Eastplats Update on Reserve Statement at Crocodile River Mine
January 31 2013 - 7:00AM
Marketwired Canada
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
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Section 2011 Reserve 2012 Reserve Update
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4E 4E Pt Pd Rh Au
Proven Tonnes g/t Tonnes g/t g/t g/t g/t g/t 4E ounces
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Zandfontein 1,246,000 4.17 1,554,000 4.17 2.61 1.09 0.43 0.03 208,000
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Maroelabult 394,000 3.98 426,000 3.98 2.49 1.04 0.41 0.03 55,000
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Subtotal 1,640,000 4.12 1,980,000 4.13 2.58 1.08 0.43 0.03 263,000
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Probable
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Zandfontein 18,673,000 4.17 17,569,000 4.17 2.61 1.09 0.43 0.03 2,355,000
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Maroelabult 1,451,000 3.98 1,268,000 3.98 2.49 1.04 0.41 0.03 162,000
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Crocette 3,530,000 3.78 3,530,000 3.78 2.18 0.78 0.35 0.02 429,000
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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
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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.
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
Canaccord Genuity Limited, London
Rob Collins
NOMAD
+44 (0) 207 7523 8000
PSG Capital (Pty) Limited
Johan Fourie
JSE SPONSOR
+27 21 887 9602
johanf@psgcapital.com
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