Eastern Platinum Limited Reports Q3 2017 Results

About this update from Eastern Platinum Limited

[{"type":"text","content":"\n\n\n\nEastern Platinum Limited Reports Q3 2017 Results\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, Nov. 10, 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, Nov. 10, 2017 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") is pleased to report it has filed its Q3 2017 unaudited condensed interim consolidated financial statements and management discussion and analysis for the three and nine-month period ended September 30, 2017. Below is a summary of our financial results for the period (all amounts in USD).\n\n\nNet loss for the nine months ended September 30, 2017, $6.8 million (loss of $0.06 per share) compared with a net loss of $34.5 million (loss of $0.33 per share) for the same period in 2016;\nCash and short-term investments of $23.0 million and working capital of $24.5 million at September 30, 2017;\nNet operating cash flows used during the nine months ended September 30, 2017, $5.7 million; and\nDevelopment work expended during the nine months ended September 30, 2017 was $1.2 million. \n\nOperating Highlights and Outlook \n\nThe year 2017 has seen a dramatic change in the Company.  Although, the Company continues to ensure Crocodile River Mine (\"CRM\") is maintained, its focus and resources have moved to future projects.\n\nZANDFONTEIN UG2 TAILINGS RETREATMENT PROJECT TO RECOVER CHROME\n\n\nMineral resource estimate of 13,680,000 tons at an average grade of 20.72% chromium oxide;\nMineral reserve estimate of 6,420,000 tons, containing 1,440,000 tons of chromium oxide at an average grade of 22.36%;\nEstimated after-tax net present value of ZAR 42.2 million (US$3.0 million) using 13% discount rate;\nEstimated operating costs of ZAR 71.26/(RoM) (US$5.05) per ton processed;\nEstimated after-tax internal rate of return of 24% with a 33 month mine life;\nEstimated capital costs for the project of ZAR 219 million (US$15.5 million); and\nRecommendation to prepare platinum group minerals (\"PGM\") feasibility study...

More updates from Eastern Platinum Limited