Eastern Platinum Limited

Eastern Platinum Limited

October 14, 2010 08:00 ET

Eastplats Reports Record Production for the Quarter Ended September 30, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2010) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is pleased to report record production from the Crocodile River Mine ("CRM") for the third quarter ended September 30, 2010.

CRM produced a quarterly record of 37,798 PGM ounces, up 23% compared to the quarter ended June 30, 2010 ("Q2 2010") and up 26% compared to the third quarter of 2009.

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

  Quarter ended Increase (decrease)
Production statistics Sept 30, 2010 Jun 30, 2010 Mar 31, 2010 Dec 31, 2009 Sept 30, 2009 Q3 2010 vs. Q2 2010 Q3 2010 vs. Q3 2009
Ounces produced 37,798 30,820 30,531 34,000 29,986 6,978 7,812
Run-of-mine tonnes hoisted 362,042 297,186 304,309 321,393 244,959 64,856 117,083
Run-of-mine tonnes processed 357,219 290,028 290,854 321,983 280,777 67,191 76,442
Development (meters) 3,299 3,202 2,812 3,254 2,882 97 417
On-reef development (meters) 1,797 1,573 1,931 2,135 1,562 224 235
Stoping units (square meters) 50,892 50,573 51,760 55,153 36,263 319 14,629
Head grade (grams/tonne) 4.0 4.1 4.1 4.1 4.1 -0.1 -0.1
Concentrator recovery from ROM ore * 81% 80% 78% 79% 78% +1% +3%
Chrome sold (tonnes) * 100,023 76,677 75,846 85,347 76,900 23,346 23,123
*Head grade and concentrator recovery have been rounded to the nearest tenth and percentage point, respectively.

Production reached a record as a result of a significant increase in run-of-mine tonnes hoisted and processed (up 22% and 23% respectively compared to Q2 2010), and an increase in concentrator recovery to 81%.

The focus for the third quarter was mainly on quality of mining whilst replacing previously terminated contractor crews. A revised sweeping standard, together with the higher stoping units and on-reef development, contributed positively to the 22% increase of run-of-mine tonnes hoisted. Off-reef development also increased by 3% compared to Q2 2010.

Chrome sold also increased to a quarterly record of 100,023 tonnes in Q3 2010, up 30% over Q2 2010.

Mine development at Crocette has continued during the quarter.

"CRM's record quarter was a result of our operations becoming more streamlined, as evidenced by increased tonnages and improved concentrator recoveries. We look forward to further 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 third quarter results on Monday, November 15, 2010.

Total shares issued and outstanding: 683,163,211

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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