Eastplats Reports Production Results for the Quarter Ended December 31, 2008
Monday January 26, 8:58 am ET
http://biz.yahoo.com/ccn/090126/200901260508159001.html?.v=1
Conference Call Monday 26 January
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited is pleased to report on production from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2008.
Production statistics for the quarter are as follows:
--------------------------------------------------------------------------
Quarter Quarter Quarter Quarter
ended ended ended ended
Dec 31, Sept 30, June 30, March 31, Increase
Production 2008 2008 2008 2008 (Decrease)
--------------------------------------------------------------------------
Q4 Q3 Q2 Q1 Q4 vs Q3
Ounces produced 29,015 30,755 30,314 27,825 (1,740)
Total tons processed 298,514 317,602 337,471 349,497 (19,088)
Development meters 4,604 5,599 5,575 4,409 (995)
On-reef development meters 2,922 3,556 3,230 2,343 (634)
Head grade (grams/ton) 3.98 3.99 4.03 4.04 (0.01)
Concentrator recovery (%) 76 78 73 78 (2)
--------------------------------------------------------------------------
Tonnage processed and ounces produced decreased 6% compared to the third quarter as a result of fewer shifts worked during the fourth quarter. The number of milling/hoisting shifts decreased 12% from Q3 to Q4 as a consequence of the statutory holiday period. Also, there was no processing of tailings during the quarter.
Development meters decreased by 18% compared to the last quarter, partly due to fewer shifts worked, and partly due to a planned reduction in reserve development commencing in late November. This planned reduction in development, which includes the temporary suspension of the Crocette mine, is a result of the Company's plan to implement cost cutting and cash preservation measures in light of the significant drop in PGM prices during the last four months.
Eastplats will host a telephone conference call on Monday 26 January at 11:00 a.m. Pacific (2:00 p.m. Eastern) to discuss these results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.
The conference call will be archived for later playback until Monday, February 2, 2009 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and using the pass code 4219 followed by the number sign.
The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.
Total shares issued and outstanding: 680,526,421
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.
S&P TSX Composite Index
Contact:
Investor Relations
Eastern Platinum Limited
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
--------------------------------------------------------------------------------
Source: Eastern Platinum Limited
AI
