Eastern Platinum Limited
LSE : ELR

October 18, 2012 08:00 ET

Eastplats Reports Production Results For the Quarter Ended September 30, 2012

FOR:  EASTERN PLATINUM LIMITED
 
TSX, AIM SYMBOL:  ELR
JSE SYMBOL:  EPS

October 18, 2012

Eastplats Reports Production Results For the Quarter Ended September 30, 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2012) - Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") reports operating results from the Crocodile River Mine ("CRM") for the quarter ended September 30, 2012 ("Q3 2012").

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

/T/

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                                                             Increase       
                           Quarter ended                    (decrease)      
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                                                         Q3 2012   Q3 2012  
Production  Sep 30,  Jun 30,  Mar 31,  Dec 31,  Sep 30,      vs.       vs.  
 statistics    2012     2012     2012     2011     2011  Q2 2012   Q3 2011  
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Ounces                                                                      
 produced    21,273   26,412   24,474   19,854   26,955   (5,139)   (5,682) 
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Run-of-mine                                                                 
 tonnes                                                                     
 hoisted    206,176  257,250  247,538  200,919  265,889  (51,074)  (59,713) 
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Run-of-mine                                                                 
 tonnes                                                                     
 processed  203,279  252,883  235,354  194,532  261,280  (49,604)  (58,001) 
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Development                                                                 
 (meters)     2,066    2,922    3,117    2,929    3,976     (856)   (1,910) 
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On-reef                                                                     
 development                                                                
 (meters)       966    1,653    1,704    1,591    2,248     (687)   (1,282) 
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Stoping                                                                     
 units                                                                      
 (square                                                                    
 meters)     28,943   40,959   39,857   31,767   40,594  (12,016)  (11,651) 
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Head grade                                                                  
 (grams/                                                                    
 tonne)        4.08     3.99     4.07     4.05     4.08     0.09         -  
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Concentrator                                                                
 recovery                                                                 
 from ROM                                                                   
 ore(i)          76%      79%      77%      76%      78%      (3%)      (2%)
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Chrome                                                                      
 dispatched                                                                 
 (tonnes)    53,761   56,521   74,920   62,791   77,531   (2,760)  (23,770) 
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(i) Concentrator recovery has been rounded to the nearest percentage        
 point.                                                                     

/T/

The Company is in the process of implementing a comprehensive mine development plan at CRM as previously announced on August 14, 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 third quarter results on Wednesday, November 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 pertain to the price of PGMs, fluctuations in currency markets (specifically the South African Rand and the U.S. dollar), the future development of the Company's projects, and the Company's plans for its properties. 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.


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:
Canaccord Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000

OR

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

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

Contact Information

  • Eastern Platinum Limited