/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Feb. 11, 2019 /CNW/ - Eastern Platinum
Limited and its subsidiary Barplats Mines (Pty)
Limited (collectively called "Eastplats" or the
"Company") is pleased to announce that the Company has
made its first shipment, totaling 10,000 tons of chrome concentrate
from its newly constructed chrome retreatment facility in
South Africa.
As announced on December 18, 2018,
the chrome processing circuit installed at the Barplats Zandfontein
UG2 tailings retreatment facility is being commissioned during an
operational start-up.
In further developments, the Company is pleased to report that
Alpha Global Capital, Inc. ("Alpha Global") has filed a notice of
withdrawal in relation to its claim initiated against the
Company in South Africa (See News
Release of March 20, 2017 and
Management Discussion and Analysis of September 30, 2018). The Company will be seeking
to recover from Alpha Global a portion of the costs the Company has
incurred in responding to the claim.
As well, further to the Company's News Release of November 9, 2018 announcing that the Company had
received a petition filed with the Supreme Court of British Columbia seeking leave to commence a
derivative action on behalf of the Company against certain of
its current and former directors, the Special Committee of the
Board of Directors completed its review of the allegations and
recommended the Company should vigorously oppose the petition. In
early 2019, the Company formally filed its response, seeking the
dismissal of the petition as well as special costs against the
petitioner.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable securities legislation. Such forward-looking
statements include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "will", "plan",
"intends", "may", "will", "could", "expects", "anticipates" and
similar expressions. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking
statements are discussed in the Company's Annual Information Form
and Management's Discussion and Analysis which are available under
the Company's profile on www.sedar.com.
In particular, this press release contains forward-looking
statements pertaining to: the ability to recover costs from Alpha
Global, ability to obtain security for costs and special costs and
have the derivative action petition dismissed. These
forward-looking statements are based on assumptions made by and
information currently available to the Company. Although
management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties and readers are cautioned
not to place undue reliance on these statements as a number of
factors could cause actual results to differ materially from the
beliefs, plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements. These factors
include, but are not limited to, unanticipated problems that may
arise in our production processes, commodity prices, lower than
expected grades and quantities of resources, need for additional
funding and availability of such additional funding on acceptable
terms, economic conditions, currency fluctuations, competition and
regulations, legal proceedings and risks related to operations in
foreign countries.
The forward-looking statements in this press release are made as
of the date they are given and, except as required by applicable
securities laws, the Company disclaims any intention or obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein.
SOURCE Eastern Platinum Limited