December 18, 2018
Trading Symbol: ELR (TSX); EPS (JSE)
EASTPLATS ANNOUNCES FIRST CHROME CONCENTRATE AT ITS BARPLATS
ZANDFONTEIN UG2 TAILINGS RETREATMENT OPERATIONS
December 18, 2018, Vancouver, British Columbia – Eastern Platinum Limited and its subsidiary Barplats Mines (Pty) Limited (collectively called “Eastplats” or the “Company”) is very pleased to announce that the Company has commenced commissioning its newly constructed chrome plant and the Chrome Circuit produced its first chrome concentrate.
The chrome processing circuit, related technology and knowhow (the “Chrome Circuit”), in conjunction with the re-mining of the Barplats Zandfontein UG2 tailings (“Retreatment Operations”), are located at the Crocodile River Mine in South Africa. All site teams are now mobilized and in place to continue commissioning and initial pre-operations with the intention to move towards full-scale production following completion of all commissioning. The Company targets commercial production in early 2019 with the expectation to ramp-up to full commercial production during Q2 2019.
Diana Hu, CEO commented, “Achievement of this major milestone is the culmination of the combined energies of our team over the past several years resulting in a highly productive 2018 for Eastplats. Rebounding from the past 5 years in care and maintenance, I am so pleased to be working with such a dedicated group and look forward as the Company is on the verge of generating production revenue once again, realizing a tremendous opportunity to create value for all our stakeholders.”
Construction of the Retreatment Project
As previously disclosed, on March 1, 2018, the Company and its subsidiary Barplats Mines (Pty) Limited (“Barplats”) entered into a framework agreement (the “UG Agreement”) with Union Goal relating to construction, remining and processing of the tailings resource and offtake of chrome concentrate from Barplats’ tailings facility (the “Retreatment Project”) located at the Company’s Crocodile River Mine in South Africa (“CRM”). During the quarter the Company continued to focus its resources and efforts to complete the construction phase of the Retreatment
Project. The Company is now preparing for commissioning, production and active operations. Commissioning is estimated to begin shortly on the Retreatment Project. The Chrome plant water commissioning is scheduled to begin during November 2018 followed by the introduction of slurry into the Chrome plant. Ore production will ramp up during the start-up period in December 2018. The tailings infrastructure has been completed and is ready to deliver slurry to the Chrome plant and separately to accept tailings disposition as needed from the operations. As with all commissioning and start-ups, many uncertain and unknown issues can arise and the timing is uncertain. Eastplats anticipates the Retreatment Project will result in revenue producing operations through offtake of the chrome concentrates to Union Goal during Q4 2018.
The Company has spent $14,678 to September 30, 2018 with an estimated $3,853 remaining to complete the Retreatment Project and bring it into revenue generating operations.
For further information, please contact:
EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
(604) 800-8200 (phone)
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to
herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forwardlooking
statements include, without limitation, forecasts, estimates, expectations and objectives for future operations
that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the
Company. Forward-looking statements are statements that are not historical facts and are generally, but not always,
identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” and similar
expressions. Further disclosure of the risks and uncertainties facing the Company and other forward-looking
statements are discussed in the Company’s Annual Information Form and Management’s Discussion and Analysis
which are available under the Company’s profile on www.sedar.com.
In particular, this press release contains forward-looking statements pertaining to the vesting and expiry of stock
options issued by the Company. These forward-looking statements are based on assumptions made by and information
currently available to the Company. Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a
number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to,
commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and
risks related to operations in foreign countries.
The forward-looking statements in this press release are made as of the date they are given and, except as required by
applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forwardlooking
statements, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES