Eastern Platinum Limited Reports Q3 2018 Results

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[{"type":"text","content":"\n\n\n\nEastern Platinum Limited Reports Q3 2018 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. 14, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\nTrading Symbol: ELR (TSX); EPS (JSE)\n VANCOUVER, Nov. 14, 2018 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") is pleased to report that it has filed its Q3-2018 condensed interim consolidated financial statements and management's discussion and analysis for the three and nine month periods ended September 30, 2018. Below is a summary of the Company's financial results and highlights for Q3 2018 (all amounts in USD, except as indicated in South African Rand (\"ZAR\")):\ncash inflow during the quarter of $0.5 million (ZAR 6.5 million) as a construction loan from Union Goal Offshore Solution Limited (\"Union Goal\") in accordance with the UG Agreement (as defined herein); cash and short-term investments of $7.5 million and working capital of $9.0 million as at September 30, 2018 available for completion of the Retreatment Project (as defined herein) and other 2018 operations; capitalized and expended $15.7 million on the Chrome Circuit (as defined herein) and related construction activities to further the Retreatment Project (as defined herein) during Q3 2018; net loss of $3.0 million (loss of $0.03 per share) compared with $2.1 million (loss of $0.02 per share) in the same period of 2017; however, the loss included a foreign exchange loss of $1.2 million in Q3 2018 compared to $0.6 million in the same period of 2017; and net operating cash flows used during the quarter was $4.7 million compared with $2.4 million used during the same period of 2017.Construction of the Retreatment Project\nAs 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 relating to construction, remining and processing of the tailings resource and offtake of chrome concentrate from Barplats' tailings facility (the...

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