/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Sept. 4, 2018 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") and its subsidiary
Barplats Mines (Pty) Limited ("Barplats") are pleased to
announce they have satisfied all the conditions precedent regarding
the Framework Agreement (See News Release of March 5, 2018) with Union Goal Offshore Solution
Limited ("Union Goal"). The Framework Agreement provides for
the construction, mining and processing of the tailings resource,
and the subsequent offtake of chrome concentrate from, the Barplats
Zandfontein UG2 tailings facility ("Retreatment Project")
located at the Crocodile River Mine in South Africa.
The conditions precedent included amongst other agreed
requirements, the securing of the now non-refundable upfront
payment of ZAR 42.2 million paid to
Barplats and the signing of the:
- Offtake Agreement;
- Equipment and Chrome Plant Agreement;
- Escrow Agreement; and
- Loan Agreement.
The Company continues the construction phase of the Retreatment
Project with the expected completion date estimated at the end of
Q3 2018 followed immediately by
commissioning.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable securities legislation. Such forward-looking
statements include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "will", "plan",
"intends", "may", "will", "could", "expects", "anticipates" and
similar expressions. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking
statements are discussed in the Company's Annual Information Form
and Management's Discussion and Analysis which are available under
the Company's profile on www.sedar.com.
- In particular, this press release contains forward-looking
statements pertaining to: operation of the Framework, Offtake,
Equipment and Chrome Plant, Escrow and Loan Agreements, estimated
timelines of construction and estimated operations. These
forward-looking statements are based on assumptions made by and
information currently available to the Company. Although
management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties and readers are cautioned
not to place undue reliance on these statements as a number of
factors could cause actual results to differ materially from the
beliefs, plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements. These factors
include, but are not limited to, commodity prices, lower than
expected grades and quantities of resources, need for additional
funding, availability of such additional funding and that funding
will be on acceptable terms, economic conditions, currency
fluctuations, competition and regulations, legal proceedings and
risks related to operations in foreign countries.
The forward-looking statements in this press release are made as
of the date they are given and, except as required by applicable
securities laws, the Company disclaims any intention or obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein.
SOURCE Eastern Platinum Limited