VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2013) - Eastern Platinum Limited (ELR.TO)(ELR.L)(JSE:EPS) ("Eastplats" or the "Company) reports financial results for the three and nine months ended September 30, 2013.
On April 19, 2013, the Company announced its decision to suspend funding for CRM due to the continuing stagnant outlook in the global economic environment, the sustained weakness in PGM pricing and the current operating environment in South Africa. On April 22, 2013 Barplats Mines Limited issued notices to employees in terms of Section 189 of the Labour Relations Act 66 of 1995 with respect to a care and maintenance and restructuring proposal for CRM. The consultation process with the unions and other representatives ended upon the expiry of the 60-day period on June 21, 2013.
Production at CRM scaled down with effect from June 22, 2013 and ceased by the end of July 2013. Production will not resume until it is clear that there can be sustainable economic production from CRM. The Company will continue to meet all its commitments with respect to its environmental management programs and the relevant aspects of its Social and Labour Plan.
Due to the suspension of production, the Company believes that it is not meaningful to compare the operations of the three months ended September 30, 2013 against the operations of the three months ended September 30, 2012, and as a result going forward, the Company will no longer be providing quarterly press releases on operations until such time as operations resume.
The key financial highlights for the three and nine months ended September 30, 2013 are provided below:
- At September 30, 2013, the Company had a cash position (including cash, cash equivalents and short term investments) of $98,207,000 (December 31, 2012 - $130,925,000).
- Eastplats recorded a loss attributable to equity shareholders of the Company of $4,617,000 ($Nil per share) in the quarter ended September 30, 2013 ("Q3 2013") compared to a loss of $5,698,000 ($0.01 loss per share) in the quarter ended September 30, 2012 ("Q3 2012").
- Eastplats recorded a loss attributable to equity shareholders of the Company of $155,293,000 ($0.17 loss per share) in the nine months ended September 30, 2013 ("9M 2013") compared to a loss of $101,745,000 ($0.11 loss per share) in the nine months ended September 30, 2012 ("9M 2012").
For complete details of financial results, please refer to the unaudited condensed consolidated interim financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2013. These financial statements and MD&A, and the comparative financial statements for the three and nine months ended September 30, 2012 are all available on SEDAR at www.sedar.com and on the Company's website www.eastplats.com.
Total shares issued and outstanding - 928,187,807
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, fluctuations in the currency markets such as Canadian dollar, South African Rand and U.S. dollar, fluctuations in the prices of PGM and other commodities, changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, South Africa, or Barbados or other countries in which the Company carries or may carry on business in the future, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits, and quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. Specific reference is made to the Company's most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.