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Eastplats Announces the Closing of the Maroelabult Resource Property and Related Equipment Sale to Eland Platinum (Pty) Limited
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2022) - Eastern Platinum Limited (TSX...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastplats Announces the Closing of the Maroelabult Resource Property and Related Equipment Sale to Eland Platinum (Pty) LimitedVancouver, British Columbia--(Newsfile Corp. - March 22, 2022) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") and its subsidiary Barplats Mines (Pty) Limited (\"Barplats\") are pleased to announce the completion of the previously announced sale of the Maroelabult resource property with Eland Platinum (Pty) Limited (\"Eland\") (See news release of October 29, 2019). The sales agreement provided for the sale of the mining rights, immovable property, infrastructure and equipment of the Maroelabult resource property (collectively referred as the \"Maroelabult Assets\") located near Brits in South Africa, with Eland assuming all rehabilitation obligations related to the property. Total cash consideration of R20 million (approximately US$1.3 million) was received on March 9, 2022 after the transfer of legal title and various legal and regulatory obligations required in South Africa were completed. Since October 25, 2019, Eland assumed the care and maintenance costs and services of the Maroelabult Assets.Diana Hu, CEO of the Company, commented, \"Eastplats is pleased to close this transaction with Eland and to monetize Maroelabult. The Company remains focused to advance its core assets, including restarting the Zandfontein underground at the Crocodile River Mine and continue to bring value to its stakeholders.\" About Eastern Platinum LimitedEastplats owns directly and indirectly a number of platinum group metal (\"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 to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam. For further information, please contact: EASTERN PLATINUM LIMITEDWylie Hui, Chief Financial Officer & Corporate [email protected] (email)(604) 800-8200 (phone)Cautionary Statement Regarding Forward-Looking InformationThis press release contains \"forward-looking statements\" or \"forward-looking information\" (collectively...