Business
Eastern Platinum Limited Reports Annual Results for 2016 and Q1-2017
Eastern Platinum Limited Reports Annual Results for 2016 and Q1-2017 Canada NewsWi...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastern Platinum Limited Reports Annual Results for 2016 and Q1-2017\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 14, 2017\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\n\nTrading Symbol: ELR (TSX); EPS (JSE)\n\n\n\nVANCOUVER, June 14, 2017 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") is pleased to report it has filed its audited consolidated financial statements, management discussion and analysis and its annual information form for the year ended December 31, 2016. Further, it has also filed its condensed interim consolidated financial statements and management discussion and analysis for the 3 months ended March 31, 2017. Below is a summary of our financial results for those periods (all amounts in USD).\n\nANNUAL 2016:\n\n\nNet loss for 2016 was $55.1 million (loss of $0.55 per share) compared with $23.4 million for 2015;\nCash and short-term investments of $26.2 million and working capital of $27.5 million at December 31, 2016;\nWe recorded recoveries on previously recorded impairment on Crocodile River Mine (\"CRM\") and the Mareesburg project of $5.6 million and $4.5 million, respectively;\nWe recorded an impairment on Kennedy's Vale and the Spitzkop project of $23.8 million and $15.5 million, respectively;\nAn impairment was recorded with respect to the $13.4 million prepayment related to the June 30, 2016, share purchase agreements entered into by former management (the \"BEE Buyout Agreements\"), described in our July 4, 2016 news release;\nWe continue to actively manage CRM activities resulting in a decrease in care and maintenance costs of 38% compared to 2015;\nWe have realigned the Company's organizational structure to reduce general and administration costs going forward, enabling these funds to be available for future use on our mining projects;\n\nQ1-2017:\n\n\nNet loss for Q1-2017, $2.5 million (loss of $0.02 per share) compared to $5.0 million for the same period in 2016;\nCash and short-term investments of $23.9 million and working capital...