Eastern Platinum Ltd. T.ELR

Alternate Symbol(s): ELRFF

Eastern Platinum Limited owns directly and indirectly a number of platinum group metals (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 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. The Kennedy’s Vale and Spitzkop Project are situated on the Eastern limb of the Bushveld Complex 350 kilometers (km) northeast of Johannesburg. Mareesburg is an open-cut PGM project on a 2,129- hectares area in the southern part of the eastern limb of the Bushveld Complex, in the Limpopo Province of South Africa.

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Eastern Platinum Ltd.

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Post by jogajogaon Apr 18, 2011 12:15pm

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Post# 18446904

Target cut by UBS

Very cheap at these prices Target of 1.80

Reuters) - Shares of Eastern Platinum Ltd fell more than 17 percent, after the Canadian miner on Friday posted a decline in its quarterly production.

The miner, which operates the Crocodile River mine in South Africa, produced 25,387 ounces of platinum group metals, which includes platinum, palladium and rhodium, in the first quarter -- a 17 percent fall from last year.

"The traditional slow start in January combined with the introduction of revised support methods resulted in a significant decrease in production for the quarter," Chief Executive Ian Rozier said in a statement.

UBS cut its price target on the company's stock to C$1.80 from C$2, citing low labor productivity in South Africa, cost inflation in the platinum industry and the strengthening rand.

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