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Eastern Platinum Limited Reports on Further Investment in PGM Optimization Initiatives and Increased PGM Production Targets
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2021) - Eastern Platinum Limited ...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports on Further Investment in PGM Optimization Initiatives and Increased PGM Production TargetsVancouver, British Columbia--(Newsfile Corp. - February 2, 2021) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to provide an update on the platinum group metals (\"PGM\") initiatives following the closing of the rights offering (See news release of January 25, 2021). The Company reports that its subsidiary, Barplats Mines (Pty) Ltd. (\"Barplats\") has committed ZAR9 million (CDN$768,000) to the reconfiguring and optimization of the small-scale PGM circuit (previously the scavenger plant circuit) (\"PGM Circuit D\") which also includes funding for some of the initial work required to restart the main PGM plant circuit (\"PGM Main Circuit\").Barplats has scheduled the work to be completed by the end of February 2021, with recommissioning and operations targeted to begin before mid March 2021. The Company is pursuing the upgrades to obtain higher quality concentrate and to consistently produce a minimum of 200 tons of pressed filter cake PGM concentrate (\"PGM Concentrate\") per month, which is projected to further increase the revenue of the Company. The PGM Circuit D will be able to utilize the initial work on the PGM Main Circuit and it will allow a quicker restart of production. The next phase of the PGM Main Circuit work is projected to start in May 2021, with commissioning in October 2021. The Company estimates this will add a further 800 tons of PGM Concentrate per month to Barplats production, thereby continuing to grow Eastplats' revenue. About Eastern Platinum LimitedEastplats owns directly and indirectly a number of Platinum Group Metals (\"PGM\") and chrome assets in the Republic of South Africa. All of the Company's properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80% of the world's PGM-bearing ore. Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource, with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility and the processing and extraction of PGMs (\"Retreatment Project\").COVID-19South Africa remains at alert level 3 regarding COVID-19. The Company continues to follow the healt...