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Market: AIM TSX
Sector: Platinum & Precious Metals
EPIC: ELR
Latest Price: 17.75  (0,00%)
52-week High: 66.13
52-week Low: 17.75
Market Cap: 164.75M
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Eastern Platinum
www.eastplats.com

Eastern Platinum Limited (TSX & AIM: ELR; JSE: EPS) is Canada's leading platinum group metals producer.  Eastplats is currently engaged in the acquisition, development and mining of platinum group metal deposits in South Africa.  Eastplats, South Africa's sixth largest platinum group metals producer has assets on both the western and eastern limbs of the Bushveld  Complex which holds 80% of the world’s platinum supply.

Full Eastern Platinum profile here
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Eastern Platinum Q4 production at Crocodile River falls nearly 40%

24th Jan 2012, 3:52 pm by Olivia D'Orazio
Eastern Platinum Q4 production at Crocodile River falls nearly 40%

Eastern Platinum (TSE:ELR) reported a near 40 percent drop in fourth quarter platinum group metals (PGM) production from its Crocodile River mine in South Africa on Tuesday, citing a worker's strike and a shut-down period as reasons for the sharp decline.

For the three months that ended December 31, the company produced 19,854 ounces of PGMs, down 39.4 percent from 32,752 ounces of PGMs a year ago.

During the period, it processed only 194,532 tonnes of ore, down 40.7 percent from the 327,872 tonnes of ore it processed in the same quarter a year earlier.

This resulted in a 76 percent recovery rate, compared to the 78 percent recovery rate it had in the fourth quarter of 2010.

However, recovery grades improved two percent to 4.05 grams per tonne (g/t) PGM, from 3.97 g/t PGM in the same period last year.

Eastern Platinum said the decline in production at the mine was mainly due by employees of the mine's main contractors, JIC Mining Services, in October, as well as a Section 54 shut-down of operations following a fatality at Crocodile River the following month.

Both incidents required mining operations to halt, resulting in decreased recovery rates and disruptions to the processing plant's operations.

The company said mine development projects are now back on track, and have been since December 19.

New infrastructure for underground ore and waste handling systems have been successfully installed on the 3-Level and 4-Level of the Zandfontein section of the mine.

The ongoing development of the conveyor decline required for the development of the mine between the 5-Level and 9-Level is also making steady progress, the company said.

Meanwhile, the decline development and the conveyor installations are proceeding at the Maroelabult section of the mine. The mine life of this section has also been extended by two years, to 2016.

Looking forward, Eastern Platinum said it does not expect to repeat the negative events at Crocodile River in 2012, and expects production from the mine to be about 125,000 PGM ounces for the year.

The Vancouver, B.C.-based company will report its full fourth quarter and full year results on March 6, 2012.

In Toronto, Eastern Platinum shares fell 5.17 percent to $0.55, as of 3:12 pm EDT.

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