/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, June 15, 2018 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") is pleased to announce that all of the nominees proposed as directors and listed in
the management information circular dated May 10, 2018 (the "Circular") were elected as
directors of Eastplats at its annual general meeting of shareholders held on June 14, 2018 (the
"Meeting"). At the Meeting, PricewaterhouseCoopers LLP were also re-appointed as auditors of Eastplats.
Detailed results of the vote for the election of directors held at the Meeting are set out below:
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Business
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Outcome of Vote
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Votes For
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Votes Withheld
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Resolution electing:
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(a) Diana Hu;
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Approved
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52,085,543
(99.95%)
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24,447
(0.05%)
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(b) Michael Cosic;
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Approved
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52,085,601
(99.95%)
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24,389
(0.05%)
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(c) George Dorin;
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Approved
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52,087,236
(99.96%)
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22,754
(0.04%)
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(d) Bielin Shi;
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Approved
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52,080,850
(99.94%)
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29,140
(0.06%)
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(e) Nigel K. Dentoom; and
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Approved
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52,087,336
(99.96%)
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22,654
(0.04%)
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(f) Xin (Alex) Guan
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Approved
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52,081,685
(99.95%)
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28,305
(0.05%)
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as directors of the Company.
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Construction of the Retreatment Project
As previously disclosed, on March 1, 2018, the Company and its subsidiary Barplats Mines (Pty)
Limited ("Barplats") entered into a framework agreement (the "UG Agreement") with Union Goal Offshore Solutions
Limited ("Union Goal") relating to construction, mining and processing of the tailing resource and offtake of chrome
concentrate from the Barplats Zanfontein UG2 tailings facility (the "Retreatment Project") located at the Company's
Crocodile River Mine in South Africa ("CRM"). The Company and Union Goal have extended
the completion of all the conditions precedent of the UG Agreement until July 15, 2018.
The Company continues the construction phase of the Retreatment Project with the expected completion date estimated at the end
of Q3 2018. Construction work on the chrome processing circuit continues to progress well while work continues on schedule at the
tailings facility to prepare for the mining phase and good progress continues on building the walls for the deposition of
tailings with the target for initial production remaining the fall of 2018. The estimated total capital requirements for Barplats
in relation to the Retreatment Project remain at ZAR 191,242,000 (US$14,389,000) with costs in the amount of ZAR32,759,000 (US$ 2,465,000) incurred to May 31, 2018.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking
statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking
statements are statements that are not historical facts and are generally, but not always, identified by the words "will",
"plan", "intends", "may", "will", "could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking statements are discussed in the Company's Annual Information Form and
Management's Discussion and Analysis which are available under the Company's profile on www.sedar.com.
In particular, this press release contains forward-looking statements pertaining to: the timing of completion of the
conditions precedent to the UG Agreement, estimated timing of construction and initial production of the Retreatment Project, and
estimated capital requirements for the Retreatment Project. These forward-looking statements are based on assumptions made by and
information currently available to the Company. Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of
factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements. These factors include, but are not limited to, commodity prices,
economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in
foreign countries.
The forward-looking statements in this press release are made as of the date they are given and, except as required by
applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
SOURCE Eastern Platinum Limited
View original content: http://www.newswire.ca/en/releases/archive/June2018/15/c4942.html