Eastplats Reports Production Results For the Quarter Ended December 31, 2011
24.01.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 24, 2012) - Eastern Platinum Limited (TSX:ELR) (AIM:ELR) (JSE:EPS) (“Eastplats“) reports operating results from the Crocodile River Mine (“CRM“) for the fourth quarter ended December 31, 2011.Production statistics for the current quarter and historical quarters are as follows:
Quarter ended Increase (decrease)
Production statistics Dec 31,
2011 Sep 30,
2011 Jun 30,
2011 Mar 31,
2011 Dec 31,
2010 Q4 2011
vs.
Q3 2011 Q4 2011
vs.
Q4 2010
Ounces produced 19,854 26,955 20,528 25,387 32,752 (7,101) (12,898)
Run-of-mine tonnes hoisted 200,919 265,889 203,166 247,369 324,879 (64,970) (123,960)
Run-of-mine tonnes processed 194,532 261,280 201,986 245,500 327,872 (66,748) (133,340)
Development (meters) 2,929 3,976 3,562 4,219 3,501 (1,047) (572)
On-reef development (meters) 1,591 2,248 2,090 2,434 1,925 (657) (334)
Stoping units (square meters) 31,767 40,594 31,828 44,674 53,044 (8,827) (21,277)
Head grade (grams/tonne) 4.05 4.08 3.93 3.93 3.97 (0.03) 0.08
Concentrator recovery from ROM ore* 76% 78% 76% 79% 78% (2%) (2%)
Chrome dispatched (tonnes) 62,791 77,531 64,913 62,498 79,461 (14,740) (16,670)
* Concentrator recovery has been rounded to the nearest percentage point.
Fourth quarter mining and production at the Crocodile River Mine (“CRM“) were negatively impacted by strike action by employees of CRM's main mining contractor, JIC Mining Services, in October, and by a Section 54 shut-down of operations following the fatality at CRM in November. Both incidents resulted in stoppages of mining operations. Concentrator recovery decreased as a result of the subsequent disruptions to the steady state operation of the processing plant.
As previously reported on December 19, 2011, mine development projects are on track at the Zandfontein section with the new infrastructure for underground ore and waste handling systems on 3 and 4-Level having been successfully installed, and the ongoing development of the conveyor decline required to mine between 5 and 9-Levels making steady progress.
At the Maroelabult Section, decline development and conveyor installations are proceeding and the mine life of this section of CRM has been extended by two years to 2016.
The Company does not expect a repeat of the negative events of 2011 at CRM during 2012 and anticipates production from CRM to be approximately 125,000 PGM ounces.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.
Eastplats will release its full fourth quarter and year-end results on Tuesday, March 6, 2012.
Total shares issued and outstanding: 928,187,807
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 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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further information:
Eastern Platinum Limited
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
NOMAD:
Canaccord Genuity Limited, London
Rob Collins/Bhavesh Patel
+44 20 7050 6500
JSE SPONSOR:
PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com