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EPS - Eastern Platinum Limited - News Release : Mine construction at the

Release Date: 07/04/2008 09:02
Code(s): EPS
Wrap Text

EPS - Eastern Platinum Limited - News Release : Mine construction at the Crocette section initiated 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 NEWS RELEASE : MINE CONSTRUCTION AT THE CROCETTE SECTION INITIATED Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is pleased to report that following the granting of the New Order Mining Right for the Crocette section of the Crocodile River Mine ("CRM") by the South African Department of Minerals and Energy ("DME") the development of the Crocette mine has been initiated and underground development is underway. Crocette is one of the few remaining undeveloped near surface PGM projects on the western limb of the Bushveld Complex. Recent infill drilling has confirmed the continuity of the UG2 to depths exceeding 200m with a dip of 18, a reef width of 1.2m and an average head grade of 4g/t (3PGE+Au). Open pit mining at Crocette is not an option as the reef outcrop is highly oxidized close to surface resulting in poor metal recoveries; this is a common feature of outcropping PGM reefs throughout the Bushveld Complex. Accordingly, Eastplats will expedite underground mine development in order to maximize initial grade and recoveries. Orebody access and development has begun from two portals at Crocette which will allow entry and exit of the trackless vehicles necessary for orebody development and the tramming of ore from underground. Atlas Copco is providing the trackless fleet as an extension to the existing Zandfontein fleet. A commitment to provide construction power for the project has been received from Eskom but alternative guaranteed supplies are also being evaluated by Eastplats. The Crocette section is anticipated to build up to 40,000 tons per month (anticipated 55,000 opa PGM) at full production by mid 2010 which will enable CRM to reach its full production target of 200,000 tpm (250,000 opa), in line with Eastplats` anticipated growth profiles. This does not include any potential production from the Kareespruit Section at CRM. "The kick-off of Crocette marks another era of expansion of CRM and Eastplats` operations. We look forward to further increases in production levels to offset current fixed costs on the mine with significantly lower capital inputs in comparison with other deeper PGM projects on the western limb. The effective build-up of production at Crocette will enable us to continue to fast track the proposed CRM mine expansion." stated Ian Rozier. The qualified person having prepared the contents of this news release is Mr. Ian Rozier, B.Sc.(Hons), M.Sc., P.Eng. Total shares issued and outstanding: 671,308,927 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: JSE Sponsor: Canaccord Adams Limited, London PSG Capital (Pty) Limited, Email: South Africa Ryan.Gaffney@canaccordadams.com Email:anjem@psgcapital.com Tel: +44 20 7050 6500 Tel: +27 21 887 9602 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 Barplats 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: 07/04/2008 09:02:11 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.

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