Wrap Text
EPS - Eastplats Reports Record Production for the Quarter Ended March 31, 2009
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 REPORTS RECORD PRODUCTION FOR THE QUARTER ENDED MARCH
31, 2009
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report on production from the Crocodile River Mine ("CRM") for the
quarter ended March 31, 2009.
The Company produced a quarterly record of 32,969 PGM ounces, up by 13.6%
compared to the quarter ended December 31, 2008, and up by 18.5% compared to
the quarter ended March 31, 2008.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Mar 31, Dec 31, Sept 30, June 30, Mar 31,
Production statistics 2009 2008 2008 2008 2008
Ounces produced 32,969 29,015 30,755 30,314 27,825
Hard rock ore processed
(tonnes) 318,394 298,514 305,490 313,767 257,748
Development meters 4,573 4,604 5,599 5,575 4,409
On-reef development meters 2,745 2,922 3,556 3,230 2,343
Head grade (grams/tonne) 4.0 4.0 4.0 4.0 4.0
Recovery % at concentrator 80 76 78 73 78
Chrome produced (tonnes) 77,554 69,937 64,744 37,515 22,489
Increase (decrease)
Q1 2009 Q1 2009
vs vs
Production statistics Q4 2008 Q1 2008
Ounces produced 3,954 5,144
Hard rock ore processed
(tonnes) 19,880 60,646
Development meters (31) 164
On-reef development meters (177) 402
Head grade (grams/tonne) - -
Recovery % at concentrator +4% +2 %
Chrome produced (tonnes) 7,617 55,065
Tonnage processed increased by 6.7% compared to the quarter ended December 31,
2008 which was affected by fewer work shifts as a consequence of the statutory
holiday period.
Recoveries improved to 80% compared to 76% in the quarter ended December 31,
2008. Head grade has remained constant at 4.0 grams/tonne throughout the past
year.
Further optimization of the chrome recovery plant has resulted in a 10.9%
increase in chromite production from 69,937 tonnes in the fourth quarter of
2008 to 77,554 tonnes in the first quarter of 2009.
"We are pleased to report on the continuing production build-up at Crocodile
River Mine with a quarterly record production of 32,969 ounces. We plan to
continue this trend with annual 2009 production expected to be in the order of
135,000 PGM ounces. We believe that Eastplats is meeting the challenges that
face the sector in the short term and we remain very optimistic about the mid
and long term prospects for the Company", said Ian Rozier.
Eastplats will host a telephone conference call on Thursday 16 April at 11:00
a.m. Pacific (2:00 p.m. Eastern) to discuss these 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 Thursday April
23, 2009 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.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Eastplats will release its full first quarter results on Wednesday
May 13, 2009.
Total shares issued and outstanding: 680,526,421
April 16, 2009
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 - Canaccord Adams Limited
Ryan Gaffney - Ryan.Gaffney@CanaccordAdams.com
+44 20 7050 6500
JSE SPONSOR - PSG Capital (Pty) Limited
Anje Gregory - anjeg@psgcapital.com
+27 21 887 9602
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
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 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: 16/04/2009 16:22:01 Supplied by www.sharenet.co.za
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