| Fri 12 Dec 2008, 16:44 | | EPS - Eastplats Increases Equity In Barplats; New BEE Partners |
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EPS
EPS
EPS - Eastplats Increases Equity In Barplats; New BEE Partners
News Release
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 INCREASES EQUITY IN BARPLATS; NEW BEE PARTNERS
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats" or
the "Company") is pleased to announce that Eastplats has increased its direct
shareholding in Barplats Investments Limited ("Barplats") to 74.99% and at the
same time has increased its ownership in Gubevu Consortium Holdings Pty Ltd.
("Gubevu"), the Black Economic Empowerment ("BEE") compliant minority
shareholder of Barplats, to 49.9%, in each case by way of equity investments.
The total net cost to Eastplats to effect these ownership increases was
US$38,954,146.
Concurrent with these transactions, the majority interest in Gubevu, previously
held by a consortium headed by Dr. Penuell Maduna, has been acquired by Usiba
Resources (Pty) Ltd. ("Usiba"), a South African company controlled by Mr.
Zwelakhe Sisulu. Mr. Sisulu is a former Chairman of New Africa Investments
Limited ("NAIL") and a prominent businessman involved in South Africa`s media,
telecoms, agri-business, and manufacturing, as well as in the minerals sector
through his shareholding in Savannah Resources, which has an approximate 20%
shareholding in Aquarius Platinum Limited. Mr. Sisulu also controls
Afriminerals, the Company`s BEE partner in the Spitzkop project.
"We are very pleased that we have been able to acquire more of what we already
control and operate, as well as to co-ordinate these acquisitions with the
transaction involving our two BEE partners. We look forward to working with Mr.
Sisulu`s group to further advance our interests in South Africa`s PGM sector,"
stated Ian Rozier.
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:
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 forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by applicable laws.
Date: 12/12/2008 16:44:27 Produced by the JSE SENS Department.
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