Eastern Platinum Limited: Updates on New Order Mining Rights, Power and Water Supply for Eastern Limb Projects
04 November 2010 - 1:54PM
UK Regulatory
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Eastern Platinum Limited: Updates on New Order Mining Rights, Power and Water Supply for Eastern Limb Projects
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
November 4, 2010
Eastern Platinum Limited: Updates on New Order Mining Rights, Power and Water Supply for Eastern Limb Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2010) - Mr. Ian Rozier, President and CEO of Eastern
Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats" or the "Company") is pleased to provide an update on
New Order Mining Rights, power delivery, and water supply arrangements, for the development of the Company's
mining projects on the Eastern Limb of the Bushveld Complex in South Africa.
The New Order Mining Right for the Mareesburg project, which includes all platinum group metals, base metals
and chrome in the UG2 reef horizon, has been granted to Lion's Head Platinum (Pty) Ltd. (a subsidiary of
Eastplats), by the South African Department of Mineral Resources ("DMR") under the terms of Section 22(1) of
the Minerals and Petroleum Resources Development Act 2002. The associated Environmental Management Programme
("EMP") was also approved at the same time as the Mining Right was granted.
In accordance with the approved EMP and the Social and Labor Plan ("SLP") accompanying the Mareesburg mining
right, the development of the Mareesburg and Spitzkop projects could generate approximately 1,600 jobs and
directly benefit the nearby communities of Lydenburg and Steelport. (The New Order Mining Right to mine all
platinum group metals, base metals and chrome was granted to Spitzkop Platinum (Pty) Limited, a subsidiary of
Eastplats, in 2009).
The planned development of the Mareesburg open-pit mine could result in an increase in Eastplats' annual
production to approximately 325,000 ounces in 2013 (see news release dated June 3, 2010). Under this plan, a
90,000 tpm concentrator would be located on the Kennedy's Vale site and the planned rapid production ramp-up at
Mareesburg would allow the concentrator to ramp up quickly to full capacity immediately upon commissioning. To
accommodate future capacity increases, the plant at Kennedy's Vale would include the civil and other surface
infrastructure work required for an additional 90,000 tpm processing stream and appropriate tailings facility
infrastructure to process up to 180,000 tpm of ore.
Mareesburg would initially be an open-pit mining operation and consequently require little power. A power line
currently provides 800 KVA across the Mareesburg property and this would be adequate to run administration and
workshop/maintenance facilities with any further power requirements to be provided by on site diesel power
generators.
The Company has already secured 3MVA of power for the construction phase for the concentrator at the Kennedy's
Vale site. With respect to permanent operating power for the concentrator and for the Spitzkop mine, the
Company has applied for 40 MVA of installed capacity, of which 20MVA would be required for the initial 90,000
tpm plant. Eastplats has paid the necessary fees to initiate the acquisition of power and Eskom has commenced
the engineering work.
Eastplats has water supply rights in place to support an 180,000 tpm mining operation from the De Brochen Dam,
and has the rights to participate in the De Hoop water supply scheme that would allow for water supply to
support a further 100,000 tpm processing stream.
"The recent granting of New Order Mining Rights for Mareesburg and the securing of construction power at
Kennedy's Vale along with our existing water rights now provides us with all the third party support for us to
begin the phased development of our multiple properties on the Eastern Limb. This is in line with our long term
growth plan to significantly increase Eastplats' production," stated Ian Rozier, President and CEO.
Eastplats will release its full third quarter results on Monday, November 15, 2010.
Total shares issued and outstanding - 683,179,000
Cautionary Statement on Forward-Looking Information
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. Such statements include those about the commencement of
development of the Eastern Limb projects and future production levels. 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
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 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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