Eastern Platinum revealed yesterday (31st March) that production at its Crocodile River Mine (CRM) increased by nine per cent over the course of 2008.

In its latest financial results for the three months to 31st December 2008, the company revealed that 117,909 oz pgm were produced at the mine during the year, in comparison to 107,967 oz pgm in 2007.

Similarly, fourth-quarter output at the mine increased by nine per cent to 29,015 oz pgm, up from the figure of 26,632 oz pgm recorded for the equivalent period 12 months earlier.

In addition, the firm revealed that both the Q4 and yearly average recovery rates improved from 72 per cent to 76 per cent, mainly as a result of work on the concentrator circuit at the mine.

The amount of hard rock ore processed increased by 15 per cent during the year from 1,025,293 tonnes to 1,175,519 tonnes, while there was a quarterly improvement of eight per cent from 275,972 tonnes to 298,514 tonnes.

Commenting on the results, President and Chief Executive Ian Rozier said: "In the current economic environment, our primary objective is to continue to grow CRM production in a cash flow-positive manner.

"We will continue to focus on lowering our cost profile and preserving our cash balances, as well as taking the appropriate steps necessary to position Eastplats to benefit quickly when pgm prices improve."

The data also showed that the company managed to achieve an annual average grade of 4.01 g/t - up from 39.6 g/t - while recording net earnings of $16,364,000 for the full year.

"Because of the sharp decline in pgm prices in Q4 2008, concentrate deliveries made prior to Q4 2008 were settled in Q4 2008 at much lower prices than those in effect on the dates of the deliveries," it added in a management discussion.

Sources:
Eastern Platinum Reports Results For The Year Ended December 31, 2008 (31/03/09)
http://www.eastplats.com/media/news/index.php?&content_id=163

Eastplats fears ongoing market conditions (31/03/09)
http://www.miningmx.com/mining_fin/982109.htm