To view the PDF file, sign up for a MySharenet subscription.

EASTERN PLATINUM LIMITED - Eastplats Reports Mineral Resource Estimate For Barplats Zandfontein UG2 Tailings Storage Facility

Release Date: 11/08/2017 08:30
Code(s): EPS     PDF:  
Wrap Text
Eastplats Reports Mineral Resource Estimate For Barplats Zandfontein UG2 Tailings Storage Facility

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
(“Eastplats” or the “Company” or “the Group”)

August 11 2017
Trading Symbol: ELR (TSX); EPS (JSE)

                                  NEWS RELEASE

               EASTPLATS REPORTS MINERAL RESOURCE ESTIMATE FOR BARPLATS
                       ZANDFONTEIN UG2 TAILINGS STORAGE FACILITY

August 11, 2017, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the
“Company”) is pleased to report that the mineral resource estimate by SRK Consulting (South
Africa) Pty Ltd (“SRK”) on the Barplats Zandfontein UG2 tailings storage facility (“TSF”) located
at Crocodile River Mine (“CRM”) has been completed and is effective as of August 1, 2017. A
total measured and indicated mineral resource of approximately 13,680,000 tons containing
535,520 ounces of combined platinum group elements (platinum, palladium and rhodium)
(“PGE”) at an average grade of 1.218 g/t, 3,404 ounces of gold at an average grade of 0.008g/t
and 2,834,000 tons of chromium oxide at an average grade of 20.72%.

                                                              Table 11
                                   3E                                                       3E
                Tonnage           PGE            Pt         Pd      Rh      Au     Cr2O3   PGE       Au     Cr2O3
Category         (Mt)             (g/t)         (g/t)      (g/t)   (g/t)   (g/t)    (%)    (Oz)     (Oz)    (Mt)
Measured          12.489          1.225         0.747      0.309   0.170   0.008    20.85 494,003   3,179    2.604
Indicated          1.191          1.136         0.688      0.285   0.165   0.006    19.31 43,517      225    0.230
Total             13.680          1.218         0.742      0.307   0.169   0.008    20.72 535,520   3,404    2.834
   Note 1:No cut-off grade has been applied to the PGEs.


The resource estimate for the TSF has a high level of confidence, with 91.3% of the estimate falling
into the measured category and 8.7 % falling in the indicated category.

In the opinion of SRK, the resource evaluation reported herein is a reasonable representation of
the in-situ 3E PGEs, gold and chromium oxide mineral resources found in the TSF at the current
level of sampling and validation. The model validations included visual validations of the
estimates and global statistical comparisons of the data in the tailings volume occurring in TSF.
Within the tailings volume, the general trend of the 1.5 metre samples in each vertical layer
(interval) is honoured by the estimates. SRK finds that overall the estimates are consistent with the
source data and adequately model the grade distributions.
The confidence in the Zandfontein TSF mineral resource estimate by SRK indicates that it can be
used for a pre-feasibility study or feasibility study. SRK has recommended that a pre-feasibility or
feasibility study be undertaken to determine whether the mineral resource can be mined
economically in the current market environment.

The mineral resource estimate in Table 1 conforms to the requirements of National Instrument 43-
101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and was prepared and verified by
Mr. A. S. Page (Pr. Sci. Nat South Africa Reg. No 400022/07), BSc (Hons), who is a qualified
person as defined in NI 43-101. Full details of the methodology used in the estimation of resources
will be provided in the technical report entitled “Mineral Resource Estimate for Barplats
Zandfontein UG2 Tailings Storage Facility” to be filed on Eastplats’ SEDAR profile at
www.sedar.com.

The Company is currently investigating various areas of the tailings project at CRM and has
advanced significant work in preparing a feasibility study. Once completed, the Company will
announce its assessment in a NI 43-101 compliant technical report.

The qualified person for the purposes of NI 43-101 who approved the contents of this news release
is Dr. Bielin Shi, PhD, MSc, FAusIMM MAIG.

For further information, please contact:
EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer
rwallenius@eastplats.com (email)
(604) 800-8200 (phone)

Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include,
without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are
statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”,
“will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing the
Company and other forward-looking statements are discussed in the Company’s Annual Information Form and Management’s
Discussion and Analysis which are available under the Company’s profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to: the mineral resource estimates for the TSF and
the preparation of a feasibility study on the TSF. These forward-looking statements are based on assumptions made by and
information currently available to the Company. Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve
inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors
could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed
in such forward-looking statements. These factors include, but are not limited to, commodity prices, lower than expected grades
and quantities of resources, needs for additional funding, availability of such additional funding and that funding will be on
acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to
operations in foreign countries.

The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable
securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

JSE Sponsor

PSG Capital

Date: 11/08/2017 08:30:00 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.

Share This Story