Processing of run-of-mine ore from underground
operations has commenced
VANCOUVER, BC, Oct. 3, 2024
/CNW/ - Eastern Platinum Limited (TSX: ELR) (JSE: EPS)
("Eastplats" or the "Company") is pleased to announce
that it has been advancing the commissioning activities of its
platinum group metals ("PGM") processing plant at the
Company's flagship Crocodile River Mine ("CRM") located
within the Bushveld Complex, host to approximately 80% of the
world's PGM-bearing ore, in northeastern South Africa.
HIGHLIGHTS:
- Commissioning of the processing plant (Circuit B) is ongoing
and the plant has begun processing Run-of-Mine ("ROM") UG2
ore from the Zandfontein underground operations at the CRM;
- A total of 75,000 tons of ROM ore was blasted up to
October 1, 2024, with approximately
22,000 tons of the ROM ore processed in September. This produced a
concentrate containing approximately 1,300 ounces of PGM (Pt, Pd,
Rh, Ru, Ir, Au) 6E metals, which was delivered to Impala Platinum
Limited ("Impala") under the existing offtake agreement
between the Company's subsidiary, Barplats Mines Limited
("Barplats") and Impala. 30,000 tons of ROM ore is expected
to be processed in October, producing concentrates containing 2,000
to 2,500 ounces of PGM 6E metals to be delivered to Impala.
Metallurgical chrome concentrates have been produced as a
by-product when the UG2 ROM ore is being processed for PGMs;
- Zandfontein underground operations will produce 40,000 tons of
ROM ore per month by the end of 2024, as previously guided. The
next ramp up phase will increase production to 70,000 tons of ROM
ore per month by the end of 2025. Eastplats' Circuit B has a ROM
ore processing capacity of 1,000,000 tons annually; and
- Up to 185,000 tons of underground ROM ore from Zandfontein is
expected to be blasted and processed in 2024.
"We are excited to announce the commissioning of our PGM
processing facility at the Crocodile River Mine," commented
Wanjin Yang, Chief Executive Officer
and President of Eastplats. "This operational milestone marks our
transition from a tailings storage facility chrome recovery
operation to a growing PGM concentrate and metallurgical chrome
concentrate producer, and we look forward to reporting PGM and
metallurgical chrome revenues from the Zandfontein underground
section as ROM ore tonnages ramp up."
The Company will continue to process historical tailings to
recover chrome from its chrome retreatment project, at the
Crocodile River Mine, but expects this to winddown in the early
part of 2025. Following the conclusion of this project, Eastplats
expects to complete the second phase of its tailings storage
facility program to recover chrome and PGMs from tailings generated
from the newly operating Zandfontein underground. By 2026, PGM
revenue is expected to account for 65% or more of Eastplats' total
revenue.
About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of PGM and
chrome assets in the Republic of South
Africa. All of the Company's properties are situated on the
western limb (Crocodile River Mine) and eastern limb (Kennedy's
Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the geological
environment that hosts approximately 80% of the world's PGM-bearing
ore.
Operations at the Crocodile River Mine currently include
re-mining and processing its tailings resource from the Barplats
Zandfontein tailings dam and mining and processing ore from the
Zandfontein underground section to both produce PGM and chrome
concentrates.
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 monthly ROM ore tonnage ramp up at
the Zandfontein underground operations, the timing of expected
monthly production rates of ROM ore, the expected percentage PGM
revenue of Eastplats' total revenue in 2026, and the timing and
actions of the Company. 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.
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 Ltd.
