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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Feb. 11, 2019 /CNW/ - Eastern Platinum Limited and its subsidiary Barplats Mines (Pty) Limited (collectively called "Eastplats" or the "Company") is pleased to announce that the Company has made its first shipment, totaling 10,000 tons of chrome concentrate from its newly constructed chrome retreatment facility in South Africa.
As announced on December 18, 2018, the chrome processing circuit installed at the Barplats Zandfontein UG2 tailings retreatment facility is being commissioned during an operational start-up.
In further developments, the Company is pleased to report that Alpha Global Capital, Inc. ("Alpha Global") has filed a notice of withdrawal in relation to its claim initiated against the Company in South Africa (See News Release of March 20, 2017 and Management Discussion and Analysis of September 30, 2018). The Company will be seeking to recover from Alpha Global a portion of the costs the Company has incurred in responding to the claim.
As well, further to the Company's News Release of November 9, 2018 announcing that the Company had received a petition filed with the Supreme Court of British Columbia seeking leave to commence a derivative action on behalf of the Company against certain of its current and former directors, the Special Committee of the Board of Directors completed its review of the allegations and recommended the Company should vigorously oppose the petition. In early 2019, the Company formally filed its response, seeking the dismissal of the petition as well as special costs against the petitioner.
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 ability to recover costs from Alpha Global, ability to obtain security for costs and special costs and have the derivative action petition dismissed. 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.
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)