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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Aug. 14, 2017 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") is pleased to report
it has filed its Q2 2017 unaudited condensed interim consolidated
financial statements and management discussion and analysis for the
three and six-month period ended June 30,
2017. Below is a summary of our financial results for the
period (all amounts in USD).
- Net loss for the six months ended June
30, 2017, under new management, was $4.7 million (loss of $0.04 per share) compared with a net loss of
$30.5 million (loss of $0.29 per share) for the same period in
2016;
- Cash and short-term investments of $25.0
million and working capital of $26.3
million at June 30, 2017;
- Mineral properties maintained their fair value less cost to
sell, and no impairment was required, although impairment
indicators existed at June 30,
2017;
- Net operating cash flows used during the six months ended
June 30, 2017, $3.9 million; and
- Development work during the six months ended June 30, 2017 was $0.4
million.
Operating Highlights and Outlook
The Company used its available time and resources during Q2 2017
to further the work necessary to make strategic decisions during
2017. It furthered the review of options for re-mining the tailings
storage facility at the CRM, including metallurgical and mining
test work and engineering design and refurbishing of the CRM
processing facility. This work is scheduled to culminate in a
completed and updated technical report on the tailings storage
facility during 2017. The Company also performed specific
study and assessment of the Mareesburg open pit project furthering
the infill drilling work.
All this work will further enable the Company to make
operational decisions during the last half of 2017.
The reviewed Broad-Based Black Economic Empowerment Charter for
the South African Mining Industry was published and came into
effect on June 15, 2017 (the "New
Mining Charter") and has created further uncertainty. Continued
monitoring over the next few months is required as the Company is
unable to fully assess the impact the New Mining Charter will have
on its business, if it passes the various legal challenges and is
recognised by the South African counts, which according to legal
experts, appears uncertain.
The Company has filed the following documents which are
available under the Company's profile on SEDAR at
www.sedar.com:
- Unaudited condensed interim consolidated financial statements
for the three and six-month period ended June 30, 2017; and
- Management's discussion and analysis for the three and
six-month period ended June 30,
2017.
New Auditors
On August 2, 2017, the Company
appointed PricewaterhouseCoopers, LLP as its new auditors.
The Company filed the required auditor change forms on SEDAR on
August 10, 2017 without any
reportable events. At the annual general meeting of shareholders to
be held on September 21, 2017,
shareholders will be asked to appoint PricewaterhouseCoopers, LLP
for the ensuing year.
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. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking
statements are discussed in the Company's Annual Information Form
and Management's Discussion and Analysis which are available under
the Company's profile on www.sedar.com.
In particular, this press release contains forward-looking
statements pertaining to: preparation of an updated technical
report, the proposed appointment of PricewaterhouseCoopers, LLP for
consideration of shareholders at the upcoming annual general
meeting, uncertainty and impact regarding the New Mining Charter,
potential changes to our mining projects including re-mining and
the infill drilling. 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.
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