Eastern Platinum Limited

Eastern Platinum Limited

January 31, 2013 08:00 ET

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:

  • 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
Proven Tonnes 4E g/t Tonnes 4E g/t Pt g/t Pd g/t Rh g/t Au 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
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

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.

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

Contact Information