Eastplats Reports Record Production for the Quarter Ended September 30, 2010
14 Oktober 2010 - 2:00PM
UK Regulatory
TIDMELR
Eastplats Reports Record Production for the Quarter Ended September 30, 2010
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
October 14, 2010
Eastplats Reports Record Production for the Quarter Ended September 30, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2010) - Mr. Ian Rozier, President and CEO of Eastern
Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is pleased to report record production from the
Crocodile River Mine ("CRM") for the third quarter ended September 30, 2010.
CRM produced a quarterly record of 37,798 PGM ounces, up 23% compared to the quarter ended June 30, 2010 ("Q2
2010") and up 26% compared to the third quarter of 2009.
Production statistics for the current quarter and historical quarters are as follows:
/T/
=--------------------------------------------------------------------------
Increase
Quarter ended (decrease)
=--------------------------------------------------------------------------
Q3 2010 Q3 2010
Production Sept 30, Jun 30, Mar 31, Dec 31, Sept 30, vs. Q2 vs. Q3
statistics 2010 2010 2010 2009 2009 2010 2009
=--------------------------------------------------------------------------
Ounces 37,798 30,820 30,531 34,000 29,986 6,978 7,812
produced
=--------------------------------------------------------------------------
Run-of-mine 362,042 297,186 304,309 321,393 244,959 64,856 117,083
tonnes hoisted
=--------------------------------------------------------------------------
Run-of-mine 357,219 290,028 290,854 321,983 280,777 67,191 76,442
tonnes processed
=--------------------------------------------------------------------------
Development 3,299 3,202 2,812 3,254 2,882 97 417
(meters)
=--------------------------------------------------------------------------
On-reef 1,797 1,573 1,931 2,135 1,562 224 235
development (meters)
=--------------------------------------------------------------------------
Stoping units 50,892 50,573 51,760 55,153 36,263 319 14,629
(square meters)
=--------------------------------------------------------------------------
Head grade 4.0 4.1 4.1 4.1 4.1 -0.1 -0.1
(grams/tonne)
=--------------------------------------------------------------------------
Concentrator 81% 80% 78% 79% 78% +1% +3%
recovery from
ROM ore(i)
=--------------------------------------------------------------------------
Chrome sold 100,023 76,677 75,846 85,347 76,900 23,346 23,123
(tonnes)(i)
=--------------------------------------------------------------------------
(i) Head grade and concentrator recovery have been rounded to the nearest
tenth and percentage point, respectively.
/T/
Production reached a record as a result of a significant increase in run-of-mine tonnes hoisted and processed
(up 22% and 23% respectively compared to Q2 2010), and an increase in concentrator recovery to 81%.
The focus for the third quarter was mainly on quality of mining whilst replacing previously terminated
contractor crews. A revised sweeping standard, together with the higher stoping units and on-reef development,
contributed positively to the 22% increase of run-of-mine tonnes hoisted. Off-reef development also increased
by 3% compared to Q2 2010.
Chrome sold also increased to a quarterly record of 100,023 tonnes in Q3 2010, up 30% over Q2 2010.
Mine development at Crocette has continued during the quarter.
"CRM's record quarter was a result of our operations becoming more streamlined, as evidenced by increased
tonnages and improved concentrator recoveries. We look forward to further production increases, as well as
production from Crocette, which we expect will come on stream and contribute ounces within the next 12 months,"
said Ian Rozier.
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 third quarter results on Monday, November 15, 2010.
Total shares issued and outstanding: 683,163,211
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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