Miscellaneous medium priority announcements
17 Mai 2012 - 2:00PM
UK Regulatory
TIDMELR
Miscellaneous medium priority announcements
FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
May 17, 2012
Eastplats Update on Reserve Statement at Crocodile River Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2012) - Eastern Platinum
Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is please to update the
Reserve statement for the Crocodile River Mine located near Brits in Northwest
Province, South Africa. The updated Reserve reflects depletion and development
work subsequent to the Reserves published in our NI 43-101 compliant Technical
report which was published on SEDAR on 20 December 2010. The updated Reserve is
current to 31 December 2011. The following factors apply:
/T/
=- 15% geological losses are included
=- 15% losses for pillars are included
=- 5% mining loss is included
=- Mining widths are now 142 cm (were 148 cm at Zandfontein and 153 cm at
Maroelabult in 2010)
=- Dilution consistent with the mining width is included
=- Dilution from gully and on reef development is excluded
Proven and Probable Reserves
=---------------------------------------------------------------------------
2010 Technical
Section Report 2011 Reserve Update
=---------------------------------------------------------------------------
4Eoz 4E Pt Pd Rh Au
Proven Tonnes g/t Tonnes g/t g/t g/t g/t g/t 4E ounces
=---------------------------------------------------------------------------
Zandfontein 842,000 4.08 1,246,000 4.17 2.61 1.09 0.43 0.03 167,000
=---------------------------------------------------------------------------
Maroelabult 132,000 3.91 394,000 3.98 2.49 1.04 0.41 0.03 50,000
=---------------------------------------------------------------------------
Subtotal 974,000 4.06 1,640,000 4.12 2.58 1.08 0.43 0.03 217,000
=---------------------------------------------------------------------------
Probable
=---------------------------------------------------------------------------
Zandfontein 22,748,000 4.08 18,673,000 4.17 2.61 1.09 0.43 0.03 2,503,000
=---------------------------------------------------------------------------
Maroelabult 2,173,000 3.91 1,451,000 3.98 2.49 1.04 0.41 0.03 186,000
=---------------------------------------------------------------------------
Crocette 3,530,000 3.78 3,530,000 3.78 2.18 0.78 0.35 0.02 429,000
=---------------------------------------------------------------------------
Subtotal 28,451,000 4.03 23,654,000 4.10 2.54 1.05 0.42 0.03 3,119,000
=---------------------------------------------------------------------------
Total 29,425,000 4.03 25,294,000 4.10 2.54 1.05 0.42 0.03 3,336,000
=---------------------------------------------------------------------------
/T/
Reserve ounces are approximately 12% less than reported in 2010 because the
company has elected to cut back on some development as noted in our March 6,
2012 press release. It should be noted that the 2011 Reserves reported above
are adequate to support PGM production at our current rate for another 28 years.
The qualified person having reviewed the operating results presented in this
press release is Mr. Brian Montpellier, P.Eng.
Total shares issued and outstanding: 928,187,807
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 the Company
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.
-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 Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000
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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