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EPS - Eastern Platinum - News Release: Trial Mining And Bulk Sampling Commence
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: TRIAL MINING AND BULK SAMPLING COMMENCE
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report that as part of the ongoing evaluation of the Spitzkop project
the Company has commenced with underground trial mining and bulk sampling of the
UG2 and Merensky reefs.
Spitzkop is a high grade, platinum and rhodium rich, shallow dipping, near
surface PGM deposit with resources in both the UG2 and Merensky reefs. Current
estimates indicate that Spitzkop has a UG2 measured resource of 41.8Mt at an
average 3PGE+Au grade of 5.2 g/t (7M Mozs) and 6.26 g/t (8.4 Mozs) on a 5PGE+Au
grade basis. A measured resource has also been defined for the Merensky Reef,
which contains 48.9Mt at an average 3PGE+Au grade of 2.53 g/t (3.98 Mozs.) and
at 2.77 g/t (4.35 Mozs) on a 5PGE+Au grade basis. The Company`s emphasis has
always been on the evaluation of the PGM Resource in the UG2 reef at Spitzkop.
Previously reported results from confirmatory drilling programs confirm the high
grade, platinum and rhodium rich nature of the UG2 at Spitzkop. With the
dramatic increases in PGM prices and the positive outlook for PGM`s, the
Merensky resource is significant.
A multi-disciplinary technical team has been appointed to finalize the
engineering, mine planning, estimating and scheduling for the Spitzkop project.
Technical studies to date suggest that the project, which is located adjacent to
the existing Kennedy`s Vale twin shaft infrastructure, has the potential to
produce approximately 200,000 oz PGMs (3PGE+Au) per annum, with a life of mine
in excess of 20 years. Initial indications are that the operation could exploit
both the UG2 and Merensky reefs via decline shafts, and use mechanized off-reef
development together with conventional stoping; this is similar to the proven
mining method being applied at the Crocodile River Mine operation.
The proposed trial mining at Spitzkop will involve underground `on-reef`
development and test mining in both the UG2 and Merensky reefs. The trial mine
includes decline access from surface in the footwall of the UG2 and Merensky in
order to access the reefs beneath the weathered zone (approx. 20m). Test drives
will be developed along the strike of the reefs to evaluate footwall, hanging
wall and reef development conditions for full scale mining in both reefs. Trial
stopes will determine the most appropriate mining methods, evaluate reef
dilution factors and obtain bulk samples for large scale metallurgical testing
and the results will be incorporated into the economic evaluation of the project
prior to a full scale mine development decision.
Such a trial mining program is considered to be the most appropriate way to
evaluate actual mining conditions to be encountered at Spitzkop in order to
conduct a comprehensive evaluation of the project and is consistent with
development work undertaken on adjacent PGM deposits.
"The development of Spitzkop will be another step in Eastplats` plan to become a
mid tier PGM producer. As the UG2 at Spitzkop outcrops at surface it makes sense
to go underground and conduct bulk sampling and test mining as part of our
project development program," stated Ian Rozier, President and CEO of Eastern
Platinum Limited.
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, South
Email: Ryan.Gaffney@canaccordadams.com Africa
Tel: +44 20 7050 6500 Email: anjem@psgcapital.com
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: 10/04/2008 11:13:01 Supplied by www.sharenet.co.za
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