/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, June 15, 2018 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") is pleased to announce
that all of the nominees proposed as directors and listed in the
management information circular dated May
10, 2018 (the "Circular") were elected as directors
of Eastplats at its annual general meeting of shareholders held on
June 14, 2018 (the "Meeting").
At the Meeting, PricewaterhouseCoopers LLP were also re-appointed
as auditors of Eastplats.
Detailed results of the vote for the election of directors held
at the Meeting are set out below:
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Business
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Outcome of
Vote
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|
Votes
For
|
|
Votes
Withheld
|
|
|
|
|
|
|
|
Resolution
electing:
|
|
|
|
|
|
|
|
|
|
|
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|
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(a) Diana Hu;
|
|
Approved
|
|
52,085,543
(99.95%)
|
|
24,447
(0.05%)
|
|
(b) Michael Cosic;
|
|
Approved
|
|
52,085,601
(99.95%)
|
|
24,389
(0.05%)
|
|
(c) George Dorin;
|
|
Approved
|
|
52,087,236
(99.96%)
|
|
22,754
(0.04%)
|
|
(d) Bielin Shi;
|
|
Approved
|
|
52,080,850
(99.94%)
|
|
29,140
(0.06%)
|
|
(e) Nigel K. Dentoom;
and
|
|
Approved
|
|
52,087,336
(99.96%)
|
|
22,654
(0.04%)
|
|
(f) Xin (Alex)
Guan
|
|
Approved
|
|
52,081,685
(99.95%)
|
|
28,305
(0.05%)
|
as directors of the
Company.
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Construction of the Retreatment Project
As previously disclosed, on March 1,
2018, the Company and its subsidiary Barplats Mines (Pty)
Limited ("Barplats") entered into a framework agreement (the
"UG Agreement") with Union Goal Offshore Solutions Limited
("Union Goal") relating to construction, mining and
processing of the tailing resource and offtake of chrome
concentrate from the Barplats Zanfontein UG2 tailings facility (the
"Retreatment Project") located at the Company's Crocodile
River Mine in South Africa
("CRM"). The Company and Union Goal have extended the
completion of all the conditions precedent of the UG Agreement
until July 15, 2018.
The Company continues the construction phase of the Retreatment
Project with the expected completion date estimated at the end of
Q3 2018. Construction work on the chrome processing circuit
continues to progress well while work continues on schedule at the
tailings facility to prepare for the mining phase and good progress
continues on building the walls for the deposition of tailings with
the target for initial production remaining the fall of 2018. The
estimated total capital requirements for Barplats in relation to
the Retreatment Project remain at ZAR
191,242,000 (US$14,389,000)
with costs in the amount of ZAR32,759,000 (US$
2,465,000) incurred to May 31,
2018.
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: the timing of completion of the
conditions precedent to the UG Agreement, estimated timing of
construction and initial production of the Retreatment Project, and
estimated capital requirements for the Retreatment 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.
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