Eastplats Increases Equity Interest in Lion's Head Platinum and Ownership in the Mareesburg Platinum Project
22 Dezember 2011 - 2:30PM
UK Regulatory
TIDMELR
Eastplats Increases Equity Interest in Lion's Head Platinum and Ownership in the Mareesburg Platinum Project
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
December 22, 2011
Eastplats Increases Equity Interest in Lion's Head Platinum and Ownership in the Mareesburg Platinum Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2011) - Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS)
("Eastplats" or the "Company") is pleased to report that it has increased its interest in the Mareesburg platinum
project ("Mareesburg") as a result of purchasing a further 23% interest in Lion's Head Platinum (Proprietary) Limited
("LHP"), the entity that owns a 100% interest in Mareesburg. The consideration to be paid by Eastplats to acquire this
additional interest in LHP is US$10 million and 20 million common shares of Eastplats, making the total cost to the
Company approximately US$20.5 million.
Eastplats previously held a 25.5% interest in Mareesburg through its 51% shareholding in LHP, and also successfully
earned a 50% direct interest in the project by way of the original Mareesburg Joint Venture agreement, for a total
direct and indirect interest of 75.5%. With the acquisition of a further 23% of LHP, Eastplats now holds a 37% interest
in Mareesburg through its 74% shareholding in LHP, and the 50% interest by way of the joint venture, for a total direct
and indirect interest of 87% in Mareesburg.
The transaction is subject to acceptance by the Toronto Stock Exchange.
"With the ongoing development of the low cost Mareesburg/Spitskop facilities, we are very pleased that we have been able
to increase our equity position in Mareesburg. Mareesburg is progressing well and is an important step in our growth
strategy of reaching target production by the end of 2013 of 225,000 PGM ounces for the group", stated Ian Rozier.
Total shares issued and outstanding: 928,187,807 (including the 20,000,000 to be issued pursuant to the above
transaction)
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 therefore,
readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no
assurance that such statements will prove to be accurate and 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, changes in
government legislation, controls, regulations and political developments.
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.
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
Rob Collins
rcollins@canaccordgenuity.com
+44 20 7050 6500
OR
Canaccord Genuity Limited, London
Bhavesh Patel
bpatel@canaccordgenuity.com
+44 20 7050 6500
OR
JSE SPONSOR:
PSG Capital (Pty) Limited
Johan Fourie
johanf@psgcapital.com
+27 21 887 9602
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein.
Eastern Platinum Limited
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