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Eastplats announces voting results of the annual general meeting of shareholders and a construction update


Trading Symbol: ELR (TSX); EPS (JSE)

VANCOUVER , June 15, 2018 /CNW/ - Eastern Platinum Limited ("Eastplats" or the "Company") is pleased to announce that all of the nominees proposed as directors and listed in the management information circular dated May 10, 2018 (the "Circular") were elected as directors of Eastplats at its annual general meeting of shareholders held on June 14, 2018 (the "Meeting"). At the Meeting, PricewaterhouseCoopers LLP were also re-appointed as auditors of Eastplats.

Detailed results of the vote for the election of directors held at the Meeting are set out below:


Outcome of Vote

Votes For

Votes Withheld

Resolution electing:

(a)     Diana Hu;






(b)     Michael Cosic;






(c)     George Dorin;






(d)     Bielin Shi;






(e)     Nigel K. Dentoom; and






(f)      Xin (Alex) Guan






as directors of the Company.


Construction of the Retreatment Project

As previously disclosed, on March 1, 2018 , the Company and its subsidiary Barplats Mines (Pty) Limited ("Barplats") entered into a framework agreement (the "UG Agreement") with Union Goal Offshore Solutions Limited ("Union Goal") relating to construction, mining and processing of the tailing resource and offtake of chrome concentrate from the Barplats Zanfontein UG2 tailings facility (the "Retreatment Project") located at the Company's Crocodile River Mine in South Africa ("CRM"). The Company and Union Goal have extended the completion of all the conditions precedent of the UG Agreement until July 15, 2018 .

The Company continues the construction phase of the Retreatment Project with the expected completion date estimated at the end of Q3 2018. Construction work on the chrome processing circuit continues to progress well while work continues on schedule at the tailings facility to prepare for the mining phase and good progress continues on building the walls for the deposition of tailings with the target for initial production remaining the fall of 2018. The estimated total capital requirements for Barplats in relation to the Retreatment Project remain at ZAR 191,242,000 (US$14,389,000) with costs in the amount of ZAR32,759,000 (US$ 2,465,000) incurred to May 31 , 2018.   

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation.  Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company.  Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "will", "could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and uncertainties facing the Company and other forward-looking statements are discussed in the Company's Annual Information Form and Management's Discussion and Analysis which are available under the Company's profile on www.sedar.com.

In particular, this press release contains forward-looking statements pertaining to: the timing of completion of the conditions precedent to the UG Agreement, estimated timing of construction and initial production of the Retreatment Project, and estimated capital requirements for the Retreatment Project. These forward-looking statements are based on assumptions made by and information currently available to the Company.  Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.  By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.  These factors include, but are not limited to, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Eastern Platinum Limited

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