Eastern Platinum Limited: Continuity, Width and Grade of Merensky Reef Confirmed at Spitskop
24 Mai 2007 - 3:01PM
UK Regulatory
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
May 24, 2007
Eastern Platinum Limited: Continuity, Width and Grade of Merensky Reef Confirmed at Spitskop
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 24, 2007) - Mr. Ian Rozier, President and CEO of
Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS), is pleased to report on the
results from the third and fourth batches of assay results received from the infill drilling programme
at the Spitskop platinum group metals ("PGM") project in South Africa that include assay results from
the Merensky Reef. Spitskop, located near Steelpoort in Mpumalanga Province, is a high grade, platinum
and rhodium rich, shallow dipping, surface accessible PGM deposit with a Measured Resource in the UG2
Reef, and an Indicated Resource in the Merensky Reef as previously reported.
Confirmatory drilling has been conducted across the property primarily to further evaluate the grade,
reef continuity, dip and content of individual platinum group elements in the UG2 Reef. The results of
the first batch of assay results from twenty-four UG2 Reef intersections were reported in a news
release dated November 8th, 2006, and assay results from sixty-seven UG2 Reef intersections were
reported on January 30th, 2007. The third and fourth batch of results from the UG2 were reported on
May 16, 2007. Thirty-three holes of the most recent drilling programme were drilled to intersect the
Merensky Reef and the assay results from fifty-eight Merensky Reef intersections from these holes are
shown in Table 1. The results are summarized as follows:
- The drilling and assay results from the Merensky Reef confirm the continuity of this reef across
Spitzkop and that the average grades over the full Merensky Reef section are consistent with previous
work conducted by Impala Platinum and reported by Eastplats.
- The recent assay results confirm that the PGM grades in the Merensky are consistent with previous
work reported by Eastplats and Impala Platinum, as well as the platinum rich (59%) nature, of the
Merensky at Spitskop.
- The average weighted average grade of the full Merensky Reef section from the recent drilling and
assay results is 2.43 g/t, and the average intersected reef width is 3.21m.
- Although the Merensky reef has a lower average grade than the UG2 Reef, the Merensky is considerably
thicker, with an average intersected full reef width of 3.21m in the recent drilling.
Stated Ian Rozier, President and CEO of Eastern Platinum Limited, "These results are important in that
they greatly increase our confidence in the overall continuity of the Merensky Reef across Spitskop as
well as confirming its high platinum content; at current metal prices an average grade of 2.4 g/t over
3.2m becomes extremely interesting."
As part of the ongoing feasibility study for Spitskop, the objectives of the infill drilling program
were to;
- Confirm the continuity of the UG2 Reef;
- Confirm general high PGM grade of the UG2 Reef across the property;
- Confirm the high platinum and rhodium grades in the UG2;
- Evaluate reef thickness, grade and continuity of the Merensky Reef;
- Provide core samples for metallurgical and rock mechanics testing.
Drilling was conducted by Geosearch, a division Transbor (Pty) Ltd. On site geological work and
supervision was carried out by MSA Geoservices under the direction of Davminex Mineral Consultants
(Pty) Ltd. Assaying was conducted by Set Point Laboratories, S.A.
The data generated from the 2006/7 drill progamme will be used for mine planning for the Northern
Block at Spitskop where the UG2 Reef outcrops on surface and extends to a depth of 350m at a dip of
between 11 degrees and 14 degrees, and for longer term mine planning for the deeper sections in the
UG2 reef and for mining the Merensky reef.
With respect to the Merensky Reef, the objective in drilling was to obtain two reef intersections from
each hole, one from the motherhole and one from a deflection hole, with the core from both
intersections being sampled and sent for assaying. This was achieved in all but six of the thirty-
three drillholes that intersected the Merensky.
The assay results for the Merensky are reported on a 4 ELEMENT basis ("4E"), with average mineral
content of individual PGM elements or "prill splits" being expressed in percentage terms. For purposes
of clarity, all the holes drilled are reported and if no sampling or assaying was undertaken the
reasons are provided.
Summary of drill/assay results from Merensky are appended to this news release in Table 1. With
reference to the reported results, the following should be noted;
- Merensky Reef widths are "intersected" widths.
- All holes are vertical.
- The Merensky Reef at Spitskop dips between 11 degrees and 14 degrees.
- Table 1 reports assay results over the full section of Reef.
- The average metal contribution or 'prill splits' for the Merensky Reef intersections are; Pt 59%; Pd
30%; Rh 3.2%; and Au 7.5%.
Spitskop is envisaged to start as a decline mining operation that will exploit high grade PGM
resources in the UG2 reef at relatively shallow depth without the requirement for high capital cost
shaft mine infrastructure. Spitskop is situated updip of, and adjacent to, the Kennedy's Vale project
owned by Barplats Investments Limited ("Barplats"), in which Eastplats owns a 74% indirect interest,
with transactions pending to increase this to 85%. Kennedy's Vale and the deeper sections of both
properties could utilize the twin vertical shafts that already exist at Kennedy's Vale. This
infrastructure would result in a significant reduction in capital costs for the development of deeper
sections at Spitskop.
Eastern Platinum Limited trades on the TSX and AIM Stock Exchanges under the trading symbol ELR and on
the JSE in South Africa under the trading symbol EPS.
The qualified person having prepared the contents of this news release is Mr. Ian Rozier, B.Sc.(Hons),
M.Sc., P.Eng.
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 Barplats 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.
S&P/TSX Composite Index
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TABLE 1
SUMMARY OF DRILL/ASSAY DATA - MERENSKY
Hole Depth to Top Av. Grade Intersected Reef
Number of Merensky Reef 4E(g/t) Thickness (m)
------ ---------------- --------- ----------------
SP10 261.39 3.20 2.44
SP10U7 258.31 4.92 2.19
SP18U4 225.55 1.91 3.35
SP18U6 225.14 1.68 3.98
SP19 176.44 0.94 2.99
SP19U5 176.29 1.15 3.34
SP22 215.81 2.00 9.61
SP22U4 215.66 1.89 8.32
SP25 234.97 5.39 2.47
SP25U2 233.21 1.75 4.20
SP27 108.04 3.59 2.68
SP27U5 107.98 1.65 2.82
SP31 60.83 2.02 3.02
SP31U4 60.85 1.09 3.11
SP34 392.56 1.95 1.93
SP34U2 392.75 3.08 1.74
SP35 324.06 2.85 1.42
SP35U5 323.68 3.81 2.04
SP36 190.39 2.35 0.84
SP35U5 190.49 4.05 1.01
SP37 297.59 3.13 2.81
SP37U3 297.43 1.69 3.40
SP38 41.00 0.77 3.10
SP39 191.04 0.74 3.67
SP39U6 190.76 1.55 2.65
SP40 311.11 2.62 3.69
SP40U6 311.12 1.63 3.58
SP41 597.24 3.17 2.68
SP41U4 596.56 1.94 2.69
SP45 358.24 1.89 3.13
SP45U5 358.23 0.92 3.08
SP46 509.32 1.18 7.33
SP46U4 509.32 0.31 7.41
SP47 275.96 2.89 3.86
SP47U4 275.87 1.82 3.76
SP49 412.31 2.85 2.01
SP49U3 412.55 1.74 1.93
SP50 235.85 2.51 1.82
SP50U1 235.48 5.26 2.00
SP51U3 376.96 4.75 2.84
SP51U4 376.92 1.93 2.92
SP52 363.50 1.62 3.36
SP52U5 363.70 2.93 3.34
SP53 392.47 0.26 0.42
SP54 451.29 2.78 0.30
SP57 47.45 2.14 3.01
SP57U4 47.58 2.38 3.25
SP58 486.16 3.55 2.04
SP58U5 486.19 1.18 2.07
SP59 417.73 4.36 3.37
SP59U5 417.92 2.22 3.09
SP60U1 384.33 1.93 0.94
SP61 235.06 4.48 3.44
SP61U1 235.03 7.10 3.76
SP62U4 330.25 1.60 9.75
SPD01 183.08 0.66 3.16
SPD04U1 2.6352 2.44 3.67
SPD07U2 86.61 2.38 3.27
/T/
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FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Mr. Ian Rozier, M.Sc., P.Eng.
President & CEO
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
OR
NOMAD: Canaccord Adams Limited, London
+44 20 7050 6752
Email: Robin.Birchall@canaccordadams.com or Clayton.Bush@can
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