Wrap Text
EPS - Eastern Platinum Limited - Eastplats reports production results for the
quarter ended June 30, 2011
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
July 19, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS PRODUCTION RESULTS FOR THE QUARTER ENDED JUNE 30, 2011
Eastern Platinum Limited ("Eastplats") reports operating results from the
Crocodile River Mine ("CRM") for the second quarter ended June 30, 2011.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
statistics 2011 2011 2010 2010 2010
Ounces produced 20,528 25,387 32,752 37,798 30,820
Run-of-mine tonnes 203,166 247,369 324,879 362,042 297,186
hoisted
Run-of-mine tonnes 201,986 245,500 327,872 357,219 290,028
processed
Development 3,562 4,219 3,501 3,299 3,202
(meters)
On-reef development 2,090 2,434 1,925 1,797 1,573
(meters)
Stoping units 31,828 44,674 53,044 50,892 50,573
(square meters)
Head grade 3.93 3.93 3.97 4.03 4.12
(grams/tonne)*
Concentrator 76% 79% 78% 81% 80%
recovery from ROM
ore*
Chrome dispatched 64,913 62,498 79,461 100,023 76,677
(tonnes)
* Head grade has been rounded to the nearest tenth and concentrator recovery has
been rounded to the nearest percentage point.
Increase
(Decrease)
Production Q2 2011 Q2 2011
statistics Vs. Vs.
Q1 2011 Q2 2010
Ounces produced (4,859) (10,292)
Run-of-mine tonnes (44,203) (94,020)
hoisted
Run-of-mine tonnes (43,514) (88,042)
processed
Development (657) 360
(meters)
On-reef development (344) 517
(meters)
Stoping units (12,846) (18,745)
(square meters)
Head grade (0.00) (0.19)
(grams/tonne)*
Concentrator (3%) (4%)
recovery from ROM
ore*
Chrome dispatched 2,415 (11,764)
(tonnes)
* Head grade has been rounded to the nearest tenth and concentrator recovery has
been rounded to the nearest percentage point.
Second quarter production was negatively impacted by labour issues related to
the illegal underground sit-in followed by an unprotected strike at CRM
operations in early May. The labour issues were resolved with the signing of a
two-year wage agreement with NUM (National Union of Mineworkers) and agreement
on other disputed matters. With the suspension of 155 production workers,
resources have been consolidated into the Zandfontein operations and the
services of JIC Mining have been engaged on a fixed-term contract to restore
full production at the Maroelabult section during the third quarter.
Concentrator recovery was also negatively affected by the labour disruption.
As reported on April 15, 2011, cement grout support packs are now being
introduced into underground working panels thereby further enhancing ground
support standards.
Based on the actual production results for the first half of 2011, the operating
history of CRM and the budgeted plan for the remainder of 2011, the Company
anticipates PGM production for the full year to be approximately 105,000 ounces.
Crocette is progressing well and on-reef development has commenced.
Work at the 90,000 tonne-per-month Mareesburg open-pit/concentrator project on
the Eastern Limb continues. Fluor, an international engineering and
construction company, was awarded the project management and construction
management contract and K`Enyuka, a respected engineering company based in
Johannesburg, was awarded the contract for the detailed design for the
concentrator and support facilities. Site capture and planning have been
ongoing and earthworks will commence on site in July 2011. Production startup
is scheduled for late 2012.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P.Eng.
Eastplats will release its full second quarter results on Monday, August 15,
2011.
Total shares issued and outstanding: 908,187,807
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:
Mark Williams
Canaccord Genuity Limited, London
Email: MWilliams@canaccordgenuity.com
Tel: +44 20 7050 6500
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +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: 19/07/2011 14:22:02 Supplied by www.sharenet.co.za
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