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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, May 12, 2017 /CNW/ - Eastern Platinum Limited ("Eastplats" or the "Company") is pleased to provide an operational update on its plans to carry out a limited infill drilling program on its Mareesburg project properties. The Mareesburg comprises one of the Company's PGM mining and mineral rights and is located on the eastern limb of the Bushveld complex, in Limpopo Province, South Africa.
Based on an ongoing review of its portfolio, the Company determined that further assessment work on Mareesburg was warranted. The Company intends to carry out a focused re-assessment on the Mareesburg open pit project including additional infill drilling for resource and reserve determination. Recommendation of location of infill drilling holes has been made based on a review of the historical drilling results by SRK Consulting. Maps showing the intended location of the drilling will be posted on the Company's website. The drilling work will be carried out by a local operator in South Africa. Community liaison is also underway to ensure local communities are accommodated and updated on the project status. The Company will provide periodic updates of the results.
Diana Hu stated "we look forward to carrying out this additional work on Mareesburg, as we take a fresh look at our mineral properties during 2017 with a view to further development opportunities in this challenging market"
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.
In particular, this press release contains forward-looking statements pertaining to: refurbishment of our processing facilities; options for development including business arrangements; preparation of drilling and future assessment of Mareeesburg project. 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. A more detailed discussion of the risks facing the Company are included in its Annual Information Form, a copy of which is available under the Company's profile on www.sedar.com.
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, firstname.lastname@example.org (email), (604) 800-8200 (phone)