Wrap Text
EPS - Eastern Platinum Limited - Eastern Platinum Reports Results for the Three
Months Ended March 31, 2009
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
May 13, 2009
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTERN PLATINUM REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2009
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report financial results for the three months ended March 31, 2009.
Highlights for the quarter ended March 31, 2009 ("Q1 2009")
- Eastplats recorded a net profit attributable to equity shareholders of the
Company of $3,164,000 ($0.00 per share) compared to $19,476,000 ($0.03 per
share) in the first quarter of 2008 ("Q1 2008").
- Production at the Crocodile River Mine ("CRM") increased by 18% to 32,969
PGM ounces, from 27,825 PGM ounces in Q1 2008.
- The average delivered basket price per PGM ounce was $590, a decrease of
64% compared to $1,621 in Q1 2008, but an increase of 7% compared to $550
in the fourth quarter of 2008.
- EBITDA was $7,018,000 compared to $36,045,000 in Q1 2008 and negative
$18,180,000 in the fourth quarter of 2008.
- Operating cash costs were $536 per ounce, an improvement of 23% over the
$698 per ounce in Q1 2008, and an improvement of 15% over the $628 per
ounce in the fourth quarter of 2008.
- Operating cash costs net of by-product credits was $388 per ounce.
Average recovery rates for the quarter improved to 80%, compared to 78% in
Q1 2008.
- Run-of-mine ore processed increased by 24% to 318,394 tonnes in Q1 2009
from 257,748 tonnes in Q1 2008.
- At March 31, 2009, the Company had a cash position (including cash, cash
equivalents and short term investments) of $21,966,000.
"In the current economic environment, our primary objective is to continue to
grow CRM production in a cash flow positive manner. We are extremely pleased
that our production is at a record high for the quarter and that the cost
cutting measures which were implemented in late 2008 have already resulted in
the lowest cash cost per ounce achieved since we acquired CRM. We will continue
to focus on lowering our cost profile and on preserving our cash balances, as
well as taking the appropriate steps to position Eastplats to move our other
development projects forward when PGM prices improve", said Ian Rozier.
The qualified person having reviewed the operating disclosures presented in this
press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Financial Information
For complete details of the financial results, please refer to the SENS
announcements released simultaneously herewith regarding the unaudited condensed
consolidated financial statements and accompanying Management`s Discussion and
Analysis ("MD&A") for the three months ended March 31, 2009. These financial
statements and MD&A, and the comparative financial statements for the three
months ended March 31, 2008 are all available on SEDAR at www.sedar.com and on
the Company`s website www.eastplats.com.
Teleconference call details
Eastplats will host a telephone conference call on Wednesday, May 13, 2009 at
10:00 am Pacific (1:00 pm 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 Wednesday, May 20,
2009 and can be accessed by dialing 1-604-638-9010 or 1-800-319-6413 and using
the pass code 4219 followed by the number sign (#).
Total shares issued and outstanding - 680,529,105
For further information, please contact:
EASTERN PLATINUM LIMITED
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
NOMAD - Canaccord Adams Limited
Ryan Gaffney - Ryan.Gaffney@CanaccordAdams.com
+44 20 7050 6500
JSE SPONSOR - PSG Capital (Pty) Limited
Anje Gregory - anjeg@psgcapital.com
+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
This press release, which contains certain forward-looking statements, is
intended to provide readers with a reasonable basis for assessing the financial
performance of the Company. All statements, other than statements of historical
fact, are forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intends", "continue", "budget",
"estimate", "may", "will", "schedule" and similar expressions identify forward
looking statements. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by the
Company, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-
looking statements. Such factors include, but are not limited to, fluctuations
in the currency markets such as Canadian dollar, South African Rand and U.S.
dollar, fluctuations in the prices of PGM and other commodities, changes in
government legislation, taxation, controls, regulations and political or
economic developments in Canada, the United States, South Africa, or Barbados or
other countries in which the Company carries or may carry on business in the
future, risks associated with mining or development activities, the speculative
nature of exploration and development, including the risk of obtaining necessary
licenses and permits, and quantities or grades of reserves. Many of these
uncertainties and contingencies can affect the Company`s actual results and
could cause actual results to differ materially from those expressed or implied
in any forward-looking statements made by, or on behalf of, the Company. Readers
are cautioned that forward-looking statements are not guarantees of future
performance. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
acknowledged in such statements. Specific reference is made to the Company`s
most recent Annual Information Form on file with Canadian provincial securities
regulatory authorities for a discussion of some of the factors underlying
forward-looking statements.
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: 13/05/2009 16:30:27 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.