| Thu 14 Oct 2010, 14:24 | | EPS - Eastern Platinum Limited - Eastplats Reports Record Production for the |
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EPS
EPS
EPS - Eastern Platinum Limited - Eastplats Reports Record Production for the
quarter ended September 30, 2010
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
October 14, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTPLATS REPORTS RECORD PRODUCTION
FOR THE QUARTER ENDED SEPTEMBER 30, 2010
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is
pleased to report record production from the Crocodile River Mine ("CRM") for
the third quarter ended September 30, 2010.
CRM produced a quarterly record of 37,798 PGM ounces, up 23% compared to the
quarter ended June 30, 2010 ("Q2 2010") and up 26% compared to the third quarter
of 2009.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production statistics Sept 30, Jun 30, Mar 31,
2010 2010 2010
Ounces produced 37,798 30,820 30,531
Run-of-mine tonnes hoisted 362,042 297,186 304,309
Run-of-mine tonnes processed 357,219 290,028 290,854
Development (meters) 3,299 3,202 2,812
On-reef development (meters) 1,797 1,573 1,931
Stoping units (square meters) 50,892 50,573 51,760
Head grade (grams/tonne) 4.0 4.1 4.1
Concentrator recovery from ROM ore * 81% 80% 78%
Chrome sold (tonnes) * 100,023 76,677 75,846
*Head grade and concentrator recovery have been rounded to the nearest tenth and
percentage point, respectively.
Quarter ended Increase
(decrease)
Production statistics Dec 31, Sept 30, Q3 2010 Q3 2010
2009 2009 vs. vs.
Q2 2010 Q3 2009
Ounces produced 34,000 29,986 6,978 7,812
Run-of-mine tonnes hoisted 321,393 244,959 64,856 117,083
Run-of-mine tonnes processed 321,983 280,777 67,191 76,442
Development (meters) 3,254 2,882 97 417
On-reef development (meters) 2,135 1,562 224 235
Stoping units (square meters) 55,153 36,263 319 14,629
Head grade (grams/tonne) 4.1 4.1 -0.1 -0.1
Concentrator recovery from ROM ore * 79% 78% +1% +3%
Chrome sold (tonnes) * 85,347 76,900 23,346 23,123
*Head grade and concentrator recovery have been rounded to the nearest tenth and
percentage point, respectively.
Production reached a record as a result of a significant increase in run-of-mine
tonnes hoisted and processed (up 22% and 23% respectively compared to Q2 2010),
and an increase in concentrator recovery to 81%.
The focus for the third quarter was mainly on quality of mining whilst replacing
previously terminated contractor crews. A revised sweeping standard, together
with the higher stoping units and on-reef development, contributed positively to
the 22% increase of run-of-mine tonnes hoisted. Off-reef development also
increased by 3% compared to Q2 2010.
Chrome sold also increased to a quarterly record of 100,023 tonnes in Q3 2010,
up 30% over Q2 2010.
Mine development at Crocette has continued during the quarter.
"CRM`s record quarter was a result of our operations becoming more streamlined,
as evidenced by increased tonnages and improved concentrator recoveries. We look
forward to further production increases, as well as production from Crocette,
which we expect will come on stream and contribute ounces within the next 12
months." said Ian Rozier.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.
Eastplats will release its full third quarter results on Monday, November 15,
2010.
Total shares issued and outstanding: 683,163,211
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:
Ryan Gaffney / Ryan Cohen
Canaccord Genuity Limited, London
Email: rgaffney@canaccordgenuity.com / rcohen@canaccordgenuity.com
Tel: +44 20 7050 6500
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
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: 14/10/2010 14:24:03 Produced by the JSE SENS Department.
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