Eastplats Reports Production Results for the Quarter Ended December 31, 2012
January 29 2013 - 7:00AM
Marketwired Canada
Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports
operating results from the Crocodile River Mine ("CRM") for the fourth quarter
ended December 31, 2012 ("Q4 2012").
Production statistics for the current quarter and historical quarters are as
follows:
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Increase
Quarter ended (decrease)
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Q4 2012 Q4 2012
Production Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, vs. vs.
statistics 2012 2012 2012 2012 2011 Q3 2012 Q4 2011
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Ounces produced 14,066 21,273 26,412 24,474 19,854 (7,207) (5,788)
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Run-of-mine tonnes
hoisted 127,654 206,176 257,250 247,538 200,919 (78,522) (73,265)
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Run-of-mine tonnes
processed 123,222 203,279 252,883 235,354 194,532 (80,057) (71,310)
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Development
(meters) 1,365 2,066 2,922 3,117 2,929 (700) (1,564)
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On-reef
development
(meters) 350 966 1,653 1,704 1,591 (616) (1,241)
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Stoping units
(square meters) 16,468 28,943 40,959 39,857 31,767 (12,475) (15,299)
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Head grade
(grams/tonne) 4.09 4.08 3.99 4.07 4.05 0.01 0.04
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Concentrator
recovery from ROM
ore(i) 72% 76% 79% 77% 76% (4%) (4%)
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Chrome dispatched
(tonnes) 45,306 53,761 56,521 74,920 62,791 (8,455) (17,485)
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(i) Concentrator recovery has been rounded to the nearest percentage point.
The Company is pleased to report that its implementation of a comprehensive mine
development plan at CRM is progressing well. As a result of the planned
temporary suspension of stoping at the Zandfontein section, production in Q4
2012 is lower than in previous quarters.
The Company will no longer be providing quarterly production figures in advance
of the release of its quarterly financial results until full production resumes
at Zandfontein, which is anticipated to be in 2014.
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 fourth quarter results on Thursday, March
14, 2013.
Total shares issued and outstanding: 928,187,807
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 pertain to the price of PGMs, fluctuations in
currency markets (specifically the South African Rand and the U.S. dollar), the
future development of the Company's projects, and the Company's plans for its
properties. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
NOMAD: Cannaccord Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000
JSE SPONSOR: PSG-Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com
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