| Wed 16 Jul 2008, 16:03 | | EPS - Eastplats - Reports preliminary operating results for the quarter ended |
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EPS
EPS
EPS - Eastplats - Reports preliminary operating results for the quarter ended
June 30, 2008
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 PRELIMINARY OPERATING RESULTS FOR THE QUARTER ENDED JUNE 30,
2008
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited("Eastplats") is
pleased to report on production from the Crocodile River Mine ("CRM") for the
quarter ended June 30, 2008.
Ounces produced are up by 9% this quarter compared to the quarter ended March
31, 2008.
Quarter ended Quarter ended Increase
Production June 30,2008 March 31,2008 (Decrease)
Ounces produced 30,314 27,825 2,489
Run of mine tons 305,134 279,036 26,098
Total tons processed 337,471 349,497 (12,026)
Development meters 5,575 4,409 1,199
On-reef development meters 3,230 2,343 887
ROM head grade (grams/ton) 4.03 4.04 (0.01)
ROM recovery (%) 73 78 (5)
Tonnage processed decreased slightly as a result of a planned reduction of the
treatment of low grade tailings as the current tailings retreatment area was
depleted. Planning is in progress to optimize the further treatment of tailings
on the existing dam.
Two significant concentrator upgrades were completed during the quarter
resulting in a short term negative impact on recoveries, which have now returned
to levels achieved in the previous quarter. During a planned ten day shut down
in April, the chrome recovery plant was fully integrated into the flotation
circuit, increasing flotation capacity and lowering chrome in concentrate, and
the crushing and screening plant was de-bottlenecked.
"After a very disruptive first quarter of 2008 with respect to power cuts and
ongoing reductions in power supply, we have recovered extremely well and even
with a planned 10 day shut down of the concentrator in April we still achieved
an increase in production during the second quarter. This is largely because of
the extensive development during the last year which has provided us with the
flexibility integral to maintaining the planned production build-up at the
mine", stated
Ian Rozier.
Eastplats will release its full second quarter results on Thursday August 14,
2008 before the market opens and will host a telephone conference call on the
same day at 10:00a.m. Pacific (1:00p.m. Eastern) to discuss the results. The
conference call may be accessed by dialing 1-800-319-4610 in Canada and the
United States, or 1-604-638-5340 internationally.
The conference call will be archived for later playback until Thursday August
21, 2008 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and using
the pass code 4219 followed by the number sign.
Total shares issued and outstanding: 680,251,290
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:
Canaccord Adams Limited, London
Email: Ryan.Gaffney@canaccordadams.com
Tel: +44 20 7050 6500
JSE Sponsor:
PSG Capital (Pty) Limited, South Africa
Email: 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 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 forwardlooking statements, whether as a result of new
information, future events or otherwise, except as required by applicable laws.
Stellenbosch
16 July 2008
Sponsor
PSG Capital (Pty) Limited
Date: 16/07/2008 16:03:01 Produced by the JSE SENS Department.
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