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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Nov. 24, 2017 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") is pleased to report
that it has completed a settlement agreement with Hebei Zhongheng
Tianda Platinum Co. Limited ("HZT"). The settlement
confirms the termination of the June 28,
2016 Crocodile River Mine Share Purchase Agreement (the
"Share Purchase Agreement") entered into between HZT,
Eastplats and its subsidiaries, dismisses the litigation commenced
by HZT and releases each party from any further obligations.
Pursuant to the terms of the settlement, the parties are each
entitled to the return of escrow funds posted by them, less a
payment by the Company to HZT of $420,000.
Diana Hu stated "I am pleased to
settle this litigation, confirming our ongoing ownership of CRM,
refunding over US$4.5 million of our
escrow funds and allowing Eastplats to further focus on our
development and project work."
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.
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,
lower than expected grades and quantities of resources, needs for
additional funding, availability of such additional funding and
that funding will be on acceptable terms, 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