620 | (913 | ) |
| Run-of-mine tonnes hoisted | 247,538 | 200,919 | 265,889 | 203,166 | 247,369 | 46,619 | 169 | |
| Run-of-mine tonnes processed | 235,354 | 194,532 | 261,280 | 201,986 | 245,500 | 40,822 | (10,146 | ) |
| Development (meters) | 3,117 | 2,929 | 3,976 | 3,562 | 4,219 | 188 | (1,102 | ) |
| On-reef development (meters) | 1,704 | 1,591 | 2,248 | 2,090 | 2,434 | 113 | (730 | ) |
| Stoping units (square meters) | 39,857 | 31,767 | 40,594 | 31,828 | 44,674 | 8,090 | (4,817 | ) |
| Head grade (grams/tonne) | 4.07 | 4.05 | 4.08 | 3.93 | 3.93 | 0.02 | 0.14 | |
| Concentrator recovery from ROM ore* | 77% | 76% | 78% | 76% | 79% | 1% | (2% | ) |
| Chrome dispatched (tonnes) | 74,920 | 62,791 | 77,531 | 64,913 | 62,498 | 12,129 | 12,422 | |
| * Concentrator recovery has been rounded to the nearest percentage point. |
First quarter mining and production at the Crocodile River Mine ("CRM") improved compared to the fourth quarter of 2011, which was negatively impacted by strike action by employees of CRM's main mining contractor, JIC Mining Services ("JIC"), 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.
The JIC strike has had a lingering effect on Q1 2012 production. Although PGM ounces produced in Q1 2012 are similar to PGM ounces produced in Q1 2011, the production at the Maroelabult Section remains below the Company's budgeted levels. The Company and JIC are taking measures to rectify this and further improvements are expected in the second quarter of 2012.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.
Eastplats expects to release its full first quarter results on Monday, May 14, 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:
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
NOMAD:
Canaccord Genuity Limited, London
Rob Collins
+44 20 7050 6500
JSE SPONSOR:
PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com