Eastern Platinum revealed on Wednesday (13th May) that pgm production at its Crocodile River Mine (CRM) increased by 18 per cent in the first quarter of 2009.

The company revealed in its financial results for the three months to 31st March that the mine produced 32,969 oz pgm, up from 27,825 oz pgm for the equivalent period in 2008.

Average recovery rates during the quarter increased to 80 per cent - compared to 78 per cent in Q1 2008 - while run-of-mine ore processed was up by 24 per cent to 318,394 tonnes.

In addition, the figures show that operating cash costs were $536 per oz, representing a quarterly increase of 15 per cent and a year-on-year rise of 23 per cent from $698 per oz.

Ian Rozier, Eastern Platinum's President and Chief Executive Officer, said: "We are extremely pleased that our production is at a record high for the quarter and that the cost-cutting measures which were implemented in late 2008 have already resulted in the lowest cash cost per ounce achieved since we acquired CRM."

Mr Rozier added that the company will continue to lower its cost profile and consolidate its $21,966,000 cash position, while also preparing for development projects as pgm prices rise.

Eastern Platinum confirmed that its average delivered basket price per pgm oz fell from $1,621 in Q1 2008 to $590 in Q1 2009, although this was up seven per cent from Q4 2008.

Source:

Eastern Platinum Reports Results For The Three Months Ended March 31, 2009 (13/05/09)

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