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NEWS RELEASE :EASTPLATS REPORTS PRODUCTION RESULTS FOR THE QUARTER ENDED JUNE 30, 2012
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 19, 2012
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTPLATS REPORTS PRODUCTION RESULTS
FOR THE QUARTER ENDED JUNE 30, 2012
Eastern Platinum Limited (”Eastplats”) reports operating results
from the Crocodile River Mine ("CRM") for the quarter ended June
30, 2012 (“Q2 2012”).
Production statistics for the current quarter and historical
quarters are as follows:
Quarter ended Increase (decrease)
Q2 2012 Q2 2012
Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, vs. vs.
Production statistics 2012 2012 2011 2011 2011 Q1 2012 Q2 2011
Ounces produced 26,412 24,474 19,854 26,955 20,528 1,938 5,884
Run-of-mine tonnes hoisted 257,250 247,538 200,919 265,889 203,166 9,712 54,084
Run-of-mine tonnes processed 252,883 235,354 194,532 261,280 201,986 17,529 50,897
Development (meters) 2,922 3,117 2,929 3,976 3,562 (195) (640)
On-reef development (meters) 1,653 1,704 1,591 2,248 2,090 (51) (437)
Stoping units (square meters) 40,959 39,857 31,767 40,594 31,828 1,102 9,131
Head grade (grams/tonne) 3.99 4.07 4.05 4.08 3.93 (0.09) 0.06
Concentrator recovery from ROM ore* 79% 77% 76% 78% 76% 1% 2%
Chrome dispatched (tonnes) 56,521 74,920 62,791 77,531 64,913 (18,399) (8,392)
* Concentrator recovery has been rounded to the nearest percentage point.
There have been encouraging improvements in production at the
Crocodile River Mine (CRM), particularly from the Zandfontein
section, during the second quarter of 2012. However, as a result
of continued issues facing the industry, the Company has proposed
to temporarily suspend stoping at Zandfontein and embark on a 12
to 18 month development program, as described in the Company’s
press release dated June 12, 2012. At the Maroelabult section,
the Company has proposed to continue "on-reef" mining operations,
along with the development of major conveyor development ends,
with the objective of achieving a sustainable production target
of 30,000 tpm.
Should there be a marked improvement in industry conditions in
the interim, CRM can react quickly and ramp up production at
Zandfontein at any time.
In keeping with the South African Labour Relations Act, CRM
management is currently carrying out the required consultation
process with potentially affected employees and their
representatives to review the need for possible restructuring and
the potential implications to staffing levels as a result of the
proposed plan.
Following the consultation period and final costing exercise, the
Company will be in a position to provide guidance for production
for both 2012 and 2013.
The qualified person having reviewed the operating results
presented in this press release is Mr. Brian Montpellier, P.Eng.
Eastplats expects to release its full second quarter results on
Tuesday, August 14, 2012.
Total shares issued and outstanding: 928,187,807
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:
Rob Collins
Canaccord Genuity Limited, London
Tel: +44 (0) 207 7523 8000
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
Certain statements included herein constitute "forward-looking statements" within the
meaning of applicable Canadian securities legislation. These forward-looking statements
pertain to the price of PGMs, fluctuations in currency markets (specifically the South
African Rand and the U.S. dollar), the future development of the Company’s projects,
and the Company’s plans for its properties. These forward-looking statements are based
on certain assumptions by the Company and therefore, readers are cautioned that
forward-looking statements are not a guarantee of future performance. There can be no
assurance that such statements will prove to be accurate and 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, changes in government
legislation, controls, regulations and political developments.
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: 20/07/2012 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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