| Mon 22 Oct 2007, 12:00 | | ELR/ELR/EPS - Eastern Platinum Limited - News Rele |
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EPS
EPS
ELR/ELR/EPS - Eastern Platinum Limited - News Release
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768551038
Share Code AIM: ELR ISIN: CA2768551038
Share Code JSE: EPS ISIN: CA2768551038
NEWS RELEASE: EASTPLATS REPORTS Q1-08 PRODUCTION UPDATE: DEVELOPMENT, MINING
RATE AND PRODUCTION ALL UP, OPERATING COSTS DOWN.
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats")
reports on operations at the Crocodile River Mine ("CRM") during the quarter
Q1-08 ended September 30th, 2007. The production update for Q1-08 is as
follows:
Total development in Q1-08 was 2298 meters, up from 2023 meters in the
previous quarter, an increase of 14%.
The average monthly mining rate during Q1-08 was 107,926 tonnes per month, up
from 81,425 tonnes per month in the previous quarter, an increase of 33%.
Production and sales in Q1-08 were 29,417 ounces of PGM, up from 25,111 ounces
for previous quarter, an increase of 17%.
Operating cash costs in Q1-08 were $637/ounce, down from $702/ounce in the
previous quarter.
"Substantial progress continues to be made at CRM and we are beginning to see
the results of the extensive on and off reef development during the last year
which is integral in developing mineable reserves to support the ongoing
production build up", stated Ian Rozier.
As of 22nd October, 2007 the total issued share capital is 668,128,194 shares.
For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
#501-837 West Hastings Street,
Vancouver, BC, Canada, V6C 3N6
Tel: (604) 685-6851, Fax: (604) 685-6493
NOMAD:
Canaccord Adams Limited, London
Email: Robin.Birchall@canaccordadams.com
Clayton.Bush@canaccordadams.com
Tel: +44 20 7050 6500
JSE Sponsor:
PSG Capital (Pty) Limited
Email: andreg@psgcapital.com
anjem@psgcapital.com
Tel: +27 21 887 9602
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.
Date: 22/10/2007 12:00:03 Produced by the JSE SENS Department.
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