Wrap Text
EPS - Eastern Platinum Limited - Eastplats Reports Production Results for the
quarter ended December 31, 2010
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
January 14, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS PRODUCTION RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2010
Eastern Platinum Limited ("Eastplats") reports production from the Crocodile
River Mine ("CRM") for the fourth quarter ended December 31, 2010.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production statistics Dec 31, Sept 30, Jun 30, Mar 31,
2010 2010 2010 2010
Ounces produced 32,752 37,798 30,820 30,531
Run-of-mine tonnes hoisted 324,879 362,042 297,186 304,309
Run-of-mine tonnes processed 327,872 357,219 290,028 290,854
Development (meters) 3,501 3,299 3,202 2,812
On-reef development (meters) 1,925 1,797 1,573 1,931
Stoping units (square meters) 53,044 50,892 50,573 51,760
Head grade (grams/tonne) * 4.0 4.0 4.1 4.1
Concentrator recovery from ROM ore * 78% 81% 80% 78%
Chrome tonnes dispatched 79,461 100,023 76,677 75,846
*Head grade and concentrator recovery have been rounded to the nearest tenth and
percentage point, respectively.
Quarter ended Increase (decrease)
Production statistics Dec 31, 2009 Q4 2010 vs. Q4 2010 vs.
Q3 2010 Q4 2009
Ounces produced 34,000 (5,046) (1,248)
Run-of-mine tonnes hoisted 321,393 (37,163) 3,486
Run-of-mine tonnes processed 321,983 (29,347) 5,889
Development (meters) 3,254 202 247
On-reef development (meters) 2,135 128 (210)
Stoping units (square meters) 55,153 2,152 (2,109)
Head grade (grams/tonne) * 4.1 0.0 (0.1)
Concentrator recovery from ROM ore 79% (3%) (1%)
*
Chrome tonnes dispatched 85,347 (20,562) (5,886)
*Head grade and concentrator recovery have been rounded to the nearest tenth and
percentage point, respectively.
CRM produced 32,752 PGM ounces, 13% less than the quarter ended September 30,
2010 ("Q3 2010") as a result of the following:
* A 3% decrease in concentrator recovery caused by a planned shutdown
and modification to the process plant.
* A 1.5% decrease in head grade to the concentrator from 3.97 g/t in Q4
2010 compared to 4.03 g/t in Q3 2010 as a result of dilution due to an
increase in development.
* A 7% decrease in shifts worked as a result of the Christmas break.
Mine development at Crocette has progressed in line with company expectations
during the quarter.
"We have gone through a transition year in which our goal was to streamline our
operations at CRM and this has been evidenced by generally increased tonnages
and improved concentrator recoveries compared to 2009. We look forward to
production increases, as well as production from Crocette, which we expect will
come on stream and contribute ounces within the next 12 months." said Ian
Rozier.
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 fourth quarter and year-end results on
Wednesday, March 23, 2011.
Total shares issued and outstanding: 908,025,500
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:
Mark Williams / Ryan Cohen
Canaccord Genuity Limited, London
Email: MWilliams@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: 14/01/2011 15:03:08 Supplied by www.sharenet.co.za
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