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EASTERN PLATINUM LIMITED - News Release

Release Date: 10/11/2015 08:30
Code(s): EPS     PDF:  
Wrap Text
News Release

EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number
2007/006318/10)
Share Code TSX: ELR ISIN: CA2768555096
Share Code JSE: EPS ISIN: CA2768555096
Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

November 9, 2015, Vancouver, British Columbia. Eastern Platinum
Limited (the “Company” or “Eastplats”) reports, further to its news
release of October 22, 2015, that it has sought clarification from
Hebei Zhongbo Platinum Co. Limited (“HZP”) as to the validity of
statements made by Beijing Hehe Fengye Investment Co. Ltd. (“Beijing
Hehe”) in its press release of October 21, 2015 (the “Beijing Hehe
Release”).

As a result of such inquiries, the Company has been advised that
Beijing Hehe’s approval as a shareholder is required for HZP to
execute the definitive agreements necessary to give effect to the
restructured transaction between Eastplats and HZP as detailed in a
news release of the Company dated June 8, 2015. Further, as detailed
in the Beijing Hehe Release, Beijing Hehe has stated that it does
not intend to provide such approval.

The Company understands that the shareholders of HZP are currently
engaged in a process to resolve their differences. HZP has however
advised the Company that, until such resolution occurs, the
transaction cannot proceed.

For further information, please contact:

EASTERN PLATINUM LIMITED
Ian Rozier, President and CEO
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com www.eastplats.com

JSE SPONSOR
David Tosi
PSG Capital (Pty) Limited
Email: davidt@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 Regarding Forward-Looking Information

This press release contains ‘forward-looking information’ within the
meaning of Canadian securities legislation. Forward-looking
information in this press release includes information about the
completion, timing and potential benefits of the proposed
transaction between Eastplats and HZP. These forward-looking
statements are subject to a variety of risks and uncertainties which
could cause actual events or results to differ materially from those
anticipated, including, the contemplated transaction not being
completed as a result of a number of factors including, without
limitation, required regulatory approvals not being obtained; and
other risks and uncertainties. Readers should not place undue
reliance on the forward-looking information contained in this news
release. Eastplats does not undertake to update any forward-looking
information, except as required by applicable securities laws.

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