| Thu 16 Oct 2008, 15:58 | | EPS - Eastplats Reports Ongoing Production Growth For The Quarter Ended |
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EPS
EPS
EPS - Eastplats Reports Ongoing Production Growth For The Quarter Ended
September 30, 2008
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038
October 16, 2008
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS ONGOING PRODUCTION GROWTH
FOR THE QUARTER ENDED SEPTEMBER 30, 2008
CONFERENCE CALL THURSDAY 16, OCTOBER
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 September 30, 2008.
Ounces produced are up by 1.5% this quarter compared to the quarter ended
June 30, 2008 to a quarterly record of 30,755 PGM ounces. Production
statistics for the quarter are as follows:
Quarter Quarter Increase
Quarter ended ended
ended
Production Sept 30, June 30, March 31, (Decrease)
2008 2008 2008
Q3 Q2 Q1 Q3 vs Q2
Ounces produced 30,755 30,314 27,825 441
Run of mine tons 319,462 305,134 279,036 14,328
Total tons processed 317,602 337,471 349,497 (19,869)
Development meters 5,599 5,575 4,409 (363)
On-reef development meters 3,556 3,230 2,343 326
ROM head grade (grams/ton) 3.99 4.03 4.04 (0.04)
ROM recovery (%) 78 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 second
quarter that resulted in a negative impact on recoveries during that quarter.
Recoveries have now returned to near previously achieved levels. Also, the
second quarter integration of the chrome recovery plant into the floatation
circuit was brought to account resulting in an 83% increase in chromite
production from 35,903 tonnes in the second quarter to 65,536 tonnes in the
third quarter.
At the Crocette section of Crocodile River, underground development has
reached the UG2 ore body in both declines.
"We are pleased to report that we have been able to continue our production
build-up at Crocodile River while continuing the process plant upgrading and
once again have achieved a quarterly record of PGM ounces in Q3 2008. We
plan to continue this trend into Q4 with our 2008 production now expected to
be approximately 120,000 PGM ounces. We believe Eastplats is well
positioned to meet the challenges that face the sector in the short term and
we remain very optimistic about the mid and long term prospects for PGM`s and
for the Company", said Ian Rozier.
Eastplats will host a telephone conference call on Thursday 16 October at
11:00 a.m. Pacific (2:00 p.m. Eastern) to discuss these 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
October 23, 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.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Eastplats will release its full third quarter results on Wednesday November
12, 2008.
Total shares issued and outstanding: 680,526,421
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, South
Email: 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
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: 16/10/2008 15:58:01 Produced by the JSE SENS Department.
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