Eastplats Reports Production Results for the Quarter Ended September 30, 2011
October 18 2011 - 8:03AM
UK Regulatory
TIDMELR
Eastplats Reports Production Results for the Quarter Ended September 30, 2011
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
October 18, 2011
Eastplats Reports Production Results for the Quarter Ended September 30, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2011) - Eastern Platinum Limited ("Eastplats")
(TSX:ELR)(AIM:ELR)(JSE:EPS) reports operating results from the Crocodile River Mine ("CRM") for the third quarter
ended September 30, 2011.
Production statistics for the current quarter and historical quarters are as follows:
/T/
=--------------------------------------------------------------------------
Quarter ended Increase (decrease)
=--------------------------------------------------------------------------
Q3 2011 Q3 2011
Production Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, vs. vs.
statistics 2011 2011 2011 2010 2010 Q2 2011 Q3 2010
=--------------------------------------------------------------------------
Ounces 26,955 20,528 25,387 32,752 37,798 6,427 (10,843)
produced
=--------------------------------------------------------------------------
Run-of- 265,889 203,166 247,369 324,879 362,042 62,723 (96,153)
mine
tonnes
hoisted
=--------------------------------------------------------------------------
Run-of- 261,280 201,986 245,500 327,872 357,219 59,294 (95,939)
mine
tonnes
processed
=--------------------------------------------------------------------------
Develop- 3,976 3,562 4,219 3,501 3,299 414 677
ment
(meters)
=--------------------------------------------------------------------------
On-reef 2,248 2,090 2,434 1,925 1,797 158 451
develop-
ment
(meters)
=--------------------------------------------------------------------------
Stoping 40,594 31,828 44,674 53,044 50,892 8,766 (10,298)
units
(square
meters)
=--------------------------------------------------------------------------
Head grade 4.08 3.93 3.93 3.97 4.03 0.15 0.05
(grams/
tonne)
=--------------------------------------------------------------------------
Concentrator 78% 76% 79% 78% 81% 2% (3%)
recovery
from ROM
ore(i)
=--------------------------------------------------------------------------
Chrome 77,531 64,913 62,498 79,461 100,023 12,618 (22,492)
dispatched
(tonnes)
=--------------------------------------------------------------------------
(i) Concentrator recovery has been rounded to the nearest percentage point.
/T/
Third quarter mining and production improved compared to the second quarter which was negatively impacted by
labour issues related to the illegal underground sit-in followed by an unprotected strike in early May. Following
the settlement of the labour issues in late May, operations at the Zandfontein section have steadily and safely
returned to levels achieved in late 2010. At the Maroelabult section, 155 production workers were suspended in May
following which JIC Mining was engaged on a fixed-term contract. Production build-up has progressed slower than
anticipated as new crews were being integrated into the section throughout the third quarter.
Concentrator recovery improved in the third quarter compared to the second quarter during which disruptions to the
steady state operation of the mine and processing plant due to the illegal sit-in contributed to lower
concentrator recoveries. Head grade also improved compared to the second quarter as a result of the increase in
tonnage from stoping.
Work at the 90,000 tonne-per-month Mareesburg/Kennedy's Vale open-pit and concentrator project on the Eastern Limb
is progressing on schedule. Bulk earthworks commenced on site in July. The completion of the terracing for the
concentrator pad is advancing well and the Company anticipates that concrete work will start in November. Much of
the major mine and concentrator equipment is already in storage on site and the balance is on order. Eskom power
has been connected to site and the main substation transformer has been shipped. Production start-up is on
schedule for late 2012.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian
Montpellier, P.Eng.
Eastplats will release its full second quarter results on Monday, November 14, 2011.
Total shares issued and outstanding: 908,187,807
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable
Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats
and as such are not a guarantee of future performance. 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,
increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise
any forward- looking statements, whether as a result of new information, future events or otherwise, except as
required by applicable laws.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
OR
Canaccord Genuity Limited, London - NOMAD
Bhavesh Patel
+44 20 7050 6500
OR
PSG Capital (Pty) Limited - JSE Sponsor
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein.
Eastern Platinum Limited
Eastern Plat (LSE:ELR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eastern Plat (LSE:ELR)
Historical Stock Chart
From Jul 2023 to Jul 2024
