Eastern Platinum Limited

LSE : ELR


January 31, 2013 08:00 ET

Eastplats Update on Reserve Statement at Crocodile River Mine

Eastplats Update on Reserve Statement at Crocodile River Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2013) - Eastern Platinum Limited 
(TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is pleased to update its annual reserve 
statement for the Crocodile River Mine located near Brits, Northwest Province, South 
Africa. The updated reserve reflects depletion and development work subsequent to the 
reserve statement in the Company's NI 43-101 compliant technical report which was 
published on SEDAR on December 20, 2010 and the Company's press release of May 17, 2012. 
The updated reserve is current as of December 31, 2012. The following factors apply:

/T/

--  15% geological losses are included
--  15% pillar losses are included
--  5% mining loss is included
--  Mining widths are 142 cm at Zandfontein and 146 cm at Maroelabult
    (Maroelabult was 142 cm in 2011)
--  Dilution is included consistent with the mining width

Proven and Probable Reserves
----------------------------------------------------------------------------
Section         2011 Reserve                2012 Reserve Update
----------------------------------------------------------------------------
                            4E              4E   Pt   Pd   Rh   Au
Proven             Tonnes  g/t     Tonnes  g/t  g/t  g/t  g/t  g/t 4E ounces
----------------------------------------------------------------------------
Zandfontein     1,246,000 4.17  1,554,000 4.17 2.61 1.09 0.43 0.03   208,000
----------------------------------------------------------------------------
Maroelabult       394,000 3.98    426,000 3.98 2.49 1.04 0.41 0.03    55,000
----------------------------------------------------------------------------
Subtotal        1,640,000 4.12  1,980,000 4.13 2.58 1.08 0.43 0.03   263,000
----------------------------------------------------------------------------
Probable
----------------------------------------------------------------------------
Zandfontein    18,673,000 4.17 17,569,000 4.17 2.61 1.09 0.43 0.03 2,355,000
----------------------------------------------------------------------------
Maroelabult     1,451,000 3.98  1,268,000 3.98 2.49 1.04 0.41 0.03   162,000
----------------------------------------------------------------------------
Crocette        3,530,000 3.78  3,530,000 3.78 2.18 0.78 0.35 0.02   429,000
----------------------------------------------------------------------------
Subtotal       23,654,000 4.10 22,367,000 4.10 2.54 1.05 0.42 0.03 2,947,000
----------------------------------------------------------------------------
Total          25,294,000 4.10 24,347,000 4.10 2.54 1.05 0.42 0.03 3,210,000
----------------------------------------------------------------------------

/T/

At Maroelabult, 41,483m2 have been removed from the reserves as a result of the 2012 
drilling program which provided for an improved interpretation of the displacement along 
the Kareespruit fault. Increases in Proven Reserves are due to development work through 
2012 consistent with the current operating plan (see June 12, 2012 press release).

The qualified person having reviewed the reserves data and information presented in this 
press release is Mr. Brian Montpellier, P.Eng.

Total shares issued and outstanding: 928,187,807

Cautionary Statement on Forward-Looking Information

This press release, which contains certain forward-looking statements, is intended to 
provide readers with a reasonable basis for assessing the financial performance of the 
Company. All statements, other than statements of historical fact, are forward-looking 
statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", 
"intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar 
expressions identify forward looking statements. These forward-looking statements pertain 
to assumptions regarding the price of PGMs, fluctuations in currency markets (specifically 
the Rand and the U.S. dollar), the future funding of the Company's projects, the future 
development of the Company's projects, the Company's plans for its properties, the 
anticipated timing for the awarding of tenders, and the accounting policies issued but not 
yet effective for the Company. Forward-looking statements are necessarily based upon a 
number of estimates and assumptions that, while considered reasonable by the Company, are 
inherently subject to significant business, economic and competitive uncertainties and 
contingencies. Known and unknown factors could cause actual results to differ materially 
from those projected in the forward-looking statements. Such factors include, but are not 
limited to, the risk of fluctuations in the assumed exchange rates of currencies that 
directly impact the Company, such as Canadian dollar, South African Rand and U.S. dollar, 
the risk of fluctuations in the assumed prices of PGM and other commodities, the risk of 
changes in government legislation, taxation, controls, regulations and political or 
economic developments in Canada, the United States, South Africa, or Barbados or other 
countries in which the Company carries or may carry on business in the future, risks 
associated with mining or development activities, the speculative nature of exploration 
and development, including the risk of obtaining necessary licenses and permits, and 
assumed quantities or grades of reserves. Many of these uncertainties and contingencies 
can affect the Company's actual results and could cause actual results to differ 
materially from those expressed or implied in any forward-looking statements made by, or 
on behalf of, the Company. Readers are cautioned that forward-looking statements are not 
guarantees of future performance. There can be no assurance that such statements will 
prove to be accurate and actual results and future events could differ materially from 
those acknowledged in such statements. Specific reference is made to the Company's most 
recent Annual Information Form on file with Canadian provincial securities regulatory 
authorities for a discussion of some of the factors underlying forward-looking statements.

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

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

OR

PSG Capital (Pty) Limited
Johan Fourie
JSE SPONSOR
+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