Clarification of Resources in the Merensky Reef at Barplat's Kennedy's Vale Project, South ArficaMay 2, 2007
As result of a review by the British Columbia Securities Commission ("BCSC") the Company is issuing the following press release to clarify disclosure.
Mr. Ian Rozier, President and Chief Executive Officer of Eastern Platinum Limited (the "Company") and Chairman of Barplats Investments Limited. ("Barplats") is pleased to clarify disclosure with respect to a resource statement for the Merensky Reef at the Kennedy's Vale platinum group metals project on the Eastern Limb of the Bushveld Complex in South Africa made by Barplats.
The Company has an indirect 69% interest in Barplats with transactions in place to do an inward listing on the Johannesburg Stock Exchange (the "JSE") and in so doing, acquire a further 5% minority shareholding in Barplats. Barplats owns 100% of Rhodium Reef Mines which in turn owns 100% of the Kennedy's Vale project. As a reporting issuer in British Columbia with an interest, albeit indirect, in Barplats, and therefore in Kennedy's Vale, it is a requirement that resources stated by Barplats are in accordance with Section 3 of NI43-101.
The Barplats' website currently includes a 2003 resource statement for the Merensky Reef at Kennedy's Vale as follows;
An Indicated Resource of 96,500,000 tonnes at 3.88 g/t.
An Inferred Resource of 67,300,000 tonnes at 3.44 g/t.
Certain aspects of the reporting of these estimates require clarification.
• The stated resource estimate was made in 2003 by Impala Platinum Ltd.
• Individual platinum group metal content, or 'prill splits', were not provided in the stated resource as required by NI 43-101. The 'prill splits' that should have been reported are; Pt 53.6%, Pd 28.9%, Rh 3.0%, Ru 6.2%, Ir 1.1%, Au 7.2%.
• The stated resource estimate for the Merensky reef at Kennedy's Vale is not supported by a current NI43-101 technical report.
• The stated resource estimate has not been verified by audit.
• In a revised NI 43-101 technical report RSG Global state that until such time as a re-estimate and/or audit, or verification of the estimate is conducted, the stated resource in the Merensky should not be included in the project resource statement.
Accordingly, the Company and Barplats retract the stated resource estimate for the Merensky Reef at Kennedy's Vale on the Barplats' website.
The qualified person having prepared the contents of this news release is Mr. Ian Rozier, B.Sc.(Hons), M.Sc., P.Eng
For further information contact:
Mr. Ian Rozier, M.Sc., P.Eng., President & CEO
#501-837 West Hastings Street,
Vancouver, BC, Canada, V6C 3N6
Tel: (604) 685-6851, Fax: (604) 685-6493
NOMAD: Canaccord Adams Limited, London
Tel +44 20 7050 6752