DJ Eastern Platinum 1Q Net Profit $3.2M Vs $19.5M

Wed. May 13, 2009; Posted: 08:47 AM

LONDON, May 13, 2009 (Dow Jones Commodities News via Comtex) -- ELRFF | Quote | Chart | News | PowerRating -- Eastern Platinum said Wednesday it recorded a net profit attributable to equity shareholders of the Company of $3,164,000 ($0.00 per share) compared to $19,476,000 ($0.03 per share) in the first quarter of 2008 ("Q1 2008").

MAIN FACTS:

-Production at the Crocodile River Mine ("CRM") increased by 18% to 32,969 PGM ounces, from 27,825 PGM ounces in Q1 2008.

-The average delivered basket price per PGM ounce was $590, a decrease of 64% compared to $1,621 in Q1 2008, but an increase of 7% compared to $550 in the fourth quarter of 2008.

-EBITDA was $7,018,000 compared to $36,045,000 in Q1 2008 and negative $18,180,000 in the fourth quarter of 2008.

-Operating cash costs were $536 per ounce, an improvement of 23% over the $698 per ounce in Q1 2008, and an improvement of 15% over the $628 per ounce in the fourth quarter of 2008.

-Operating cash costs net of by-product credits was $388 per ounce.

-Average recovery rates for the quarter improved to 80%, compared to 78% in Q1 2008.

-Run-of-mine ore processed increased by 24% to 318,394 tonnes in Q1 2009 from 257,748 tonnes in Q1 2008.

-At March 31, 2009, the Company had a cash position (including cash, cash equivalents and short term investments) of $21,966,000.

-Primary objective is to continue to grow CRM production in a cash flow positive manner

-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9296; ian.walker@dowjones.com

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Visit http://djnweurope.ar.wilink.com/?ticker=CA2768551038 or call +44 (0)208 391 6028

(END) Dow Jones Newswires

05-13-09 0847ET

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