VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2012 ("Q4 2012").
Production statistics for the current quarter and historical quarters are as follows:
| Quarter ended | Increase (decrease) | ||||||
Production statistics |
Dec 31, 2012 |
Sep 30, 2012 |
Jun 30, 2012 |
Mar 31, 2012 |
Dec 31, 2011 |
Q4 2012 vs. Q3 2012 |
Q4 2012 vs. Q4 2011 |
| Ounces produced | 14,066 | 21,273 | 26,412 | 24,474 | 19,854 | (7,207) | (5,788) |
| Run-of-mine tonnes hoisted | 127,654 | 206,176 | 257,250 | 247,538 | 200,919 | (78,522) | (73,265) |
| Run-of-mine tonnes processed | 123,222 | 203,279 | 252,883 | 235,354 | 194,532 | (80,057) | (71,310) |
| Development (meters) | 1,365 | 2,066 | 2,922 | 3,117 | 2,929 | (700) | (1,564) |
| On-reef development (meters) | 350 | 966 | 1,653 | 1,704 | 1,591 | (616) | (1,241) |
| Stoping units (square meters) | 16,468 | 28,943 | 40,959 | 39,857 | 31,767 | (12,475) | (15,299) |
| Head grade (grams/tonne) | 4.09 | 4.08 | 3.99 | 4.07 | 4.05 | 0.01 | 0.04 |
| Concentrator recovery from ROM ore* | 72% | 76% | 79% | 77% | 76% | (4%) | (4%) |
| Chrome dispatched (tonnes) | 45,306 | 53,761 | 56,521 | 74,920 | 62,791 | (8,455) | (17,485) |
| * Concentrator recovery has been rounded to the nearest percentage point. |
The Company is pleased to report that its implementation of a comprehensive mine development plan at CRM is progressing well. As a result of the planned temporary suspension of stoping at the Zandfontein section, production in Q4 2012 is lower than in previous quarters.
The Company will no longer be providing quarterly production figures in advance of the release of its quarterly financial results until full production resumes at Zandfontein, which is anticipated to be in 2014.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.
Eastplats expects to release its full fourth quarter results on Thursday, March 14, 2013.
Total shares issued and outstanding: 928,187,807
Cautionary Statement on Forward-Looking Information
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements pertain to the price of PGMs, fluctuations in currency markets (specifically the South African Rand and the U.S. dollar), the future development of the Company's projects, and the Company's plans for its properties. These forward-looking statements are based on certain assumptions by the Company and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and 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, changes in government legislation, controls, regulations and political developments.
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact Information:
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
NOMAD: Cannaccord Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000
JSE SPONSOR: PSG-Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com