| Tue 22 Apr 2008, 13:42 | | EPS - Eastern Platinum Limited - News release : pu |
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EPS
EPS
EPS - Eastern Platinum Limited - News release : purchase of long lead items
secured for Spitzkop and CRM expansions
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 : PURCHASE OF LONG LEAD ITEMS SECURED FOR SPITZKOP
AND CRM EXPANSIONS
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats")
reports that Spitzkop Platinum (Pty) Ltd is well advanced in its engineering and
scheduling study for the Spitzkop section of the Spitzkop-Kennedy`s Vale Project
on the Eastern Limb of the Bushveld Igneous Complex. Critical risks already
identified are the adequate and reliable availability of power and the supply of
long lead items such as mills, trackless mining equipment and winders. It is
anticipated that the Spitzkop mine will be in production in 2010 and certain
sizes of mills now require up to three years to fabricate and install.
Following the acquisition of four power generators (News Release dated April
14th, 2008), Eastplats has also been successful in purchasing six grinding mills
which can be commissioned to coincide with the planned mining schedule. Four of
the mills will be well suited to cope with the milling of all of the planned ore
production from the Spitzkop operation; the other two mills are planned to be
installed at the Crocodile River Mine ("CRM") to further increase mill capacity.
All of the mill components have now arrived in South Africa and will be sent for
refurbishment; all components have been inspected by the manufacturers and
technical consultants and the extent of the refurbishment required has been
assessed and costed. No material difficulties are anticipated.
Eastplats has also secured three sets of winders, two of which could be used for
the Spitzkop-Kennedy`s Vale twin 1000 m vertical shafts that already exist at
the site. The third unit will be used as a `back-up` unit at the CRM
operations.
Additionally, as underground mechanized mining equipment is in great demand,
Eastplats has engaged major suppliers to secure additional mining equipments for
the commencement of operations. A letter of intent has been issued to Sandvik
Mining for the planned fleet at Spitzkop, and manufacturing and delivery
schedules are consistent with the provisional planned mining targets.
"The acquisition of this equipment ensures that production from Spitzkop should
not be delayed by delivery of long lead items and furthermore, substantial cost
savings will be realized when compared to the cost of new mills," stated Ian
Rozier.
Total shares issued and outstanding: 671,418,302
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:
Tel: +44 20 7050 6500 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: 22/04/2008 13:42:01 Produced by the JSE SENS Department.
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