Eastern Platinum recorded combined sales and production figures of over 26,807 ounces of platinum group metals (pgms) during the second quarter of 2006.

The output represents a significant improvement from the combined figure of 25,873 ounces for the same period last year.

News of the results comes as Eastern is continuing the development of its mining interests, with plans to install a vertical shaft at the Zandfontein section of the Crocodile River Mine (CRM) to be completed by 2008, which it is hoped will boost its production to 120,000 tonnes.

Eastern is also currently refurbishing a smelter at CRM with projected capacity expected to reach 600,000 ounces of pgms annually by its fourth year of operation.

It is thought that the programme of redevelopment will be integral to the company's stated aim of raising output of pgms to 500,000 ounces by 2012.

More effective exploitation of its existing resources, however, helped the firm to post record revenue for the quarter of $35.5 million, compared with $28.4 million for the year-ago quarter.

Commenting on the figures, Ian Rozier, Eastern's President and Chief Executive Officer, said: "The results reported this quarter reflect the excellent progress being made on all fronts, particularly at CRM where the development of reserves is building a strong foundation for the mine's continued success.

"Progress at CRM, our increased interest in Barplats to 74 per cent, excellent assay results from Spitzkop, our approved JSE listing, and the strong fundamentals of the pgms sector, are all extremely positive for the outlook of the company's future prospects," he added.

Sources:

Eastern Platinum Reports Record Quarterly Revenue, Continued Increases in Production and Development At CRM, Current Cash Position in Excess of $250 Million,14/05/07
http://www.ccnmatthews.com/news/releases/show.jsp?action=showRelease&searchText=false&showText=all&actionFor=651581

Eastern Platinum Q3 net loss widens over yr ago; revenues up 25 pct vs Q2, 14/05/07
http://www.forbes.com/markets/feeds/afx/2007/05/14/afx3717076.html


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