Wrap Text
EPS - Eastern Platinum Limited - Eastplats reports record production
For the quarter ended December 31, 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
January 14, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS RECORD PRODUCTION
FOR THE QUARTER ENDED DECEMBER 31, 2009
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report record production from the Crocodile River Mine ("CRM") for
the fourth quarter ended December 31, 2009.
The Company produced a quarterly record of 34,000 PGM ounces, up 13% compared to
the quarter ended September 30, 2009 and up 17% compared to the fourth quarter
of 2008. For the year ended December 31, 2009, the Company produced a total of
130,338 PGM ounces, up 11% compared to 117,909 PGM ounces in 2008.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Dec 31, Sept 30, June 30,
Production statistics 2009 2009 2009
Ounces produced 34,000 29,986 33,383
Run-of-mine rock tonnes hoisted 321,393 244,959 342,368
Run-of-mine rock tonnes processed 321,983 280,777 304,354
Development (meters) 3,254 2,882 4,326
On-reef development (meters) 2,135 1,562 2,860
Stoping units (square meters) 55,153 36,263 51,342
Head grade (grams/tonne) 4.1 4.1 4.2
Concentrator recovery from ROM ore 79% 78% 80%
Chrome produced (tonnes) 109,388 83,930 82,760
Mar 31, Dec 31,
Production statistics 2009 2008
Ounces produced 32,969 29,015
Run-of-mine rock tonnes hoisted 321,165 280,933
Run-of-mine rock tonnes processed 318,394 298,514
Development (meters) 4,573 4,604
On-reef development (meters) 2,745 2,922
Stoping units (square meters) 45,098 46,459
Head grade (grams/tonne) 4.0 4.0
Concentrator recovery from ROM ore 80% 76%
Chrome produced (tonnes) 77,554 69,937
Increase (decrease)
Q4 Q4
2009 vs 2009 vs
Q3 Q4
Production statistics 2009 2008
Ounces produced 4,014 4,985
Run-of-mine rock tonnes hoisted 76,434 40,460
Run-of-mine rock tonnes processed 41,206 23,469
Development (meters) 372 (1,350)
On-reef development (meters) 573 (787)
Stoping units (square meters) 18,890 8,694
Head grade (grams/tonne) -- 0.1
Concentrator recovery from ROM ore 1% 3%
Chrome produced (tonnes) 25,458 39,451
Run-of-mine tonnage processed and ounces produced increased 15% and 13%
respectively compared to the third quarter of 2009 as a result of increased
stoping activity made possible by ongoing development and equipping of
workplaces in the preceding quarter.
Development meters increased by 13% compared to the previous quarter. At these
levels of development, the mine will sustain current available ore reserves.
Efficiencies at the chrome recovery plant continue to improve, resulting in a
30% increase in chrome tonnes produced compared to the third quarter of 2009.
"After a very disruptive third quarter we recovered extremely well to achieve a
record quarterly production in Q4. The quick production ramp up reflects the
extensive on and off reef development carried out during the past 12 months
despite adverse market conditions and we plan to maintain development at current
levels in order to sustain the eighteen month mining reserve that has been built
up at CRM over the past two years. We look forward to increasing production
from the mine during 2010, with further production increases coming from
Crocette which comes on stream later in the year," said Ian Rozier.
Fourth quarter and year-end results
Eastplats is scheduled to release its results for the year ended December 31,
2009 on Wednesday March 31, 2010. Any change to this date will be announced.
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: 680,946,625
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
Johan Fourie - johanf@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: 14/01/2010 15:44:01 Supplied by www.sharenet.co.za
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