| Thu 22 Dec 2011, 15:30 | | EPS - Eastern Platinum Limited - Eastplats increases equity interest in Lion`s |
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EPS
EPS
EPS - Eastern Platinum Limited - Eastplats increases equity interest in Lion`s
Head Platinum and ownership in the Mareesburg Platinum Project
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
December 22, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
EASTPLATS INCREASES EQUITY INTEREST IN LION`S HEAD PLATINUM AND OWNERSHIP IN THE
MAREESBURG PLATINUM PROJECT
Eastern Platinum Limited ("Eastplats" or the "Company") is pleased to report
that it has increased its interest in the Mareesburg platinum project
("Mareesburg") as a result of purchasing a further 23% interest in Lion`s Head
Platinum (Proprietary) Limited ("LHP"), the entity that owns a 100% interest in
Mareesburg. The consideration to be paid by Eastplats to acquire this
additional interest in LHP is US$10 million and 20 million common shares of
Eastplats, making the total cost to the Company approximately US$20.5 million.
Eastplats previously held a 25.5% interest in Mareesburg through its 51%
shareholding in LHP, and also successfully earned a 50% direct interest in the
project by way of the original Mareesburg Joint Venture agreement, for a total
direct and indirect interest of 75.5%. With the acquisition of a further 23% of
LHP, Eastplats now holds a 37% interest in Mareesburg through its 74%
shareholding in LHP, and the 50% interest by way of the joint venture, for a
total direct and indirect interest of 87% in Mareesburg.
The transaction is subject to acceptance by the Toronto Stock Exchange.
"With the ongoing development of the low cost Mareesburg/Spitskop facilities,
we are very pleased that we have been able to increase our equity position in
Mareesburg. Mareesburg is progressing well and is an important step in our
growth strategy of reaching target production by the end of 2013 of 225,000 PGM
ounces for the group", stated Ian Rozier.
Total shares issued and outstanding: 928,187,807 (including the 20,000,000 to be
issued pursuant to the above transaction)
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: 22/12/2011 15:30:01 Produced by the JSE SENS Department.
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