Eastern Platinum Ltd. T.ELR

Q4 NR not bad; seems on track for good 2011

[Myrtlesman]

TD/Reuters was expecting 0.01/share in Q4 so they met that; All numbers seem good; maybe the new financing will get things rolling and these guys will hit a home run in 2011.
Eastern Platinum Reports Results for the Year Ended December 31, 2010
Eastern Platinum Limited ELR
3/23/2011 6:01:20 PM
VANCOUVER, BRITISH , Mar 23, 2011 (MARKETWIRE via COMTEX News Network) --
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX: ELR)(AIM: ELR)(JSE: EPS) ("Eastplats") is pleased to report financial 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 attributable to equity shareholders of
the Company of $5,041,000 (
.01 basic earnings per ) in Q4 2010
compared to $330,000 (
.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 ) 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 (
.02 per share) in 2010 compared to
$5,650,000 (
.01 per share) in 2009.
-- EBITDA increased 58% to $45,099,000 in 2010 compared to $28,526,000 in
2009.
-- PGM ounces sold increased 1% to 131,901 ounces in 2010 compared to
130,338 ounces in 2009.
-- The U.S. average delivered basket price per PGM ounce increased 38% to
$995 in 2010 compared to $723 in 2009.
-- The Rand average delivered basket price per PGM ounce increased 21% to
R7,264 in 2010 compared to R6,006 in 2009.
-- Rand operating cash costs net of by-product credits increased 11% to
R4,800 per ounce in 2010 compared to R4,306 per ounce in 2009. Rand
operating cash costs increased 15% to R6,099 per ounce in 2010 compared
to R5,286 per ounce in 2009.
-- U.S. dollar operating cash costs net of by-product credits increased 26%
to $657 per ounce in 2010 compared to $521 per ounce achieved in 2009.
Operating cash costs increased 33% to $844 per ounce in 2010 compared to
$636 per ounce in 2009.
-- Head grade remained consistent at 4.1 grams per tonne during both years.
-- Average concentrator recovery remained consistent at 79% during both
years.
-- Off-reef development meters decreased by 15% to 12,814 meters and on-
reef development decreased by 22% to 7,226 meters compared to 2009.
-- Stoping units increased by 10% to 206,269 square meters in 2010 compared
to 187,856 square meters in 2009.
-- Run-of-mine ore hoisted increased by 5% to 1,288,416 tonnes in 2010
compared to 1,229,885 tonnes in 2009.
-- Run-of-mine ore processed increased by 3% to 1,265,973 tonnes in 2010
compared to 1,225,508 tonnes in 2009.

"We are confident that we can continue to increase production at CRM and we are progressing well with the development of the Crocette section. Also, with our recently completed financing, we are proceeding to bring our Eastern Limb projects to account as quickly as possible," said Ian Rozier.