Eastern Platinum confirmed yesterday (13th November) that production at its Crocodile River Mine (CRM) increased by five per cent during the third quarter of 2008.

The company's results for the quarter up to 30th September revealed that output at the mine was up to 30,758 oz PGM, compared to the figure of 29,417 oz PGM for the equivalent period last year.

Furthermore, the statement showed that the firm's average mining rate was 106,487 tonnes per month during the quarter, down one per cent from last year's 107,925 tonnes per month.

Ian Rozier, President and CEO of Eastern Platinum, said: "The significant decline in PGM prices during the last four months has had a negative impact on the company's cash flow.

"We have addressed capital expenditures in order to preserve our robust cash balances by rescheduling our development projects, Crocette, Spitzkop and Mareesburg, and we have made significant progress in reducing our operating costs at CRM."

The results also showed that the average grade was 3.99g per tonne (5PGE+Au), compared to 4.10g per tonne (5PGE+Au) in Q3 2007, while total underground development increased by 15 per cent to 5,599m.



Source:

Eastern Platinum Reports Results For The Quarter Ended September 30, 2008 (13/11/08)
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