| Wed 24 Oct 2007, 12:31 | | EPS - Eastern Platinum Limited - Infill drilling a |
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EPS
EPS
EPS - Eastern Platinum Limited - Infill drilling at Kareespruit section 75%
complete
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
INFILL DRILLING AT KAREESPRUIT SECTION 75% COMPLETE
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Ian Rozier,
President and CEO of Eastern Platinum Limited (`Eastplats`)
(TSX:ELR)(AIM:ELR)(JSE:EPS), is pleased to report that the infill drilling
program at the Kareespruit section of the Crocodile River Mine (`CRM`) in South
Africa is 75% complete. The Kareespruit section comprises an area of
approximately 5 square kilometers located immediately to the west of the
Maroelabult section at the CRM, being an on-strike and down-dip extension of the
UG2 reef currently being mined at Maroelabult.
Thirteen diamond drillholes were put down at Kareespruit during a previous
exploration program conducted by Impala Platinum Limited. Details of this
drilling, along with Mineral Resource estimates at Kareespruit, `prill splits`
and estimated loss factors for the UG2 Reef were reported in a news release
dated October 31st, 2006. The quality of the Reef intersections, the average
grade and the Mineral Resource estimate suggested significant economic potential
for the PGM resource in the UG2 Reef at Kareespruit. The current program is an
infill drill program designed to upgrade the Indicated and Inferred Resources in
the UG2 Reef for input into a pre-feasibility study being undertaken on the
project and to evaluate the Merensky Reef across the property.
The infill drill program planned for approximately 15,700m with the possibility
of the program being extended to evaluate the continuity of the UG2 reef over a
strike length of 5000m and to a maximum depth of 1000m, subject to the results
of shallower drilling. Highlights of the work to date are as follows;
- A total of over 17,000m have been completed in 26 holes and 2 holes are in
progress.
- In the UG2 Reef 77 reef intersections have been drilled from 23 `mother holes`
and 54 deflections.
- In the Merensky Reef, 78 reef intersections have been drilled from 25 `mother
holes` and 53 deflections.
- Of the 26 holes only one did not intersect either the Merensky or UG2 Reefs
because of a geological replacement structure. Two holes were abandoned because
of poor drilling conditions and have been re- drilled.
- Of the two holes in progress, the first hole has intersected both the UG2 and
Merensky.
Drill and assay results will be used to generate new Mineral Resources estimates
for input into the Kareespruit pre-feasibility study.
`With the consistency of the reef intersections across the property and the
average grades reported from previous work, Kareespruit clearly has the
potential to become a significant resource block at CRM,` stated Ian Rozier.
As of 22nd October, 2007 the total issued share capital is 668,128,194 shares.
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.
24 October 2007
S&P TSX Composite Index
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
NOMAD: Canaccord Adams Limited, London
+44 20 7050 6500
Email: Robin.Birchall@canaccordadams.com or
Email: Clayton.Bush@canaccordadams.com
OR
JSE Sponsor: PSG Capital (Pty) Limited
+27 21 887 9602
Email: andreg@psgcapital.com or
Email: anjem@psgcapital.com
Date: 24/10/2007 12:31:31 Produced by the JSE SENS Department.
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