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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Dec. 18, 2018 /CNW/ - Eastern Platinum
Limited and its subsidiary Barplats Mines (Pty)
Limited (collectively called "Eastplats" or the
"Company") is very pleased to announce that the Company
has commenced commissioning its newly constructed chrome plant and
the Chrome Circuit produced its first chrome concentrate.
The chrome processing circuit, related technology and knowhow
(the "Chrome Circuit"), in conjunction with the re-mining of
the Barplats Zandfontein UG2 tailings ("Retreatment
Operations"), are located at the Crocodile River Mine in
South Africa. All site teams are
now mobilized and in place to continue commissioning and initial
pre-operations with the intention to move towards full-scale
production following completion of all commissioning. The Company
targets commercial production in early 2019 with the expectation to
ramp-up to full commercial production during Q2 2019.
Diana Hu, CEO commented,
"Achievement of this major milestone is the culmination of the
combined energies of our team over the past several years resulting
in a highly productive 2018 for Eastplats. Rebounding from the past
5 years in care and maintenance, I am so pleased to be working with
such a dedicated group and look forward as the Company is on the
verge of generating production revenue once again, realizing a
tremendous opportunity to create value for all our
stakeholders."
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: estimated timing to complete
commissioning, begin operations and, ramp-up to full commercial
production of the Chrome Circuit and the estimated timelines for
revenue production. 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