| Tue 18 Oct 2011, 15:39 | | EPS - Eastern Platinum Limited - Eastplats reports production results |
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EPS
EPS
EPS - Eastern Platinum Limited - Eastplats reports production results
for the quarter ended September 30, 2011
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 18, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTPLATS REPORTS PRODUCTION RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2011
Eastern Platinum Limited ("Eastplats") reports operating results from the
Crocodile River Mine ("CRM") for the third quarter ended September 30, 2011.
Production statistics for the current quarter and historical quarters are as
follows:
Quarter ended
Production statistics Sep 30, 2011 June 20, Mar 31, Dec 31, Sep 30,
2011 2011 2010 2010
Ounces produced 26 955 20 528 25 387 32 752 37 798
Run-of-mine tonnes 265 889 203 166 247 369 324 879 362 042
hoisted
Run-of-mine tonnes 261 280 201 986 245 500 327 872 357 219
processed
Development (meters) 3 976 3 562 4 219 3 501 3 299
On-reef development 2 248 2 090 2 434 1 925 1 797
(meters)
Stoping units (square 40 594 31 828 44 674 53 044 50 892
meters)
Head grade 4.08 3.93 3.93 3.97 4.03
(grams/tonne)
Concentrator recovery 78% 76% 79% 78% 81%
from ROM ore*
Chrome dispatched 77 531 64 913 62 498 79 461 100 023
(tonnes)
* Concentrator recovery has been rounded to the nearest percentage point.
Increase (decrease)
Production statistics Q3 2011 vs. Q2 2011 Q3 2011 vs. Q3 2010
Ounces produced 6 427 (10 843)
Run-of-mine tonnes hoisted 62 723 (96 153)
Run-of-mine tonnes processed 59 294 (95 939)
Development (meters) 414 677
On-reef development (meters) 158 451
Stoping units (square 8 766 (10 298)
meters)
Head grade (grams/tonne) 0.15 0.05
Concentrator recovery from 2% (3%)
ROM ore*
Chrome dispatched (tonnes) 12 618 (22 492)
* Concentrator recovery has been rounded to the nearest percentage point.
Third quarter mining and production improved compared to the second quarter
which was negatively impacted by labour issues related to the illegal
underground sit-in followed by an unprotected strike in early May. Following the
settlement of the labour issues in late May, operations at the Zandfontein
section have steadily and safely returned to levels achieved in late 2010. At
the Maroelabult section, 155 production workers were suspended in May following
which JIC Mining was engaged on a fixed-term contract. Production build-up has
progressed slower than anticipated as new crews were being integrated into the
section throughout the third quarter.
Concentrator recovery improved in the third quarter compared to the second
quarter during which disruptions to the steady state operation of the mine and
processing plant due to the illegal sit-in contributed to lower concentrator
recoveries. Head grade also improved compared to the second quarter as a result
of the increase in tonnage from stoping.
Work at the 90,000 tonne-per-month Mareesburg/Kennedy`s Vale open-pit and
concentrator project on the Eastern Limb is progressing on schedule. Bulk
earthworks commenced on site in July. The completion of the terracing for the
concentrator pad is advancing well and the Company anticipates that concrete
work will start in November. Much of the major mine and concentrator equipment
is already in storage on site and the balance is on order. Eskom power has been
connected to site and the main substation transformer has been shipped.
Production start-up is on schedule for late 2012.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P.Eng.
Eastplats will release its full second quarter results on Monday, November 14,
2011.
Total shares issued and outstanding: 908,187,807
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:
Bhavesh Patel
Canaccord Genuity Limited, London
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: 18/10/2011 15:39:34 Produced by the JSE SENS Department.
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