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VANCOUVER, March 25, 2020 /CNW/ - Eastern Platinum Limited ("Eastplats" or the "Company") reports that the president of South Africa, Mr. Cyril Ramaphosa, has imposed a nation-wide twenty-one (21) day lockdown to fight the Coronavirus outbreak. The lockdown will begin at midnight on March 26 in South Africa and end at midnight on April 16. Individuals will not be allowed to leave their homes except under strictly controlled circumstances, such as to seek medical care and buy food and medicine.
As a result, the Company will temporarily close all operations in South Africa including the current re-mining operations at Crocodile River Mine ("CRM"), except for some critical underground care and maintenance activities where the Company will seek an exception. Management and staff are working to safeguard our employees and equipment at this time.
During this Coronavirus outbreak, Eastplats has produced risk assessments and adopted appropriate new and updated procedures to ensure as best as possible it maintained a safe place for its employees and the communities in which it operates. During this time and when operations restart Eastplats will maintain its safety standards.
The effects of the Coronavirus are changing rapidly and the consequences of the temporary shutdown of the CRM cannot be reasonably estimated at this time but could have material adverse effects on the Company's business and cashflows.
The Company supports the South African government's efforts to fight the Coronavirus.
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 most recent Annual Information Form available under the Company's profile on www.sedar.com.
In particular, this press release contains forward-looking statements pertaining to: the effects of a lockdown in South Africa, effects and duration of the Coronavirus, the effects of the temporary closure of the CRM and its effects on operational activity of the re-mining activities and the Company's business and cashflows. 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, unanticipated problems that may arise in our production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.
All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement on Forward-Looking Information" section contained in the Company's most recent Management's Discussion and Analysis 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, and does not undertake, to 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, [email protected] (email), (604) 800-8200 (phone)