Canadian company Eastern Platinum has recorded revenue of CAD$28.4 million (US$24.3 million) for the three months to the end of December.

The firm's profits for the last six months hit CAD$7.4 million (US$6.3 million) from a loss of CAD$0.4 million a year ago. PGM production for the last quarter stood at 25,873 oz.

The change of fortunes was put down to increased production at South Africa's Crocodile River Mine and from favourable exchange rates.

At the firm's Spitzkop PGM Project, drilling confirmed a high grade, platinum and rhodium rich UG2 reef.

Eastern Platinum President and Chief Executive Ian Rozier said: "The increase in production and underground mine development at CRM, along with excellent results from drilling at Spitzkop are in line with our planning and expectations and reflect the excellent progress being made on all fronts.

"Progress at the Crocodile River Mine operations is very encouraging and combined with the very strong fundamentals for platinum and rhodium, suggest that our investment in Barplats, made just over 10 months ago, was a very timely and cost effective acquisition."

Ÿ Adfero Ltd