| Mon 19 Dec 2011, 15:30 | | EPS - Eastern Platinum Limited - Eastern Platinum Limited Holdings in company |
|
EPS
EPS
EPS - Eastern Platinum Limited - Eastern Platinum Limited Holdings in company
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
December 19, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
EASTERN PLATINUM LIMITED HOLDINGS IN COMPANY
Eastern Platinum Limited ("Eastplats" or the "Company") reports on mining and
development progress on its various Platinum Group Metals ("PGM") projects in
South Africa.
Western Limb
Crocodile River Mine ("CRM") - Zandfontein Section
Mine development projects are on track with the new infrastructure for
underground ore and waste handling systems on 3 and 4 Level having been
successfully installed, and the ongoing development of the conveyor decline
required to develop the mine to 9 Level on schedule.
CRM - Maroelabult Section
Decline development and conveyor installations at the Maroelabult section are
proceeding as planned, and the mine life of this section of CRM has been
extended by two years to 2016.
CRM - Crocette Section
Underground development has intersected the UG2 reef and a bulk sample is being
mined. However, with the current demand risk and ongoing forecasted margin
deterioration, the Company has elected to put the development of the Crocette
mine on hold until there is a significant increase in the ZAR basket price that
would mitigate the effects of existing cost inflation. All development
activities at Crocette will cease in Q1 2012.
Production in 2012 from CRM is estimated at approximately 125,000 PGM ounces.
Eastern Limb
Earthworks have been completed and pouring of foundations for plant construction
has commenced on the Kennedy`s Vale mill complex near Steelport. The project is
tracking on schedule and budget. The Kennedy`s Vale mill is scheduled to be
commissioned with ore from the Mareesburg open pit mine in Q4 2012, with full
production to commence in Q1 2013. At full production, the Mareesburg mine is
expected to produce approximately 100,000 PGM ounces per annum.
"We anticipate a 100% increase in annual production over 2011 production by the
end of 2013. The revised development schedule for our projects takes into
account the current and forecast market that we operate in to mitigate the
financial risks that prevail in the sector. We have a rational, low risk and low
cost approach to group expansion", stated Ian Rozier, President and CEO of
Eastplats.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.
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:
Rob Collins/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
Date: 19/12/2011 15:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
