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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Sept. 4, 2018 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") and its subsidiary Barplats Mines (Pty) Limited ("Barplats") are pleased to
announce they have satisfied all the conditions precedent regarding the Framework Agreement (See News Release of March 5, 2018) with Union Goal Offshore Solution Limited ("Union Goal"). The Framework Agreement
provides for the construction, mining and processing of the tailings resource, and the subsequent offtake of chrome concentrate
from, the Barplats Zandfontein UG2 tailings facility ("Retreatment Project") located at the Crocodile River Mine in South
Africa.
The conditions precedent included amongst other agreed requirements, the securing of the now non-refundable upfront payment of
ZAR 42.2 million paid to Barplats and the signing of the:
- Offtake Agreement;
- Equipment and Chrome Plant Agreement;
- Escrow Agreement; and
- Loan Agreement.
The Company continues the construction phase of the Retreatment Project with the expected completion date estimated at the end
of Q3 2018 followed immediately by commissioning.
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: operation of the Framework, Offtake,
Equipment and Chrome Plant, Escrow and Loan Agreements, estimated timelines of construction and estimated operations. 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, lower than expected grades and quantities of
resources, need for additional funding, availability of such additional funding and that funding will be on acceptable terms,
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
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