Wrap Text
EPS - Eastern Platinum Limited - Eastplats reports operating results for the
quarter ended March 31, 2010
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
April 16, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS OPERATING RESULTS FOR THE QUARTER ENDED MARCH 31, 2010
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report operating results from the Crocodile River Mine ("CRM") for
the first quarter ended March 31, 2010.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Sept
Mar 31, Dec 31, 30,
Production statistics 2010 2009 2009
Ounces produced 30,531 34,000 29,986
Run-of-mine tonnes hoisted 304,309 321,393 244,959
Run-of-mine tonnes processed 290,854 321,983 280,777
Development (meters) 2,812 3,254 2,882
On-reef development (meters) 1,931 2,135 1,562
Stoping units (square meters) 51,760 55,153 36,263
Head grade (grams/tonne) 4.1 4.1 4.1
Concentrator recovery from ROM ore 78% 79% 78%
Chrome produced (tonnes) 103,852 109,388 83,930
June
30, Mar 31,
Production statistics 2009 2009
Ounces produced 33,383 32,969
Run-of-mine tonnes hoisted 342,368 321,165
Run-of-mine tonnes processed 304,354 318,394
Development (meters) 4,326 4,573
On-reef development (meters) 2,860 2,745
Stoping units (square meters) 51,342 45,098
Head grade (grams/tonne) 4.2 4.0
Concentrator recovery from ROM ore 80% 80%
Chrome produced (tonnes) 82,760 77,554
Increase (decrease)
Q1 2010 Q1 2010
vs. vs.
Production statistics Q4 2009 Q1 2009
Ounces produced (3,469) (2,438)
Run-of-mine tonnes hoisted (17,084) (16,856)
Run-of-mine tonnes processed (31,129) (27,540)
Development (meters) (442) (1,761)
On-reef development (meters) (204) (814)
Stoping units (square meters) (3,393) 6,662
Head grade (grams/tonne) 0.0 0.1
Concentrator recovery from ROM ore (1%) (2%)
Chrome produced (tonnes) (5,536) 26,298
Mine start up following the December break was much slower than anticipated
which resulted in a 10% reduction in run-of-mine tonnage processed and ounces
produced when compared to the fourth quarter of 2009. Underground development
was also negatively impacted by the slow start in January with total
development meters lower by 14% compared to the previous quarter.
A surface stockpile of 12,236 tonnes (representing approximately 1,274
recoverable PGM ounces) was measured at the end of the quarter.
Head grade was maintained at 4.1g/t and concentrator recovery was 78% for the
quarter. The chrome extraction plant continued to run effectively during the
quarter and chrome prices continue to improve.
Underground development commenced at Crocette on April 4 2010 in accordance
with the planned CRM production growth schedule.
"The slow start to 2010 following the December break affected all aspects of
our operations. However, our mining rates have picked up to normal levels
since January, and the head grade and PGM recoveries have remained consistent,
putting us on track for a much more productive second quarter," said Ian
Rozier.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Eastplats will release its full first quarter results on Wednesday, May 12,
2010.
Total shares issued and outstanding: 682,872,307
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 - Canaccord Adams Limited
Ryan Gaffney - Ryan.Gaffney@CanaccordAdams.com
+44 20 7050 6500
JSE SPONSOR - PSG Capital (Pty) Limited
Johan Fourie - johanf@psgcapital.com
+27 21 887 9602
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
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
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: 16/04/2010 15:27:02 Supplied by www.sharenet.co.za
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