Eastern Platinum Announces New Order Rights at Mareesburg and Kennedy's Vale
Friday November 17, 2:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 17, 2006) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR - News; AIM:ELR) is pleased to report on the issuance of New Order Rights on Eastplats' and Barplats' projects in South Africa by the Director General of the Department of Mineral and Energy ("DME").
New Order Prospecting Rights have been issued on the Mareesburg PGM Project ("Mareesburg") and the DME has approved the transfer of the Mareesburg mineral title to Lions Head Platinum Ltd ("LHP"), Eastplats' South African operating company for the Mareesburg project. At the Barplats Kennedy's Vale project, located immediately adjacent to the Spitzkop project in Mpumalanga Province, two New Order Prospecting Rights have also been granted by the DME.
The new Mineral and Petroleum Resources Development Act legislates that all Old Order Rights be converted into New Order Rights on all mineral properties in South Africa.
"The issuance of new order prospecting rights is a significant milestone in the development of any mining project in South Africa," stated Ian Rozier.
With the future development of Spitzkop and Kennedy's Vale, as well as the potential to enter into toll treatment contracts, a concentrator may not be required at Mareesburg. This, together with the project's amenability for open pit mining during the initial years of operation, should result in a 'fast-track' development of Mareesburg, with 'start-up' planned for 2007.
"Mareesburg is an advanced, high grade, surface accessible platinum rich project with a measured resource containing an estimated 2 million PGM ounces. The transfer of mineral title to LHP means that we can now finalize the bankable feasibility study on the project. Granting of New Order rights at the Spitzkop, Mareesburg and Kennedy's Vale projects bodes well for our activities on the eastern limb of the Bushveld and we look forward to moving these projects into production," stated Mr.Rozier.
Eastern Platinum Limited trades on the TSX and AIM stock exchanges under the trading symbol ELR.
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 Barplats 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.
Contact:
Mr. Ian Rozier, M.Sc., P. Eng.
Eastern Platinum Limited
President & CEO
(604) 685-6851
(604) 685-6493 (FAX)
Website: www.eastplats.com
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Source: Eastern Platinum Limited
