| Thu 20 Sep 2007, 8:59 | | EPS - Eastplats - Crocette section at Crocodile ri |
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EPS
EPS
EPS - Eastplats - Crocette section at Crocodile river mine advances
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA2768551038
EASTERN PLATINUM LIMITED: CROCETTE SECTION AT CROCODILE RIVER MINE ADVANCES
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2007) - Mr. Ian Rozier,
President and CEO of Eastern Platinum Limited (`Eastplats`)
(TSX:ELR)(AIM:ELR)(JSE:EPS) reports that the Crocette section of the Crocodile
River Mine (`CRM`), which is bounded by the producing Zandfontein section to the
east and the Lonmin-Anglo Pandora JV on the west, is anticipated to kick off
with mine development in the last calendar quarter of 2007. This section of the
CRM represents incremental production without the requirement of significant
capital as the reefs can be accessed from surface and the ore will be
concentrated at the nearby CRM concentrator which currently has spare capacity.
Crocette has both UG2 and Merensky Reefs, with the UG2 reef exposed through a
number of trenches and confirmed at depth by exploration drilling to over 200m.
Additional deeper exploration and confirmatory drilling is planned for 2008.
Drillcore evaluation and assay results have confirmed a UG2 reef width of over
1.3m at an average head grade of 3.8 g/t (3PGE+Au). The orebody dips at
approximately 18 degrees.
Construction of two portals followed by on reef underground development should
allow for quick cash flows from the Crocette section. Conventional stoping
methods are planned with mechanized equipment doing the initial hauling of ore.
As is common with surface outcrops, the reef is highly oxidized close to
surface. Accordingly, no opencast mining is planned, since this would result in
poor metallurgical recoveries. At full production toward the end of 2009, the
Crocette section of CRM is anticipated to deliver up to 40,000 tonnes of ore per
month enabling CRM to process a total of 200,000 tonnes per month. These
production estimates do not include any production from the Kareespruit or
Maroelabult North sections at CRM. Production from Crocette forms part of
Eastplats` ongoing growth program for the CRM operations.
Murray and Roberts Cementation have been awarded the contract for the
development and mining of the Crocette section. Approximately 300 jobs will be
created and CRM will source appropriate skills within the community. A letter of
intent has been awarded to Atlas Copco to supply the mechanized mining fleet.
Ian Rozier, CEO of Eastplats, stated that, `The development of Crocette is yet
another indicator of Eastplats` commitment to growing PGM production in South
Africa; this project will reduce overall unit costs at CRM for very limited
capital input.`
Total shares issued and outstanding: 667,878,194
20 September 2007
S&P TSX Composite Index
Certain statements included herein constitute `forward-looking statements`
within the meaning of applicable Canadian securities legislation. These forward-
looking statements are based on certain assumptions by Eastplats and Barplats
and as such are not a guarantee of future performance. Actual results could
differ materially from those expressed or implied in such forward-looking
statements due to factors such as general economic and market conditions,
increased costs of production and a decline in metal prices. Eastplats is under
no obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by
applicable laws.
GLOSSARY OF TERMS
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3PGE+Au three platinum group elements (being platinum, palladium and
rhodium) plus gold
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Au gold
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g/t grams per metric tonne
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m metre or metres, as the context indicates
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Pd Palladium
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pgm platinum group metals, consisting of platinum, palladium,
rhodium, iridium, ruthenium and osmium
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Pt Platinum
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Reef a term used to describe a lode or vein or layer of precious
metal bearing rock
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Rh Rhodium
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stoping an underground excavation from which the orebody has completely
extracted or is yet to be mined. The stoping width is the ideal thickness of
reef to be mined to ensure a maximum grade of ore sent to the mill
----------------------------------------------------------------------
Tonne A metric tonne (1,000 kilograms)
----------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
OR
NOMAD: Canaccord Adams Limited, London
+44 20 7050 6500
Email: Robin.Birchall@canaccordadams.com
Email: Clayton.Bush@canaccordadams.com
OR
JSE Sponsor: PSG Capital (Pty) Limited, South Africa
+27 21 887 9602
Email: andreg@psgcapital.com
Email: anjem@psgcapital.com
Date: 20/09/2007 08:59:14 Produced by the JSE SENS Department.
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