Eastplats Reports Operating Results for the Quarter Ended June 30, 2010
23 Juli 2010 - 8:00AM
UK Regulatory
TIDMELR
Eastplats Reports Operating Results for the Quarter Ended June 30, 2010
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
July 23, 2010
Eastplats Reports Operating Results for the Quarter Ended June 30, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 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 second quarter ended June 30, 2010.
Production statistics for the current quarter and historical quarters are as follows:
/T/
=--------------------------------------------------------------------------
Increase
Quarter ended (decrease)
=--------------------------------------------------------------------------
Q2 2010 Q2 2010
Production Jun 30, Mar 31, Dec 31, Sept 30, Jun 30, vs. vs.
statistics 2010 2010 2009 2009 2009 Q1 2010 Q2 2009
=--------------------------------------------------------------------------
Ounces 30,820 30,531 34,000 29,986 33,383 289 -2,563
produced
=--------------------------------------------------------------------------
Run-of-mine 297,186 304,309 321,393 244,959 342,368 -7,123 -45,182
tonnes hoisted
=--------------------------------------------------------------------------
Run-of-mine 290,028 290,854 321,983 280,777 304,354 -826 -14,326
tonnes processed
=--------------------------------------------------------------------------
Development 3,202 2,812 3,254 2,882 4,326 390 -1,124
(meters)
=--------------------------------------------------------------------------
On-reef 1,573 1,931 2,135 1,562 2,860 -358 -1,287
development
(meters)
=--------------------------------------------------------------------------
Stoping units 50,573 51,760 55,153 36,263 51,342 -1,187 -769
(square meters)
=--------------------------------------------------------------------------
Head grade 4.1 4.1 4.1 4.1 4.2 -- -0.1
(grams/tonne)
=--------------------------------------------------------------------------
Concentrator 80% 78% 79% 78% 80% +2% --
recovery from
ROM ore
=--------------------------------------------------------------------------
Chrome sold 76,677 75,846 85,347 76,900 70,850 831 5,827
(tonnes)
=--------------------------------------------------------------------------
/T/
Production was up 1% compared to the first quarter of 2010 ("Q1 2010"), but run-of mine tonnes hoisted and on-
reef development meters were down 2% and 19% respectively compared to Q1 2010 due to the dismissal of 15
contract stoping crews (out of a total of 58 crews) in May and the resulting build-up and training of new
crews. Full replacement of these crews was completed in July 2010. The Company expects that on-reef development
and production will increase once the new crews have been properly inducted and trained.
The contract crews were dismissed due to management's concerns over their safety procedures. Lost-time injury
frequency rate (LTIFR) was 2.78, compared to 1.77 in Q1 2010.
A surface stockpile of 10,556 tonnes (representing approximately 1,100 recoverable PGM ounces) was measured at
the end of the quarter. Head grade was maintained at 4.1g/t and concentrator recovery increased to an average
of 80% for the quarter.
Underground development commenced at Crocette on April 4, 2010 in accordance with the planned CRM production
growth schedule.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian
Montpellier, P. Eng, V.P. Project Development.
Eastplats will release its full second quarter results on Wednesday, August 11, 2010.
Total shares issued and outstanding: 683,030,719
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.
S&P TSX Composite Index
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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 Genuity Limited, London
Ryan Gaffney / Ryan Cohen
+44 20 7050 6500
rgaffney@canaccordgenuity.com /
rcohen@canaccordgenuity.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
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