Eastplats Reports Mineral Resource Estimate for Barplats Zandfontein UG2 Tailings Storage Facility

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/

Trading Symbol: ELR (TSX); EPS (JSE)

VANCOUVER, Aug. 11, 2017 /CNW/ - Eastern Platinum Limited ("Eastplats" or the "Company") is pleased to report that the mineral resource estimate by SRK Consulting (South Africa) Pty Ltd ("SRK") on the Barplats Zandfontein UG2 tailings storage facility ("TSF") located at Crocodile River Mine ("CRM") has been completed and is effective as of August 1, 2017.  A total measured and indicated mineral resource of approximately 13,680,000 tons containing 535,520 ounces of combined platinum group elements (platinum, palladium and rhodium) ("PGE") at an average grade of 1.218 g/t, 3,404 ounces of gold at an average grade of 0.008g/t and 2,834,000 tons of chromium oxide at an average grade of 20.72%.

Table 11

Category

Tonnage
(Mt)

3E PGE
(g/t)

Pt
(g/t)

Pd
(g/t)

Rh
(g/t)

Au
(g/t)

Cr2O3
(%)

3E PGE
(Oz)

Au
(Oz)

Cr2O3
(Mt)

Measured

12.489

1.225

0.747

0.309

0.170

0.008

20.85

494,003

3,179

2.604

Indicated

1.191

1.136

0.688

0.285

0.165

0.006

19.31

43,517

225

0.230

Total

13.680

1.218

0.742

0.307

0.169

0.008

20.72

535,520

3,404

2.834

Note 1:No cut-off grade has been applied to the PGEs.

 

The resource estimate for the TSF has a high level of confidence, with 91.3% of the estimate falling into the measured category and 8.7 % falling in the indicated category. 

In the opinion of SRK, the resource evaluation reported herein is a reasonable representation of the in-situ 3E PGEs, gold and chromium oxide mineral resources found in the TSF at the current level of sampling and validation.  The model validations included visual validations of the estimates and global statistical comparisons of the data in the tailings volume occurring in TSF. Within the tailings volume, the general trend of the 1.5 metre samples in each vertical layer (interval) is honoured by the estimates. SRK finds that overall the estimates are consistent with the source data and adequately model the grade distributions.

The confidence in the Zandfontein TSF mineral resource estimate by SRK indicates that it can be used for a pre-feasibility study or feasibility study. SRK has recommended that a pre-feasibility or feasibility study be undertaken to determine whether the mineral resource can be mined economically in the current market environment.

The mineral resource estimate in Table 1 conforms to the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and was prepared and verified by Mr. A. S. Page (Pr. Sci. Nat South Africa Reg. No 400022/07), BSc (Hons), who is a qualified person as defined in NI 43-101.  Full details of the methodology used in the estimation of resources will be provided in the technical report entitled "Mineral Resource Estimate for Barplats Zandfontein UG2 Tailings Storage Facility" to be filed on Eastplats' SEDAR profile at www.sedar.com.

The Company is currently investigating various areas of the tailings project at CRM and has advanced significant work in preparing a feasibility study. Once completed, the Company will announce its assessment in a NI 43-101 compliant technical report. 

The qualified person for the purposes of NI 43-101 who approved the contents of this news release is Dr. Bielin Shi, PhD, MSc, FAusIMM MAIG.

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 forward-looking 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 mineral resource estimates for the TSF and the preparation of a feasibility study on the TSF. 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, lower than expected grades and quantities of resources, needs for additional funding, availability of such additional funding and that funding will be on acceptable terms, 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 forward-looking 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.

SOURCE Eastern Platinum Limited

For further information: EASTERN PLATINUM LIMITED, Rowland Wallenius, Chief Financial Officer, rwallenius@eastplats.com (email), (604) 800-8200 (phone)

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