RESULT24 Mar 2011 08:32
March 24, 2011
Eastern Platinum Reports Results for the Year Ended December 31, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Mr. Ian Rozier, President and CEO of Eastern
Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is pleased to report financial results for the
quarter and year ended December 31, 2010.
Summary of results for the quarter ended December 31, 2010 ("Q4 2010"):
-- Eastplats recorded a net profit attributable to equity shareholders of
the Company of $5,041,000 ($0.01 basic earnings per share) in Q4 2010
compared to $330,000 ($0.00 per share) in the fourth quarter of 2009
("Q4 2009").
-- EBITDA increased 52% to $15,226,000 in Q4 2010 compared to $10,008,000
in Q4 2009.
-- PGM ounces sold decreased 4% to 32,752 ounces in Q4 2010 compared to
34,000 ounces in Q4 2009.
-- The U.S. average delivered basket price per PGM ounce increased 23% to
$1,058 in Q4 2010 compared to $860 in Q4 2009.
-- The Rand average delivered price per PGM ounce increased 13% to R7,311
in Q4 2010 compared to R6,450 in Q4 2009.
-- Rand operating cash costs net of by-product credits decreased 3% to
R4,509 per ounce in Q4 2010 compared to R4,661 per ounce in Q4 2009.
Rand operating cash costs increased 21% to R6,412 per ounce in Q4 2010
compared to R5,296 per ounce in Q4 2009.
-- U.S. dollar operating cash costs net of by-product credits increased 5%
to $653 per ounce in Q4 2010 compared to $621 per ounce achieved in Q4
2009. U.S. dollar operating cash costs increased 31% to $928 per ounce
in Q4 2010 compared to the $706 per ounce in Q4 2009.
-- Head grade decreased to 4.0 grams per tonne in Q4 2010 from 4.1 grams
per tonne in Q4 2009.
-- Average concentrator recovery decreased to 78% in Q4 2010 compared to
79% in Q4 2009.
-- Off-reef development meters increased by 8% to 3,501 meters and on-reef
development decreased by 10% to 1,925 meters compared to Q4 2009.
-- Stoping units decreased 4% to 53,044 square meters in Q4 2010 compared
to 55,153 square meters in Q4 2009.
-- Run-of-mine ore hoisted increased by 1% to 324,879 tonnes in Q4 2010
compared to 321,393 tonnes in Q4 2009.
-- Run-of-mine ore processed increased by 2% to 327,872 tonnes in Q4 2010
compared to 321,983 tonnes in Q4 2009.
-- The Company's Lost Time Injury Frequency Rate (LTIFR) was 3.88 in Q4
2010 compared to 3.45 in Q4 2009.
-- At December 31, 2010, the Company had a cash position (including cash,
cash equivalents and short term investments) of $350,292,000 (December
31, 2009 - $21,658,000).
Summary of results for the year ended December 31, 2010
-- Eastplats recorded a net profit attributable to equity shareholders of
the Company of $13,352,000 ($0.02 per share) in 2010 compared to
$5,650,000 ($0.01 per share) in 2009.
-- EBITDA increased 58% to $45,099,000 in 2010
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