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EPS
EPS
EPS - Eastern Platinum Limited - Eastplats update on reserve statement at
Crocodile River Mine
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038
May 17, 2012
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTPLATS UPDATE ON RESERVE STATEMENT
AT CROCODILE RIVER MINE
Eastern Platinum Limited ("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 2011 Reserve Update
Report
Proven Tonnes 4Eoz Tonnes 4E Pt Pd Rh Au 4E
g/t g/t g/t g/t g/t g/t ounces
Zandfontein 842,000 4.08 1,246, 4.17 2.61 1.09 0.43 0.03 167,000
000
Maroelabult 132,000 3.91 394,00 3.98 2.49 1.04 0.41 0.03 50,000
0
Subtotal 974,000 4.06 1,640, 4.12 2.58 1.08 0.43 0.03 217,000
000
Probable
Zandfontein 22,748, 4.08 18,673 4.17 2.61 1.09 0.43 0.03 2,503,00
000 ,000 0
Maroelabult 2,173,0 3.91 1,451, 3.98 2.49 1.04 0.41 0.03 186,000
00 000
Crocette 3,530,0 3.78 3,530, 3.78 2.18 0.78 0.35 0.02 429,000
00 000
Subtotal 28,451, 4.03 23,654 4.10 2.54 1.05 0.42 0.03 3,119,00
000 ,000 0
Total 29,425, 4.03 25,294 4.10 2.54 1.05 0.42 0.03 3,336,00
000 ,000 0
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
For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: 1-(604)-685-6851, Fax: 1-(604)-685-6493
NOMAD:
Rob Collins
Canaccord Genuity Limited, London
Tel: +44 (0) 207 7523 8000
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
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.
Date: 17/05/2012 14:05:01 Produced by the JSE SENS Department.
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