Wrap Text
EPS - Eastern Platinum Limited - News Release : Eastplats Reports Production
Results For The Quarter Ended December 31, 2008
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 : EASTPLATS REPORTS PRODUCTION RESULTS FOR THE QUARTER ENDED
DECEMBER 31, 2008
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report on production from the Crocodile River Mine("CRM") for the
fourth quarter ended December 31, 2008
Production statistics for the quarter are as follows:
Quarter Quarter Quarter Quarter
ended ended ended ended Increase
Dec 31, Sept 30, June 30, March
Production 2008 2008 2008 31, 2008 (Decrease)
Q4 Q3 Q2 Q1 Q4 vs Q3
Ounces produced 29,015 30,755 30,314 27,825 (1,740)
Total tons processed 298,514 317,602 337,471 349,497 (19,088)
Development meters 4,023 5,599 5,575 4,409 (1,576)
On-reef development meters 2,836 3,556 3,230 2,343 (720)
Head grade (grams/ton) 3.98 3.99 4.03 4.04 (0.01)
Concentrator recovery (%) 76 78 73 78 (2)
Tonnage processed and ounces produced decreased 6% compared to the third
quarter as a result fewer shifts worked during the fourth quarter. The number
of milling/hoisting shifts decreased 12% from Q3 to Q4 as a consequence of the
statutory holiday period. Also, there was no processing of tailings during
the quarter.
Development meters decreased by 28% compared to the last quarter, partly due
to fewer shifts worked, and partly due to a planned reduction in reserve
development commencing in late November. This planned reduction in
development, which includes the temporary suspension of the Crocette mine, is
a result of the Company`s plan to implement cost cutting and cash preservation
measures in light of the significant drop in PGM prices during the last four
months.
Eastplats will host a telephone conference call on Monday 26 January at 11:00
a.m. Pacific (2:00 p.m. Eastern) to discuss these results. The conference call
may be accessed by dialing 1-800-319-4610 in Canada and the United States, or
1-604-638-5340 internationally.
The conference call will be archived for later playback until Monday, February
2, 2008 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and
using the pass code 4219 followed by the number sign.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Total shares issued and outstanding: 680,526,421
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: Africa
Ryan.Gaffney@canaccordadams.com Email:anjem@psgcapital.com
Tel: +44 20 7050 6500 Tel: +27 21 887 9602
Date: 26/01/2009 16:41:02 Supplied by www.sharenet.co.za
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