FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
January 14, 2010
Eastplats Reports Record Production for the Quarter Ended December 31, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2010) - Mr. Ian Rozier, President and CEO of Eastern
Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report record production from the
Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2009.
The Company produced a quarterly record of 34,000 PGM ounces, up 13% compared to the quarter ended September
30, 2009 and up 17% compared to the fourth quarter of 2008. For the year ended December 31, 2009, the Company
produced a total of 130,338 PGM ounces, up 11% compared to 117,909 PGM ounces in 2008.
Production statistics for the current quarter and historical quarters are as follows:
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Increase
Quarter ended (decrease)
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Q4 Q4
2009 2009
Sept June Mar Dec vs vs
Dec 31, 30, 30, 31, 31, Q3 Q4
Production statistics 2009 2009 2009 2009 2008 2009 2008
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Ounces produced 34,000 29,986 33,383 32,969 29,015 4,014 4,985
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Run-of-mine rock
tonnes hoisted 321,393 244,959 342,368 321,165 280,933 76,434 40,460
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Run-of-mine rock
tonnes processed 321,983 280,777 304,354 318,394 298,514 41,206 23,469
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Development (meters) 3,254 2,882 4,326 4,573 4,604 372 (1,350)
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On-reef development
(meters) 2,135 1,562 2,860 2,745 2,922 573 (787)
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Stoping units (square
meters) 55,153 36,263 51,342 45,098 46,459 18,890 8,694
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Head grade
(grams/tonne) 4.1 4.1 4.2 4.0 4.0 -- 0.1
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Concentrator recovery
from ROM ore 79% 78% 80% 80% 76% 1% 3%
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Chrome produced
(tonnes) 109,388 83,930 82,760 77,554 69,937 25,458 39,451
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Run-of-mine tonnage processed and ounces produced increased 15% and 13% respectively compared to the third
quarter of 2009 as a result of increased stoping activity made possible by ongoing development and equipping of
workplaces in the preceding quarter.
Development meters increased by 13% compared to the previous quarter. At these levels of development, the mine
will sustain current available ore reserves.
Efficiencies at the chrome recovery plant continue to improve, resulting in a 30% increase in chrome tonnes
produced compared to the third quarter of 2009.
"After a very disruptive third quarter we recovered extremely well to achieve a record quarterly production in
Q4. The quick production ramp up reflects the extensive on and off reef development carried out during the past
12 months despite adverse market conditions and we plan to maintain development at current levels in order to
sustain the eighteen month mining reserve that has been built up at CRM over the past two years. We look
forward to increasing production from the mine during 2010, with further production increases coming from
Crocette which comes on stream later in the year," said Ian Rozier.
Fourth quarter and year-end results
Eastplats is scheduled to release its results for the year ended December 31, 2009 on Wednesday March 31, 2010.
Any change to this date will be announced.
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: 680,946,625
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com
OR
NOMAD - Canaccord Adams Limited
Ryan Gaffney
+44 20 7050 6500
Ryan.Gaffney@CanaccordAdams.com
OR
JSE SPONSOR - PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com
No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
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Eastern Platinum Limited