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:
- 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 | |||||||||
| Section | 2010 Technical Report | 2011 Reserve Update | |||||||
| Proven | Tonnes | 4Eoz g/t | Tonnes | 4E g/t | Pt g/t | Pd g/t | Rh g/t | Au 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 |
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact Information:
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
NOMAD:
Canaccord Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000
JSE SPONSOR:
PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com