3rd Quarter Results
16 April 2010 - 3:06PM
UK Regulatory
TIDMELR
3rd Quarter Results
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
April 16, 2010
Eastplats Reports Operating Results for the Quarter Ended March 31, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2010) - Mr. Ian Rozier, President and CEO of Eastern
Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report operating results from the
Crocodile River Mine ("CRM") for the first quarter ended March 31, 2010.
Production statistics for the current quarter and historical quarters are as follows:
/T/
=---------------------------------------------------------------------------
Increase
Quarter ended (decrease)
=---------------------------------------------------------------------------
Q1 2010 Q1 2010
Production Mar 31, Dec 31, Sept 30, June 30, Mar 31, vs. Q4 vs. Q1
statistics 2010 2009 2009 2009 2009 2009 2009
=---------------------------------------------------------------------------
Ounces
produced 30,531 34,000 29,986 33,383 32,969 (3,469) (2,438)
=---------------------------------------------------------------------------
Run-of-mine
tonnes
hoisted 304,309 321,393 244,959 342,368 321,165 (17,084) (16,856)
=---------------------------------------------------------------------------
Run-of-mine
tonnes
processed 290,854 321,983 280,777 304,354 318,394 (31,129) (27,540)
=---------------------------------------------------------------------------
Development
(meters) 2,812 3,254 2,882 4,326 4,573 (442) (1,761)
=---------------------------------------------------------------------------
On-reef
development
(meters) 1,931 2,135 1,562 2,860 2,745 (204) (814)
=---------------------------------------------------------------------------
Stoping units
(square
meters) 51,760 55,153 36,263 51,342 45,098 (3,393) 6,662
=---------------------------------------------------------------------------
Head grade
(grams/tonne) 4.1 4.1 4.1 4.2 4.0 0.0 0.1
=---------------------------------------------------------------------------
Concentrator
recovery
from ROM ore 78% 79% 78% 80% 80% (1%) (2%)
=---------------------------------------------------------------------------
Chrome
produced
(tonnes) 103,852 109,388 83,930 82,760 77,554 (5,536) 26,298
=---------------------------------------------------------------------------
/T/
Mine start up following the December break was much slower than anticipated which resulted in a 10% reduction
in run-of-mine tonnage processed and ounces produced when compared to the fourth quarter of 2009. Underground
development was also negatively impacted by the slow start in January with total development meters lower by
14% compared to the previous quarter.
A surface stockpile of 12,236 tonnes (representing approximately 1,274 recoverable PGM ounces) was measured at
the end of the quarter.
Head grade was maintained at 4.1g/t and concentrator recovery was 78% for the quarter. The chrome extraction
plant continued to run effectively during the quarter and chrome prices continue to improve.
Underground development commenced at Crocette on April 4 2010 in accordance with the planned CRM production
growth schedule.
"The slow start to 2010 following the December break affected all aspects of our operations. However, our
mining rates have picked up to normal levels since January, and the head grade and PGM recoveries have remained
consistent, putting us on track for a much more productive second quarter," said Ian Rozier.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian
Montpellier, V.P. Project Development, P. Eng.
Eastplats will release its full first quarter results on Wednesday, May 12, 2010.
Total shares issued and outstanding: 682,872,307
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
NOMAD - Canaccord Adams Limited
Ryan Gaffney
+44 20 7050 6500
Ryan.Gaffney@CanaccordAdams.com
OR
JSE SPONSOR - PSG Capital (Pty) Limited
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
Von Jun 2024 bis Jul 2024
Eastern Plat (LSE:ELR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024