Wrap Text
EPS - Eastern Platinum Limited - Eastplats reports production results for the
quarter ended March 31, 2012
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
April 19, 2012
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTPLATS REPORTS PRODUCTION RESULTS
FOR THE QUARTER ENDED MARCH 31, 2012
Eastern Platinum Limited ("Eastplats") reports operating results from the
Crocodile River Mine ("CRM") for the quarter ended March 31, 2012 ("Q1 2012").
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production statistics Mar 31, Dec 31, Sep 30, June 30, Mar 31,
2012 2011 2011 2011 2011
Ounces produced 24 474 19 854 26 955 20 528 25 387
Run-of-mines tonnes hoisted 247 538 200 919 265 889 203 166 247 369
Run-of-mines tonnes 235 354 194 532 261 280 201 986 245 500
processed
Development (meters) 3 117 2 929 3 976 3 562 4 219
On-reef development (meters) 1 704 1 591 2 248 2 090 2 434
Stoping units (square 39 857 31 767 40 594 31 828 44 674
meters)
Head grade (grams/tonne) 4.07 4.05 4.08 3.93 3.93
Concentrator recovery from 77% 76% 78% 76% 79%
ROM ore*
Chrome dispatched (tonnes) 74 920 62 791 77 531 64 913 62 498
* Concentrator recovery has been rounded to the nearest percentage point.
Increase (decrease)
Production statistics Q1 2012 vs. Q1 2012 vs.
Q4 2011 Q1 2011
Ounces produced 4 620 (913)
Run-of-mines tonnes hoisted 46 619 169
Run-of-mines tonnes processed 40 822 (10 146)
Development (meters) 188 (1 102)
On-reef development (meters) 113 (730)
Stoping units (square meters) 8 090 (4 817)
Head grade (grams/tonne) 0.02 0.14
Concentrator recovery from ROM ore* 1% (2%)
Chrome dispatched (tonnes) 12 129 12 422
* Concentrator recovery has been rounded to the nearest percentage point.
First quarter mining and production at the Crocodile River Mine ("CRM")
improved compared to the fourth quarter of 2011, which was negatively impacted
by strike action by employees of CRM`s main mining contractor, JIC Mining
Services ("JIC"), in October, and by a Section 54 shut-down of operations
following the fatality at CRM in November. Both incidents resulted in
stoppages of mining operations.
The JIC strike has had a lingering effect on Q1 2012 production. Although PGM
ounces produced in Q1 2012 are similar to PGM ounces produced in Q1 2011, the
production at the Maroelabult Section remains below the Company`s budgeted
levels. The Company and JIC are taking measures to rectify this and further
improvements are expected in the second quarter of 2012.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P.Eng.
Eastplats expects to release its full first quarter results on Monday, May 14,
2012.
Total shares issued and outstanding: 928,187,807
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:
Rob Collins
Canaccord Genuity Limited, London
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.
Cautionary Statement on Forward-Looking Information
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 the Company and
therefore, readers are cautioned that forward-looking statements are not a
guarantee of future performance. There can be no assurance that such
statements will prove to be accurate and 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, changes in
government legislation, controls, regulations and political developments.
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: 19/04/2012 16:14:02 Supplied by www.sharenet.co.za
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