Wrap Text
EPS - Eastern Platinum Limited - Eastplats reports operating results for the
quarter ended June 30, 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
July 23, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS OPERATING RESULTS FOR THE QUARTER ENDED JUNE 30, 2010
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report operating results from the Crocodile River Mine ("CRM") for
the second quarter ended June 30, 2010.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production statistics Jun 30, Mar 31, Dec 31, Sept 30, Jun 30,
2010 2010 2009 2009 2009
Ounces produced 30,820 30,531 34,000 29,986 33,383
Run-of-mine tonnes 297,186 304,309 321,393 244,959 342,368
hoisted
Run-of-mine tonnes 290,028 290,854 321,983 280,777 304,354
processed
Development (meters) 3,202 2,812 3,254 2,882 4,326
On-reef development 1,573 1,931 2,135 1,562 2,860
(meters)
Stoping units (square 50,573 51,760 55,153 36,263 51,342
meters)
Head grade 4.1 4.1 4.1 4.1 4.2
(grams/tonne)
Concentrator recovery 80% 78% 79% 78% 80%
from ROM ore
Chrome sold (tonnes) 76,677 75,846 85,347 76,900 70,850
Increase (decrease)
Production statistics Q2 2010 vs. Q2 2010 vs.
Q1 2010 Q2 2009
Ounces produced 289 -2,563
Run-of-mine tonnes hoisted -7,123 -45,182
Run-of-mine tonnes processed -826 -14,326
Development (meters) 390 -1,124
On-reef development (meters) -358 -1,287
Stoping units (square meters) -1,187 -769
Head grade (grams/tonne) -- -0.1
Concentrator recovery from ROM ore +2% --
Chrome sold (tonnes) 831 5,827
Production was up 1% compared to the first quarter of 2010 ("Q1 2010"), but run-
of mine tonnes hoisted and on-reef development meters were down 2% and 19%
respectively compared to Q1 2010 due to the dismissal of 15 contract stoping
crews (out of a total of 58 crews) in May and the resulting build-up and
training of new crews. Full replacement of these crews was completed in July
2010. The Company expects that on-reef development and production will increase
once the new crews have been properly inducted and trained.
The contract crews were dismissed due to management`s concerns over their safety
procedures. Lost-time injury frequency rate (LTIFR) was 2.78, compared to 1.77
in Q1 2010.
A surface stockpile of 10,556 tonnes (representing approximately 1,100
recoverable PGM ounces) was measured at the end of the quarter. Head grade was
maintained at 4.1g/t and concentrator recovery increased to an average of 80%
for the quarter.
Underground development commenced at Crocette on April 4, 2010 in accordance
with the planned CRM production growth schedule.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.
Eastplats will release its full second quarter results on Wednesday, August 11,
2010.
Total shares issued and outstanding: 683,030,719
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:
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.
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: 23/07/2010 08:22:25 Supplied by www.sharenet.co.za
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