| Mon 7 Apr 2008, 9:02 | | EPS - Eastern Platinum Limited - News Release : Mi |
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EPS
EPS
EPS - Eastern Platinum Limited - News Release : Mine construction at the
Crocette section initiated
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 : MINE CONSTRUCTION AT THE CROCETTE SECTION INITIATED
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report that following the granting of the New Order Mining Right for
the Crocette section of the Crocodile River Mine ("CRM") by the South African
Department of Minerals and Energy ("DME") the development of the Crocette mine
has been initiated and underground development is underway.
Crocette is one of the few remaining undeveloped near surface PGM projects on
the western limb of the Bushveld Complex. Recent infill drilling has confirmed
the continuity of the UG2 to depths exceeding 200m with a dip of 18, a reef
width of 1.2m and an average head grade of 4g/t (3PGE+Au). Open pit mining at
Crocette is not an option as the reef outcrop is highly oxidized close to
surface resulting in poor metal recoveries; this is a common feature of
outcropping PGM reefs throughout the Bushveld Complex. Accordingly, Eastplats
will expedite underground mine development in order to maximize initial grade
and recoveries. Orebody access and development has begun from two portals at
Crocette which will allow entry and exit of the trackless vehicles necessary for
orebody development and the tramming of ore from underground. Atlas Copco is
providing the trackless fleet as an extension to the existing Zandfontein fleet.
A commitment to provide construction power for the project has been received
from Eskom but alternative guaranteed supplies are also being evaluated by
Eastplats.
The Crocette section is anticipated to build up to 40,000 tons per month
(anticipated 55,000 opa PGM) at full production by mid 2010 which will enable
CRM to reach its full production target of 200,000 tpm (250,000 opa), in line
with Eastplats` anticipated growth profiles. This does not include any
potential production from the Kareespruit Section at CRM.
"The kick-off of Crocette marks another era of expansion of CRM and Eastplats`
operations. We look forward to further increases in production levels to offset
current fixed costs on the mine with significantly lower capital inputs in
comparison with other deeper PGM projects on the western limb. The effective
build-up of production at Crocette will enable us to continue to fast track the
proposed CRM mine expansion." stated Ian Rozier.
The qualified person having prepared the contents of this news release is Mr.
Ian Rozier, B.Sc.(Hons), M.Sc., P.Eng.
Total shares issued and outstanding: 671,308,927
For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: 1-(604)-685-6851, Fax: 1-(604)-685-6493
NOMAD: JSE Sponsor:
Canaccord Adams Limited, London PSG Capital (Pty) Limited,
Email: South Africa
Ryan.Gaffney@canaccordadams.com Email:anjem@psgcapital.com
Tel: +44 20 7050 6500 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: 07/04/2008 09:02:11 Produced by the JSE SENS Department.
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