Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats")
is pleased to update its annual reserve statement for the Crocodile
River Mine located near Brits, Northwest Province, South Africa.
The updated reserve reflects depletion and development work
subsequent to the reserve statement in the Company's NI 43-101
compliant technical report which was published on SEDAR on December
20, 2010 and the Company's press release of May 17, 2012. The
updated reserve is current as of December 31, 2012. The following
factors apply:
-- 15% geological losses are included
-- 15% pillar losses are included
-- 5% mining loss is included
-- Mining widths are 142 cm at Zandfontein and 146 cm at Maroelabult
(Maroelabult was 142 cm in 2011)
-- Dilution is included consistent with the mining width
Proven and Probable Reserves
----------------------------------------------------------------------------
Section 2011 Reserve 2012 Reserve Update
----------------------------------------------------------------------------
4E 4E Pt Pd Rh Au
Proven Tonnes g/t Tonnes g/t g/t g/t g/t g/t 4E ounces
----------------------------------------------------------------------------
Zandfontein 1,246,000 4.17 1,554,000 4.17 2.61 1.09 0.43 0.03 208,000
----------------------------------------------------------------------------
Maroelabult 394,000 3.98 426,000 3.98 2.49 1.04 0.41 0.03 55,000
----------------------------------------------------------------------------
Subtotal 1,640,000 4.12 1,980,000 4.13 2.58 1.08 0.43 0.03 263,000
----------------------------------------------------------------------------
Probable
----------------------------------------------------------------------------
Zandfontein 18,673,000 4.17 17,569,000 4.17 2.61 1.09 0.43 0.03 2,355,000
----------------------------------------------------------------------------
Maroelabult 1,451,000 3.98 1,268,000 3.98 2.49 1.04 0.41 0.03 162,000
----------------------------------------------------------------------------
Crocette 3,530,000 3.78 3,530,000 3.78 2.18 0.78 0.35 0.02 429,000
----------------------------------------------------------------------------
Subtotal 23,654,000 4.10 22,367,000 4.10 2.54 1.05 0.42 0.03 2,947,000
----------------------------------------------------------------------------
Total 25,294,000 4.10 24,347,000 4.10 2.54 1.05 0.42 0.03 3,210,000
----------------------------------------------------------------------------
At Maroelabult, 41,483m2 have been removed from the reserves as
a result of the 2012 drilling program which provided for an
improved interpretation of the displacement along the Kareespruit
fault. Increases in Proven Reserves are due to development work
through 2012 consistent with the current operating plan (see June
12, 2012 press release).
The qualified person having reviewed the reserves data and
information presented in this press release is Mr. Brian
Montpellier, P.Eng.
Total shares issued and outstanding: 928,187,807
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking
statements, is intended to provide readers with a reasonable basis
for assessing the financial performance of the Company. All
statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward looking statements. These
forward-looking statements pertain to assumptions regarding the
price of PGMs, fluctuations in currency markets (specifically the
Rand and the U.S. dollar), the future funding of the Company's
projects, the future development of the Company's projects, the
Company's plans for its properties, the anticipated timing for the
awarding of tenders, and the accounting policies issued but not yet
effective for the Company. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Company, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results
to differ materially from those projected in the forward-looking
statements. Such factors include, but are not limited to, the risk
of fluctuations in the assumed exchange rates of currencies that
directly impact the Company, such as Canadian dollar, South African
Rand and U.S. dollar, the risk of fluctuations in the assumed
prices of PGM and other commodities, the risk of changes in
government legislation, taxation, controls, regulations and
political or economic developments in Canada, the United States,
South Africa, or Barbados or other countries in which the Company
carries or may carry on business in the future, risks associated
with mining or development activities, the speculative nature of
exploration and development, including the risk of obtaining
necessary licenses and permits, and assumed quantities or grades of
reserves. Many of these uncertainties and contingencies can affect
the Company's actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Readers are cautioned that forward-looking statements are not
guarantees of future performance. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those acknowledged in
such statements. Specific reference is made to the Company's most
recent Annual Information Form on file with Canadian provincial
securities regulatory authorities for a discussion of some of the
factors underlying forward-looking statements.
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.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Contacts: Eastern Platinum Limited Investor Relations
1-(604)-685-6851 1-(604)-685-6493 (FAX)info@eastplats.com
www.eastplats.com Canaccord Genuity Limited, London Rob Collins
NOMAD +44 (0) 207 7523 8000 PSG Capital (Pty) Limited Johan Fourie
JSE SPONSOR +27 21 887 9602johanf@psgcapital.com
Eastern Platinum (TSX:ELR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Eastern Platinum (TSX:ELR)
Historical Stock Chart
From Sep 2023 to Sep 2024