2nd Quarter Results
13 August 2009 - 2:35PM
UK Regulatory
TIDMELR
2nd Quarter Results
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
August 13, 2009
Eastern Platinum Reports Results for the Three Months Ended June 30, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2009) - Mr. Ian Rozier, President and CEO of
Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report financial
results for the three months ended June 30, 2009.
Highlights for the quarter ended June 30, 2009 ("Q2 2009")
- The mine's safety record continues to compare favourably with other platinum producers in South
Africa, with a Lost Time Injury Frequency Rate (LTIFR) of 1.94 this quarter compared to 1.85 in Q2
2008.
- Eastplats recorded a net profit attributable to equity shareholders of the Company of $317,000
($0.00 per share) compared to a net profit attributable to equity shareholders of $12,148,000 ($0.02
per share) in the second quarter of 2008 ("Q2 2008").
- EBITDA was $6,529,000 compared to $28,259,000 in Q2 2008 and $7,018,000 in the first quarter of
2009.
- Production at the Crocodile River Mine ("CRM") increased by 10% to 33,383 PGM ounces, from 30,311
PGM ounces in Q2 2008.
- The average delivered basket price per PGM ounce was $679, a decrease of 59% compared to $1,657 in
Q2 2008, but an increase of 15% compared to $590 in the first quarter of 2009.
- Operating cash costs were $554 per ounce, a decrease of 20% compared to the $696 per ounce achieved
in Q2 2008.
- Operating cash costs net of by-product credits decreased by 29% from $696 per ounce in Q2 2008 to
$494 per ounce this quarter.
- Rand operating cash costs per ounce have decreased by 25% since the fourth quarter of 2008
reflecting the success of the Company's operating cost cutting measures which had been implemented
since December 2008. Rand operating cash costs per ounce decreased from R6,231 per ounce in the fourth
quarter of 2008 to R5,326 per ounce in the first quarter of 2009, and to R4,673 per ounce in Q2 2009.
- The integration of the chrome recovery plant in 2008 continues to be a significant factor in cost
reduction. Chrome penalties decreased by 76% from $2,631,000 in Q2 2008 to $621,000 this quarter.
- Average recovery rates for the quarter improved to 80%, compared to 73% in Q2 2008.
- Head grade increased to 4.2 grams per tonne this quarter compared to the 4.0 g/t that had been
consistently achieved in the previous five quarters.
- Stoping units increased by 16% and run-of-mine tonnes hoisted increased by 12% compared to the same
quarter in 2008.
- Run-of-mine ore processed decreased by 3% to 304,354 tonnes in Q2 2009 from 313,767 tonnes in Q2
2008.
- At June 30, 2009, the Company had a cash position (including cash, cash equivalents and short term
investments) of $21,910,000, compared to $21,966,000 at March 31, 2009.
"CRM is performing well and the second quarter results reflect the successful implementation of
changes made to our mining plan at the start of the year. During a very volatile period of metal
prices and exchange rates, we have achieved a good operating performance and have established
ourselves as one of the lowest cost producers in the PGM sector. We will continue to focus on safety,
on lowering our cost profile even further, and on preserving our cash balances. We are progressing
with planning for our other projects so that we are ready to deliver when PGM prices improve," said
Ian Rozier.
The qualified person having reviewed the operating disclosures presented in this press release is Mr.
Brian Montpellier, V.P. Project Development, P. Eng.
Financial Information
For complete details of financial results, please refer to the unaudited condensed consolidated
financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three
months ended June 30, 2009. These financial statements and MD&A, and the comparative financial
statements for the three months ended June 30, 2008 are all available on SEDAR at www.sedar.com and on
the Company's website www.eastplats.com.
Teleconference call details
Eastplats will host a telephone conference call on Thursday, August 13, 2009 at 11:00 am Pacific (2:00
pm Eastern) to discuss these results. The conference call may be accessed by dialing 1-800-319-4610 in
Canada and the United States, or 1-604-638-5340 internationally.
The conference call will be archived for later playback until Thursday, August 20, 2009 and can be
accessed by dialing 1-604-638-9010 or 1-800-319-6413 and using the pass code 4219 followed by the
number sign (#).
Total shares issued and outstanding - 680,557,369
To view June 30, 2009 financials please click on the following link:
http://media3.marketwire.com/docs/elr813a.pdf
To view June 30, 2009 MD&A please click on the following link:
http://media3.marketwire.com/docs/elr813b.pdf
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers
with a reasonable basis for assessing the financial performance of the Company. All statements, other
than statements of historical fact, are forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may",
"will", "schedule" and similar expressions identify forward looking statements. Forward-looking
statements are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by the Company, are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements. Such factors include, but are not
limited to, fluctuations in the currency markets such as Canadian dollar, South African Rand and U.S.
dollar, fluctuations in the prices of PGM and other commodities, changes in government legislation,
taxation, controls, regulations and political or economic developments in Canada, the United States,
South Africa, or Barbados or other countries in which the Company carries or may carry on business in
the future, risks associated with mining or development activities, the speculative nature of
exploration and development, including the risk of obtaining necessary licenses and permits, and
quantities or grades of reserves. Many of these uncertainties and contingencies can affect the
Company's actual results and could cause actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned
that forward-looking statements are not guarantees of future performance. There can be no assurance
that such statements will prove to be accurate and actual results and future events could differ
materially from those acknowledged in such statements. Specific reference is made to the Company's
most recent Annual Information Form on file with Canadian provincial securities regulatory authorities
for a discussion of some of the factors underlying forward-looking statements.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Ian Rozier
President & C.E.O.
+1-604-685-6851
+1-604-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
OR
NOMAD - Canaccord Adams Limited
Ryan Gaffney
+44 20 7050 6500
Ryan.Gaffney@CanaccordAdams.com
OR
JSE SPONSOR - PSG Capital (Pty) Limited
Anje Gregory
+27 21 887 9602
anjeg@psgcapital.com
No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
Eastern Platinum Limited
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