Eastern Platinum Limited
TSX : ELR
AIM : ELR
JSE : EPS

Eastern Platinum Limited

May 17, 2012 08:00 ET

Eastplats Update on Reserve Statement at Crocodile River Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2012) - Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is please to update the Reserve statement for the Crocodile River Mine located near Brits in Northwest Province, South Africa. The updated Reserve reflects depletion and development work subsequent to the Reserves published in our NI 43-101 compliant Technical report which was published on SEDAR on 20 December 2010. The updated Reserve is current to 31 December 2011. The following factors apply:

  • 15% geological losses are included
  • 15% losses for pillars are included
  • 5% mining loss is included
  • Mining widths are now 142 cm (were 148 cm at Zandfontein and 153 cm at Maroelabult in 2010)
  • Dilution consistent with the mining width is included
  • Dilution from gully and on reef development is excluded
Proven and Probable Reserves
Section 2010 Technical Report 2011 Reserve Update
Proven Tonnes 4Eoz g/t Tonnes 4E g/t Pt g/t Pd g/t Rh g/t Au g/t 4E ounces
Zandfontein 842,000 4.08 1,246,000 4.17 2.61 1.09 0.43 0.03 167,000
Maroelabult 132,000 3.91 394,000 3.98 2.49 1.04 0.41 0.03 50,000
Subtotal 974,000 4.06 1,640,000 4.12 2.58 1.08 0.43 0.03 217,000
Probable
Zandfontein 22,748,000 4.08 18,673,000 4.17 2.61 1.09 0.43 0.03 2,503,000
Maroelabult 2,173,000 3.91 1,451,000 3.98 2.49 1.04 0.41 0.03 186,000
Crocette 3,530,000 3.78 3,530,000 3.78 2.18 0.78 0.35 0.02 429,000
Subtotal 28,451,000 4.03 23,654,000 4.10 2.54 1.05 0.42 0.03 3,119,000
Total 29,425,000 4.03 25,294,000 4.10 2.54 1.05 0.42 0.03 3,336,000

Reserve ounces are approximately 12% less than reported in 2010 because the company has elected to cut back on some development as noted in our March 6, 2012 press release. It should be noted that the 2011 Reserves reported above are adequate to support PGM production at our current rate for another 28 years.

The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.

Total shares issued and outstanding: 928,187,807

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.

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