Wrap Text
EPS - Eastplats Reports Preliminary Operating Results For The Quarter
Ended March 31, 2008
NEWS RELEASE
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038
NEWS RELEASE : EASTPLATS REPORTS PRELIMINARY OPERATING RESULTS
FOR THE QUARTER ENDED MARCH 31, 2008
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats")
is pleased to report on production operations at the Crocodile River Mine
("CRM") for the quarter ended March 31, 2008.
Quarter ended Quarter ended Increase
Production March 31, 2008 Dec 31, 2007 (decrease)
Ounces produced 27,825 26,632 4.5%
Run of mine tons 279,036 335,263 (16.8%)
Total tons processed 349,497 383,159 (8.8%)
Development meters 4,409 4,759 (7.4%)
On-reef development 2,343 2,814 (16.7%)
ROM head grade (grams/tonne) 4.04 3.87 4.4%
ROM recovery 78% 72% 6%
Ounces produced are up by 4.5% this quarter compared to the quarter ended
December 31, 2007 despite unexpected power shut-downs that affected the South
African mining industry in January. The Company experienced complete power
shut-downs totaling 9 days plus additional periods of intermittent power
interruptions throughout the month. Resulting production stops and starts
also contributed to lost production time. The Company estimates that these
shut-downs and interruptions caused a loss of production of approximately
6,000 PGM ounces, which would have been 17% of the quarter`s production.
Similarly, the development meters (including on-reef development) and tons
mined and processed were all below the previous quarter`s operations by 7 to
17 %.
Recovery rates increased to 78% in the first quarter compared to 72% in the
quarter ended December 31, 2007 as a result of improved operating
efficiencies at the CRM plant.
"After a very disruptive period in January and early February with respect to
power cuts and ongoing reductions in power supply, we have recovered
extremely well. Despite the power reductions, substantial progress continues
to be made at CRM and we are beginning to see the results of the extensive on
and off reef development during the last year which is integral to the
ongoing production build up at the mine", stated Ian Rozier.
Eastplats will release its full first quarter results on Thursday May 15,
2008 before the market opens and will host a telephone conference call on the
same day at 10:00a.m. Pacific (1:00p.m. EST) to discuss the results. The
conference call may be accessed by dialing 1-800-319-4610 in Canada and the
United States, or 1-604-638-5340 internationally.
The conference call will be archived for later playback until Wednesday May
21, 2008 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and
using the pass code 4219 followed by the number sign.
Total shares issued and outstanding: 671,387,052
For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: 1-(604)-685-6851, Fax: 1-(604)-685-6493
NOMAD: JSE Sponsor:
Canaccord Adams Limited, London PSG Capital (Pty) Limited,
Email: South Africa
Ryan.Gaffney@canaccordadams.com Email:anjem@psgcapital.com
Tel: +44 20 7050 6500 Tel: +27 21 887 9602
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
Barplats 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.
Date: 14/04/2008 11:50:06 Supplied by www.sharenet.co.za
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