Eastern Platinum Reports Results for the Three Months Ended March 31, 2012

VANCOUVER – Eastern Platinum Limited (TSX & AIM: ELR; JSE: EPS) is Canada’s leading platinum group metals producer.  Eastplats is currently engaged in the development and mining of platinum group metal deposits in South Africa.  Eastplats has assets on both the western and eastern limbs of the Bushveld  Complex which holds approximately 80% of the world’s platinum supply. The Bushveld Complex is internationally recognized as containing the world’s largest resource of platinum group metals and is geologically unique as it is the world’s only source of primary platinum production.

Mr. Ian Rozier, President and CEO of Eastern Platinum Limited reports financial results for the three months ended March 31, 2012.

Summary of results for the three months ended March 31, 2012 (“Q1 2012″):

• Eastplats recorded a loss attributable to equity shareholders of the Company of $8,908,000 ($0.01 loss per share) in the quarter ended March 31, 2012 (“Q1 2012″) compared to a loss of $5,633,000 ($0.01 loss per share) in the quarter ended March 31, 2011 (“Q1 2011″). 
• EBITDA decreased to negative $2,414,000 in Q1 2012 compared to $6,412,000 in Q1 2011. 
• PGM ounces sold decreased 4% to 24,474 ounces in Q1 2012 compared to 25,387 PGM ounces in Q1 2011. 
• The U.S. dollar average delivered price per PGM ounce decreased 15% to $969 in Q1 2012 compared to $1,136 in Q1 2011. 
• The Rand average delivered price per PGM ounce decreased 6% to R7,510 in Q1 2012 compared to R7,963 in Q1 2011. 
• Total Rand operating cash costs increased 1% to R208 million in Q1 2012 compared to R205 million in Q1 2011. 
• Rand operating cash costs net of by-product credits increased 24% to R7,670 per ounce in Q1 2012 compared to R6,167 per ounce in Q1 2011. Rand operating cash costs increased 5% to R8,486 per ounce in Q1 2012 compared to R8,090 per ounce in Q1 2011. 
• U.S. dollar operating cash costs net of by-product credits increased 13% to $990 per ounce in Q1 2012 compared to $880 per ounce achieved in Q1 2011. U.S. dollar operating cash costs decreased 5% to $1,095 per ounce in Q1 2012 compared to $1,154 per ounce in Q1 2011. 
• Head grade increased to 4.07 grams per tonne in Q1 2012 from 3.93 grams per tonne in Q1 2011.
• Average concentrator recovery decreased to 77% in Q1 2012 compared to 79% in Q1 2011.
• Development meters decreased by 26% to 3,117 meters and on-reef development decreased by 30% to 1,704 meters compared to Q1 2011.
• Stoping units decreased 11% to 39,857 square meters in Q1 2012 compared to 44,674 square meters in Q1 2011.
• Run-of-mine ore hoisted remained consistent at 247,538 tonnes in Q1 2012 compared to 247,369 tonnes in Q1 2011.
• Run-of-mine ore processed decreased by 4% to 235,354 tonnes in Q1 2012 compared to 245,500 tonnes in Q1 2011.
• The Company’s Lost Time Injury Frequency Rate (LTIFR) was 5.46 in Q1 2012 compared to 1.54 in Q1 2011. 
• At March 31, 2012, the Company had a cash position (including cash, cash equivalents and short term investments) of $213,492,000 (December 31, 2011 – $250,801,000). 

The qualified person having reviewed the operating disclosures presented in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.

Financial Information

For complete details of financial results, please refer to the audited condensed consolidated financial statements and accompanying Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2012. These financial statements and MD&A, and the comparative financial statements for the three months ended March 31, 2011 are all available on SEDAR at www.sedar.com and on the Company’s websitewww.eastplats.com.

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Posted by WoodlawnPost on May 16 2012. Filed under Africa, Mining, N. America, Platinum Group Metals. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.