Wrap Text
EPS - Eastern Platinum Limited - Eastern Platinum reports results for the three
months ended March 31, 2010
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
May 12, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTERN PLATINUM REPORTS
RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2010
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report financial results for the three months ended March 31,
2010.
Summary of results for the quarter ended March 31, 2010 ("Q1 2010")
* Eastplats recorded a net profit attributable to equity shareholders of the
Company of $824,000 ($0.00 per share) compared to $3,164,000 ($0.00 per
share) in the first quarter of 2009 ("Q1 2009").
* EBITDA was $8,996,000 compared to $7,018,000 in Q1 2009.
* Production at Crocodile River Mine ("CRM") was 30,531 PGM ounces, a
decrease of 7% compared to 32,969 PGM ounces in Q1 2009, due to a much
slower than anticipated start-up following the December holiday season. PGM
production in Q1 2009 benefitted from the processing of approximately
25,000 tonnes of ore which had been stockpiled at the end of
2008. No such stockpile was built in Q3 and Q4 of 2009 as a result of the
industrial action at CRM in July 2009.
* The average delivered basket price per PGM ounce was US$959, an increase
of 63% compared to $590 in Q1 2009.
* The Rand average delivered basket price per PGM ounce was R7,202, an
increase of 23% compared to R5,865 in Q1 2009.
* Rand operating cash costs net of by-product credits were R5,336 per ounce,
an increase of 38% compared to R3,857 per ounce in Q1 2009. Rand operating
cash costs were R6,315 per ounce, an increase of 19% compared to R5,326
per ounce in Q1 2009.
* U.S. dollar operating cash costs net of by-product credits were $711 per
ounce, an 83% increase from $388 per ounce achieved in Q1 2009. Operating
cash costs were $841 per ounce, an increase of 57% compared to the $536 per
ounce in Q1 2009.
* Concentrator head grade increased to 4.1 grams per tonne in Q1 2010 from 4.0
grams per tonne in Q1 2009.
* Average concentrator recovery decreased to 78% from 80% in Q1 2009.
* Development meters decreased by 39% to 2,812 meters and on-reef development
decreased by 30% to 1,931 meters compared to Q1 2009.
* Stoping units increased by 15% to 51,760 square meters compared to 45,098
square metres in Q1 2009.
* Run-of-mine rock ore hoisted decreased by 5% to 304,309 tonnes in Q1 2010
compared to 321,165 tonnes in Q1 2009.
* Run-of-mine ore processed decreased by 9% to 290,854 tonnes in Q1 2010
compared to 318,394 tonnes in Q1 2009.
* The Company`s Lost Time Injury Frequency Rate (LTIFR) was 1.77 in Q1 2010
down from 1.83 in Q1 2009.
* Underground development commenced at Crocette on April 4, 2010.
* At March 31, 2010, the Company had a cash position (including cash, cash
equivalents and short term investments) of $17,293,000 (December 31, 2009 -
$21,658,000).
"The slow start to 2010 affected all aspects of our operations. However, our
mining rates have since picked up to normal levels and this together with PGM
prices trending higher, should put us on track for a more profitable second
quarter," said Ian Rozier.
The qualified person having reviewed the operating disclosures presented in
this press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Financial Information
For complete details of financial results, please refer to the SENS
announcements released simultaneously herewith regarding the unaudited
condensed consolidated financial statements and accompanying Management`s
Discussion and Analysis ("MD&A") for the three months ended March 31, 2010.
These financial statements and MD&A, and the comparative financial statements
for the three months ended March 31, 2009 are all available on SEDAR at
www.sedar.com and on the Company`s website www.eastplats.com.
Teleconference call details
Eastplats will host a telephone conference call on Wednesday, May 12, 2010 at
10:00 am Pacific (1:00 pm 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 Wednesday, May
19, 2010 and can be accessed by dialing 1-604-638-9010 or 1-800-319-6413 and
using the pass code 4219 followed by the number sign (#).
Total shares issued and outstanding - 682,896,237
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:
Ryan Gaffney / Ryan Cohen
Canaccord Genuity Limited, London
Email: rgaffney@canaccordgenuity.com / rcohen@canaccordgenuity.com
Tel: +44 20 7050 6500
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@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, is
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: 12/05/2010 15:45:02 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.