Eastern Platinum Ltd. T.ELR

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  Get in now this trains leaving the station!!!
  

  MarketwireEastern Platinum LimitedNovember 4, 2010 - 08:54:33 AMEastern Platinum Limited: Updates on New Order Mining Rights, Power and WaterSupply for Eastern Limb ProjectsVANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2010) - Mr. Ian Rozier,President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS)("Eastplats" or the "Company") is pleased to provide an update on New OrderMining Rights, power delivery, and water supply arrangements, for thedevelopment of the Company's mining projects on the Eastern Limb of theBushveld Complex in South Africa.The New Order Mining Right for the Mareesburg project, which includes allplatinum group metals, base metals and chrome in the UG2 reef horizon, hasbeen granted to Lion's Head Platinum (Pty) Ltd. (a subsidiary of Eastplats),by the South African Department of Mineral Resources ("DMR") under the termsof Section 22(1) of the Minerals and Petroleum Resources Development Act 2002.The associated Environmental Management Programme ("EMP") was also approved atthe same time as the Mining Right was granted.In accordance with the approved EMP and the Social and Labor Plan ("SLP")accompanying the Mareesburg mining right, the development of the Mareesburgand Spitzkop projects could generate approximately 1,600 jobs and directlybenefit the nearby communities of Lydenburg and Steelport. (The New OrderMining Right to mine all platinum group metals, base metals and chrome wasgranted to Spitzkop Platinum (Pty) Limited, a subsidiary of Eastplats, in2009).The planned development of the Mareesburg open-pit mine could result in anincrease in Eastplats' annual production to approximately 325,000 ounces in2013 (see news release dated June 3, 2010). Under this plan, a 90,000 tpmconcentrator would be located on the Kennedy's Vale site and the planned rapidproduction ramp-up at Mareesburg would allow the concentrator to ramp upquickly to full capacity immediately upon commissioning. To accommodate futurecapacity increases, the plant at Kennedy's Vale would include the civil andother surface infrastructure work required for an additional 90,000 tpmprocessing stream and appropriate tailings facility infrastructure to processup to 180,000 tpm of ore.Mareesburg would initially be an open-pit mining operation and consequentlyrequire little power. A power line currently provides 800 KVA across theMareesburg property and this would be adequate to run administration andworkshop/maintenance facilities with any further power requirements to beprovided by on site diesel power generators.The Company has already secured 3MVA of power for the construction phase forthe concentrator at the Kennedy's Vale site. With respect to permanentoperating power for the concentrator and for the Spitzkop mine, the Companyhas applied for 40 MVA of installed capacity, of which 20MVA would be requiredfor the initial 90,000 tpm plant. Eastplats has paid the necessary fees toinitiate the acquisition of power and Eskom has commenced the engineeringwork.Eastplats has water supply rights in place to support an 180,000 tpm miningoperation from the De Brochen Dam, and has the rights to participate in the DeHoop water supply scheme that would allow for water supply to support afurther 100,000 tpm processing stream."The recent granting of New Order Mining Rights for Mareesburg and thesecuring of construction power at Kennedy's Vale along with our existing waterrights now provides us with all the third party support for us to begin thephased development of our multiple properties on the Eastern Limb. This is inline with our long term growth plan to significantly increase Eastplats'production," stated Ian Rozier, President and CEO.Eastplats will release its full third quarter results on Monday, November 15,2010.Total shares issued and outstanding - 683,179,000Cautionary Statement on Forward-Looking InformationCertain statements included herein constitute "forward-looking statements"within the meaning of applicable Canadian securities legislation. Theseforward-looking statements are based on certain assumptions by Eastplats andas such are not a guarantee of future performance. Such statements includethose about the commencement of development of the Eastern Limb projects andfuture production levels. Actual results could differ materially from thoseexpressed or implied in such forward-looking statements due to factors such asgeneral economic and market conditions, increased costs of production and adecline in metal prices. Eastplats is under no obligation to update or reviseany forward-looking statements, whether as a result of new information, futureevents or otherwise, except as required by applicable laws.S&P TSX Composite IndexFOR FURTHER INFORMATION PLEASE CONTACT: Eastern Platinum Limited Ian Rozier President & C.E.O. [phone]+1-604-685-6493(FAX) [e-mail] www.eastplats.com No stock exchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.