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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, May 12, 2017 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") is pleased to provide
an operational update on its plans to carry out a limited infill
drilling program on its Mareesburg project properties. The
Mareesburg comprises one of the Company's PGM mining and mineral
rights and is located on the eastern limb of the Bushveld complex,
in Limpopo Province, South
Africa.
Based on an ongoing review of its portfolio, the Company
determined that further assessment work on Mareesburg was
warranted. The Company intends to carry out a focused
re-assessment on the Mareesburg open pit project including
additional infill drilling for resource and reserve determination.
Recommendation of location of infill drilling holes has been made
based on a review of the historical drilling results by SRK
Consulting. Maps showing the intended location of the
drilling will be posted on the Company's website. The drilling work
will be carried out by a local operator in South Africa. Community liaison is also
underway to ensure local communities are accommodated and updated
on the project status. The Company will provide periodic updates of
the results.
Diana Hu stated "we look forward
to carrying out this additional work on Mareesburg, as we take a
fresh look at our mineral properties during 2017 with a view to
further development opportunities in this challenging
market"
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.
In particular, this press release contains forward-looking
statements pertaining to: refurbishment of our processing
facilities; options for development including business
arrangements; preparation of drilling and future assessment of
Mareeesburg project. 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, economic conditions, currency
fluctuations, competition and regulations, legal proceedings and
risks related to operations in foreign countries. A more detailed
discussion of the risks facing the Company are included in its
Annual Information Form, a copy of which is available under the
Company's profile on www.sedar.com.
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.
SOURCE Eastern Platinum Limited