Wrap Text
EPS - Eastern Platinum - News release - Eastplats planning to produce over
530,000 oz of PGM per year within four years
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768551038
Share Code AIM: ELR ISIN: CA2768551038
Share Code JSE: EPS ISIN: CA2768551038
NEWS RELEASE
EASTPLATS PLANNING TO PRODUCE OVER 530,000 Oz OF PGM PER YEAR WITHIN FOUR YEARS.
ADDITIONAL NEW ORDER MINING RIGHTS GRANTED AT CRM
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited("Eastplats") is
pleased to provide the updated production growth profile and associated power
requirements to produce over 530,000 ounces per year of PGM production by the
end of 2012.
"With the issues currently faced in the mining sector in South Africa, we are
extremely pleased to see that our production growth profile remains on track to
produce over 500,000 annual ounces within the next four years. We are acquiring
heavy fuel oil generating capacity that will enable us to meet the initial power
requirements independently. Based upon our recent experience at the Crocodile
River Mine we are confident that the required mining permits for Spitskop and
Mareesburg will be received from the South African authorities to meet this
schedule." stated Ian Rozier, President & CEO.
Production Growth
The production increase from the 128,500 oz anticipated in 2008 to 530,000 oz in
2012 will be achieved through the commissioning of four new decline mines
(Crocette, Mareesburg, Spitskop UG2 and Spitskop Merensky) and a new
concentrator plant at Spitskop/Kennedy`s Vale. The development of Kennedy`s Vale
and the Kareespruit deposit at the Crocodile River Mine("CRM") will take place
subsequent to 2012.
Crocodile River Mine
Anticipated 2008 production of 128,500 oz will grow to 220,000 oz in 2010 as a
new decline at Crocette and the existing Zandfontein operation reach full
production.
Spitskop
Spitskop, where initial development of the 2 access declines is already
underway, will commence test mining in the first half of 2009. Ore produced
during this phase will be stockpiled, and then, subject to regulatory approval,
the concentrator will be commissioned, with production at 60ktpm planned for Q3
2010, 90ktpm for Q4 2010,(2010 production 41,000 oz), with ramp up to 120ktpm in
Q1 2011, 150ktpm for Q2,
180ktpm for Q3 and 180ktpm for Q4 (2011 production 140,000 oz). For 2012 the
180ktpm concentrator capacity is maintained (205,000 oz pa).
Mareesburg
Mareesburg ore production commences at 20ktpm in Q4 2009 (2009 production at
5,000 oz), growing to 105,000 ounces in 2012.
Please go to the company`s website at www.eastplats.com under the Media/News
section to view graph.
Power
Subsequent to the power disruptions in South Africa in February 2008, Eastplats
has completed additional engineering studies to determine the power requirements
necessary to reach the planned production rates.
It is anticipated that the future power required to support this expansion
program will be as presented in the graph below. The graph shows the current
power commitment to us from Eskom, the planned Eastplats self generated supply,
as well as future power requirements up to 2012.
Please go to the company`s website at www.eastplats.com under the Media/News
section to view graph.
New Order Mining Rights
Eastplats is also pleased to report that the remaining New Order Mining Rights
for the Zandfontein and Maroelabult Sections of CRM have been granted by the
South African Department of Minerals and Energy ("DME"). This will allow for
uninterrupted development and mining of these two sections.
As previously announced, Eastplats will release the Q2, 2008 mine production in
mid- July 2008 and the associated second quarter financials in mid-August 2008.
Total shares issued and outstanding: 680,141,595
26 June 2008
For further information, please contact:
EASTERN PLATINUM LIMITED
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
NOMAD:
Canaccord Adams Limited, London
Email: Ryan.Gaffney@canaccordadams.com
Tel: +44 20 7050 6500
JSE Sponsor:
PSG Capital (Pty) Limited, South Africa
Email: anjem@psgcapital.com
Tel: +27 21 887 9602
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, are
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. 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, fluctuations
in the currency markets such as Canadian dollar, South African Rand and U.S.
dollar, fluctuations in the prices of PGM and other commodities, 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 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.
Date: 26/06/2008 15:33:01 Supplied by www.sharenet.co.za
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