Business
Eastern Platinum Limited Is Pleased to Report the First Delivery of PGM Circuit D Pressed Filter Cake Concentrate and Provide a Company Update
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2021) -  Eastern Platinum Limit...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Is Pleased to Report the First Delivery of PGM Circuit D Pressed Filter Cake Concentrate and Provide a Company UpdateVancouver, British Columbia--(Newsfile Corp. - January 6, 2021) -  Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to report that during December 2020 its subsidiary, Barplats Mines (Pty) Ltd. (\"Barplats\"), delivered its first shipment of pressed filter cake platinum group metals (\"PGM\") concentrate under the existing offtake agreement between Barplats and Impala Refining Services Limited, now Impala Platinum Limited (the \"Offtake Agreement\").During 2020, the Company completed the refurbishment of the small-scale PGM circuit (previously the scavenger plant circuit) (\"PGM Circuit D\"). The Company only restarted and began operating the PGM Circuit D during Q3 2020 (following the mandatory general lockdown imposed by the Government of South Africa in connection with the COVID-19 pandemic). The Company has generated approximately 134 tons of pressed filter cake PGM concentrate and delivered approximately 32.18 tons during 2020 under the Offtake Agreement. The Company forecasts continued ramping up of the PGM Circuit D production and additional revenue from it during 2021. Barplats' tailings retreatment project located at its Crocodile River Mine (the \"Retreatment Project\") has been recovering chrome since December 2018. With the refurbishment and operation of the PGM Circuit D, and utilizing the Retreatment Project source material, the Company is now able to generate PGM revenue.Diana Hu, the President and CEO of Eastplats, stated that \"Operating the PGM Circuit D allows the Company to diversify its revenue sources and is a direct benefit of the Retreatment Project. To build on this success, Eastplats intends to use part of the expected proceeds from the currently ongoing rights offering (See News Release of December 11, 2020) to further upgrade the PGM Circuit D and refurbish the existing main PGM facility thereby expanding its PGM processing capacity and potential revenue sources. The Company is pleased to continue the development of opportunities in South Africa for its shareholders.\"RIGHTS OFFERINGThe shareholders of the Company were issued rights to acquire common shares as of December 18, 2020. The rights are currently trading...