Wrap Text
EPS - Eastern Platinum Limited - Eastplats Reports Record Production For The
Quarter Ended June 30, 2009
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
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTPLATS REPORTS RECORD PRODUCTION FOR THE QUARTER ENDED JUNE 30, 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 June 30, 2009 ("Q2 2009").
The Company produced a quarterly record of 33,383 PGM ounces, up 1.3% compared
to the quarter ended March 31, 2009, and up 10.1% compared to the quarter ended
June 30, 2008.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production statistics June Mar 31, Dec 31, Sept 30, June 30,
30, 2009 2008 2008 2008
2009
Ounces produced 33,383 32,969 29,015 30,755 30,314
Run-of-mine rock tonnes 342,368 321,165 280,933 319,462 305,134
hoisted
Run-of-mine rock tonnes 304,354 318,394 298,514 305,490 313,767
processed
Development (meters) 4,326 4,573 4,604 5,599 5,575
On-reef development 2,860 2,745 2,922 3,556 3,230
(meters)
Stoping units (square 51,342 45,098 46,459 39,652 44,277
meters)
Head grade (grams/tonne) 4.2 4.0 4.0 4.0 4.0
Concentrator recovery from 80% 80% 76% 78% 73%
ROM ore
Chrome produced (tonnes) 82,760 77,554 69,937 64,744 37,515
Continue: Production statistics for the current quarter and historical quarters
are as follows:
Increase (decrease)
Production statistics Q2 2009 vs Q2 2009 vs
Q1 2009 Q1 2009
Ounces produced 414 414
Run-of-mine rock tonnes hoisted 21,203 21,203
Run-of-mine rock tonnes processed (14,040) (14,040)
Development (meters) (247) (247)
On-reef development (meters) 115 115
Stoping units (square meters) 6,244 6,244
Head grade (grams/tonne) 0.2 0.2
Concentrator recovery from ROM 0% 0%
ore
Chrome produced (tonnes) 5,206 5,206
As at June 30, 2009, there were 35,104 tonnes of ROM stockpiles on surface.
During Q2 2009, tailings retreatment recommenced at CRM, with 135,935 tonnes of
tailings processed in addition to the ROM rock. There were 695 PGM ounces
recovered from tailings during the quarter included in the total production of
33,383 PGM ounces.
Development meters decreased, by 5.4% compared to the first quarter and by
22.4% compared to the quarter ended June 30, 2008, as a result of changes to
the mine plan implemented during the fourth quarter of 2008.
Stoping units increased by 13.8% compared to the first quarter as a result of
stoping crew efficiencies and additional stoping crews deployed to the
Zandfontein section.
Concentrator recoveries have maintained a steady rate of 80% following the
upgrades to the concentrator in mid 2008. Head grade, which had remained
constant at 4.0 grams/tonne throughout the past year, is up slightly at 4.2
grams per tonne this quarter.
"We are pleased to report yet another quarterly production record of 33,383
ounces, which is a reflection of the improved efficiencies in stoping
development and in the processing operation and we plan to continue this
trend", said Ian Rozier.
Second quarter financial results and conference call
Eastplats is scheduled to release its full second quarter results on Thursday
August 13, 2009 and host a telephone conference call on the same day 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 August 13, 2009 conference call will be archived for later playback until
Thursday August 20, 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.
Total shares issued and outstanding: 680,557,369
July 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
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: 16/07/2009 15:37:01 Supplied by www.sharenet.co.za
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