Eastern Platinum Reports Results for the Three Months Ended June 30, 2013
August 14 2013 - 1:57PM
Marketwired Canada
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats" or
the "Company) (TSX:ELR)(AIM:ELR)(JSE:EPS) reports financial results for the
three months ended June 30, 2013.
Summary of results for the three months ended June 30, 2013 ("Q2 2013"):
-- An impairment charge of $147,787,000 was recorded against Crocodile
River Mine during the quarter.
-- Eastplats recorded a loss attributable to equity shareholders of the
Company of $139,710,000 ($0.15 loss per share) in the quarter ended June
30, 2013 compared to a loss of $86,421,000 ($0.09 loss per share) in the
quarter ended June 30, 2012 ("Q2 2012").
-- Adjusted EBITDA was negative $8,116,000 in Q2 2013 compared to negative
$4,599,000 in Q2 2012.
-- PGM ounces sold decreased 41% to 15,474 ounces in Q2 2013 compared to
26,412 PGM ounces in Q2 2012.
-- The U.S. dollar average delivered price per PGM ounce decreased 1% to
$890 in Q2 2013 compared to $902 in Q2 2012.
-- The Rand average delivered price per PGM ounce increased 15% to R8,428
in Q2 2013 compared to R7,324 in Q2 2012.
-- Total Rand operating cash costs decreased 14% to R202 million in Q2 2013
compared to R235 million in Q2 2012.
-- Total Rand operating cash costs included one-time retrenchment costs at
CRM of approximately R52 million ($5.5 million).
-- Rand operating cash costs net of by-product credits increased 57% to
R11,611 per ounce in Q2 2013 compared to R7,390 per ounce in Q2 2012.
Rand operating cash costs increased 47% to R13,069 per ounce in Q2 2013
compared to R8,881 per ounce in Q2 2012.
-- U.S. dollar operating cash costs net of by-product credits increased 35%
to $1,226 per ounce in Q2 2013 compared to $910 per ounce achieved in Q2
2012. U.S. dollar operating cash costs increased 26% to $1,380 per ounce
in Q2 2013 compared to $1,094 per ounce in Q2 2012.
-- Excluding one-time retrenchment costs, operating cash costs reduced to
R9,694 per ounce ($1,024 per ounce) and operating cash costs net of by-
product credits reduced to R8,251 per ounce ($871 per ounce).
-- The Company's Lost Time Injury Frequency Rate (LTIFR) was 3.44 in Q2
2013 compared to 1.17 in Q2 2012.
-- At June 30, 2013, the Company had a cash position (including cash, cash
equivalents and short term investments) of $104,763,000 (December 31,
2012 - $130,925,000).
For complete details of financial results, please refer to the unaudited
condensed consolidated interim financial statements and accompanying
Management's Discussion and Analysis ("MD&A") for the three months ended June
30, 2013. These financial statements and MD&A, and the comparative financial
statements for the three months ended June 30, 2012 are all available on SEDAR
at www.sedar.com and on the Company's website www.eastplats.com.
The qualified person having reviewed the operating disclosures presented in this
press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.
Total shares issued and outstanding - 928,187,807
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
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. 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,
fluctuations in the currency markets such as Canadian dollar, South African Rand
and U.S. dollar, fluctuations in the prices of PGM and other commodities,
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 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
Ian Rozier
President & C.E.O.
+1-604-685-6851
+1-604-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
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