Eastern Platinum Limited: Barplats' Crocodile River Mine Granted New Order Mining Right
Monday December 18, 2:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("the Company") (TSX:ELR - News; AIM:ELR), is pleased to report that the Department of Minerals and Energy in South Africa has granted New Order Mining Right to Barplats' operating property, Crocodile River Mine ("CRM") over the eastern part of the Maroelabult section, which was a new application.
The award of this New Order Mining Right will enable CRM to resume production on the eastern boundary of Maroelabult, thereby enabling monthly throughput from the Maroelabult section to increase to the original planned level of 40,000 tonnes a month over the next nine months. This level of production will be sustainable for approximately eight years.
The underground conveyor system has been installed at Zandfontein. This has resulted in a significant reduction in operating costs, and together with the receipt of the New Order Mining Right at Maroelabult, will enable CRM to proceed with plans to achieve steady state production of 180,000 tonnes per month.
CRM was also granted 11 New Order Prospecting Rights in 2006, as well as the New Order Mining Right recently granted at Maroelabult. This has enabled CRM to prospect the Crocette area and to begin infill drilling of the Kareespruit section located south-west of Maroelabult. As previously reported, Kareespruit is an on-strike and down-dip extension of the UG2 reef at Maroelabult.
"The granting of the new order right will enable management to continue to rapidly increase production levels at CRM. The mine's processing plant is already positioned for the build up to full production and we can now see our way clear to achieving this," stated Ian Rozier, who is also chairman of Barplats.
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 law.
Contact:
Mr. Ian Rozier, M.Sc., P. Eng.
Eastern Platinum Limited
President & CEO
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
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Source: Eastern Platinum Limited
