| Mon 14 Nov 2011, 15:09 | | EPS - Eastern Platinum Limited - Eastern Platinum reports results for the |
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EPS
EPS
EPS - Eastern Platinum Limited - Eastern Platinum reports results for the
three months 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
November 14, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTERN PLATINUM REPORTS RESULTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011
Eastern Platinum Limited ("Eastplats") reports financial results for the
three months ended September 30, 2011.
Summary of results for the three months ended September 30, 2011 ("Q3
2011"):
- Eastplats recorded earnings attributable to equity shareholders of the
Company of $1,364,000 ($0.00 per share) in the quarter ended September
30, 2011 ("Q3 2011") compared to earnings of $4,039,000 ($0.01 per share)
in the quarter ended September 30, 2010 ("Q3 2010").
- EBITDA decreased to $2,912,000 in Q3 2011 compared to $11,120,000 in Q3
2010.
- PGM ounces sold decreased 29% to 26,955 ounces in Q3 2011 compared to
37,798 PGM ounces in Q3 2010.
- The U.S. dollar average delivered price per PGM ounce increased 14% to
$1,088 in Q3 2011 compared to $953 in Q3 2010.
- The Rand average delivered price per PGM ounce increased 12% to R7,768
in Q3 2011 compared to R6,966 in Q3 2010.
- Total Rand operating cash costs increased 3% to R204 million in Q3 2011
compared to R197 million in Q3 2010.
- Rand operating cash costs net of by-product credits increased 34% to
R6,097 per ounce in Q3 2011 compared to R4,566 per ounce in Q3 2010. Rand
operating cash costs increased 45% to R7,561 per ounce in Q3 2011
compared to R5,212 per ounce in Q3 2010.
- U.S. dollar operating cash costs net of by-product credits increased
37% to $854 per ounce in Q3 2011 compared to $625 per ounce achieved in
Q3 2010. U.S. dollar operating cash costs increased 49% to $1,059 per
ounce in Q3 2011 compared to $713 per ounce in Q3 2010.
- Head grade increased to 4.1 grams per tonne in Q3 2011 from 4.0 grams
per tonne in Q3 2010.
- Average concentrator recovery decreased to 78% in Q3 2011 compared to
81% in Q3 2010.
- Development meters increased by 21% to 3,976 meters and on-reef
development increased by 25% to 2,248 meters compared to Q3 2010.
- Stoping units decreased 20% to 40,594 square meters in Q3 2011 compared
to 50,892 square meters in Q3 2010.
- Run-of-mine ore hoisted decreased by 27% to 265,889 tonnes in Q3 2011
compared to 362,042 tonnes in Q3 2010.
- Run-of-mine ore processed decreased by 27% to 261,280 tonnes in Q3 2011
compared to 357,219 tonnes in Q3 2010.
- The Company`s Lost Time Injury Frequency Rate (LTIFR) improved to 1.66
in Q3 2011 compared to 4.66 in Q3 2010.
- At September 30 2011, the Company had a cash position (including cash,
cash equivalents and short term investments) of $267,164,000 (December
31, 2010 - $350,292,000).
The qualified person having reviewed the operating disclosures presented
in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project
Development.
Financial Information
For complete details of financial results, please refer to the unaudited
condensed consolidated interim financial statements and accompanying
Management`s Discussion and Analysis ("MD&A") for the three months ended
September 30, 2011 which has been released simultaneously with this
announcement. These financial statements and MD&A, and the comparative
unaudited condensed consolidated interim financial statements for the
three months ended September 30, 2010 are all available on SEDAR at
www.sedar.com and on the Company`s website www.eastplats.com.
Teleconference call details
Eastplats will host a telephone conference call on Monday, November 14,
2011 at 10:00 am Pacific (1:00 pm 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 Monday,
November 21, 2011 and can be accessed by dialing 1-604-638-9010 or 1-800-
319-6413 and using the pass code 4219 followed by the number sign (#).
Total shares issued and outstanding - 908,187,807
September 30, 2011 financials to be attached here. September 30, 2011
MD&A to be attached here
For further information, please contact:
EASTERN PLATINUM LIMITED
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
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.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is
intended to provide readers with a reasonable basis for assessing the
financial performance of the Company. All statements, other than
statements of historical fact, are forward- looking statements. The words
"believe", "expect", "anticipate", "contemplate", "target", "plan",
"intends", "continue", "budget", "estimate", "may", "will", "schedule"
and similar expressions identify forward looking statements. Forward-
looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Company, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause
actual results to differ materially from those projected in the forward-
looking statements. Such factors include, but are not limited to,
fluctuations in the currency markets such as Canadian dollar, South
African Rand and U.S. dollar, fluctuations in the prices of PGM and other
commodities, changes in government legislation, taxation, controls,
regulations and political or economic developments in Canada, the United
States, South Africa, or Barbados or other countries in which the Company
carries or may carry on business in the future, risks associated with
mining or development activities, the speculative nature of exploration
and development, including the risk of obtaining necessary licenses and
permits, and quantities or grades of reserves. Many of these
uncertainties and contingencies can affect the Company`s actual results
and could cause actual results to differ materially from those expressed
or implied in any forward-looking statements made by, or on behalf of,
the Company. Readers are cautioned that forward-looking statements are
not guarantees of future performance. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those acknowledged in such statements.
Specific reference is made to the Company`s most recent Annual
Information Form on file with Canadian provincial securities regulatory
authorities for a discussion of some of the factors underlying forward-
looking statements.
The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except to the extent required by applicable laws.
Date: 14/11/2011 15:09:01 Produced by the JSE SENS Department.
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