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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Dec. 18, 2018 /CNW/ - Eastern Platinum Limited and its subsidiary Barplats Mines (Pty) Limited (collectively called "Eastplats" or the "Company") is very pleased to announce that the Company has commenced commissioning its newly constructed chrome plant and the Chrome Circuit produced its first chrome concentrate.
The chrome processing circuit, related technology and knowhow (the "Chrome Circuit"), in conjunction with the re-mining of the Barplats Zandfontein UG2 tailings ("Retreatment Operations"), are located at the Crocodile River Mine in South Africa. All site teams are now mobilized and in place to continue commissioning and initial pre-operations with the intention to move towards full-scale production following completion of all commissioning. The Company targets commercial production in early 2019 with the expectation to ramp-up to full commercial production during Q2 2019.
Diana Hu, CEO commented, "Achievement of this major milestone is the culmination of the combined energies of our team over the past several years resulting in a highly productive 2018 for Eastplats. Rebounding from the past 5 years in care and maintenance, I am so pleased to be working with such a dedicated group and look forward as the Company is on the verge of generating production revenue once again, realizing a tremendous opportunity to create value for all our stakeholders."
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: estimated timing to complete commissioning, begin operations and, ramp-up to full commercial production of the Chrome Circuit and the estimated timelines for revenue production. 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, need 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, [email protected] (email), (604) 800-8200 (phone)