Wrap Text
EPS - Eastern Platinum Limited - Eastplats reports production results for the
quarter ended March 31, 2011
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
April 15, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS PRODUCTION RESULTS FOR THE QUARTER ENDED MARCH 31, 2011
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 first quarter ended March 31, 2011.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Mar 31, Dec 31, Sept 30,
Production statistics 2011 2010 2010
Ounces produced 25,387 32,752 37,798
Run-of-mine tonnes hoisted 247,369 324,879 362,042
Run-of-mine tonnes processed 245,500 327,872 357,219
Development (meters) 4,219 3,501 3,299
On-reef development (meters) 2,434 1,925 1,797
Stoping units (square meters) 44,674 53,044 50,892
Head grade (grams/tonne) 3.93 3.97 4.03
Concentrator recovery from
ROM ore * 79% 78% 81%
Chrome dispatched (tonnes) 62,498 79,461 100,023
Jun 30, Mar 31,
Production statistics 2010 2010
Ounces produced 30,820 30,531
Run-of-mine tonnes hoisted 297,186 304,309
Run-of-mine tonnes processed 290,028 290,854
Development (meters) 3,202 2,812
On-reef development (meters) 1,573 1,931
Stoping units (square meters) 50,573 51,760
Head grade (grams/tonne) 4.12 4.11
Concentrator recovery from ROM ore * 80% 78%
Chrome dispatched (tonnes) 76,677 75,846
Increase (decrease)
Q1 2011 Q1 2011
vs. vs
Production statistics Q4 2010 Q1 2010
Ounces produced (7,365) (5,144)
Run-of-mine tonnes hoisted (77,510) (56,940)
Run-of-mine tonnes processed (82,372) (45,354)
Development (meters) 718 1,407
On-reef development (meters) 509 503
Stoping units (square meters) (8,370) (7,086)
Head grade (grams/tonne) (0.04) (0.17)
Concentrator recovery from ROM ore * 1% 1%
Chrome dispatched (tonnes) (16,963) (13,348)
*Concentrator recovery has been rounded to the nearest percentage point.
Early in the quarter, a comprehensive internal safety review was conducted in
line with new DMR (South African Department of Mineral Resources) general safety
recommendations on roof support requirements. Following this review, support
methods at CRM have been modified. This review has also accelerated the
previously planned progressive introduction of cement grout support packs into
working panels as mining operations at CRM get deeper and where support
requirements are projected to increase. These measures should further enhance
safety standards at CRM. This increase in support standards necessitated the
retraining of underground personnel with a consequent temporary reduction in the
number of working panels during the quarter that impacted on mine production.
Following the decision taken early in 2010 to accelerate the development of
reserves at CRM, development has increased for the fourth consecutive quarter.
Concentrator recovery from ROM ore for the quarter increased to 79% compared to
78% in the quarter ended December 2010 as a result of improved concentrator
utilization and stability.
The increase in on reef development has impacted slightly on the head grade
delivered to the plant.
"The traditional slow start in January combined with the introduction of revised
support methods resulted in a significant decrease in production for the
quarter. We are confident that the impact of this is short term and that
production will return to anticipated levels. Development at Crocette is
progressing, and in the Eastern Limb we anticipate awarding contracts for
construction for Mareesburg shortly", stated 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 first quarter results on Wednesday, May 11,
2011.
Total shares issued and outstanding: 908,187,807
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: 18/04/2011 08:06:02 Supplied by www.sharenet.co.za
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