Eastplats Reports Production Results for the Quarter Ended June 30, 2011
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/19/11 -- Eastern Platinum Limited ("Eastplats") (TSX: ELR)(AIM: ELR)(JSE: EPS) reports operating results from the Crocodile River Mine ("CRM") for the second quarter ended June 30, 2011.
Production statistics for the current quarter and historical quarters are as follows:
Second quarter production was negatively impacted by labour issues related to the illegal underground sit-in followed by an unprotected strike at CRM operations in early May. The labour issues were resolved with the signing of a two-year wage agreement with NUM (National Union of Mineworkers) and agreement on other disputed matters. With the suspension of 155 production workers, resources have been consolidated into the Zandfontein operations and the services of JIC Mining have been engaged on a fixed-term contract to restore full production at the Maroelabult section during the third quarter.
Concentrator recovery was also negatively affected by the labour disruption.
As reported on April 15, 2011, cement grout support packs are now being introduced into underground working panels thereby further enhancing ground support standards.
Based on the actual production results for the first half of 2011, the operating history of CRM and the budgeted plan for the remainder of 2011, the Company anticipates PGM production for the full year to be approximately 105,000 ounces.
Crocette is progressing well and on-reef development has commenced.
Work at the 90,000 tonne-per-month Mareesburg open-pit/concentrator project on the Eastern Limb continues. Fluor, an international engineering and construction company, was awarded the project management and construction management contract and K'Enyuka, a respected engineering company based in Johannesburg, was awarded the contract for the detailed design for the concentrator and support facilities. Site capture and planning have been ongoing and earthworks will commence on site in July 2011. Production startup is scheduled for late 2012.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.
Eastplats will release its full second quarter results on Monday, August 15, 2011.
Total shares issued and outstanding: 908,187,807
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 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.
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No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
Canaccord Genuity Limited, London
Mark Williams
NOMAD
+44 20 7050 6500
PSG Capital (Pty) Limited
Johan Fourie
JSE SPONSOR
+27 21 887 9602
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Datum: 19.07.2011 - 12:00 Uhr
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News-ID 35708
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Mining & Metals
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