|By Marketwired .||
|March 13, 2014 07:36 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/13/14 -- Eastern Platinum Limited (TSX: ELR)(AIM: ELR)(JSE: EPS) -
As a result of the suspension of production at the end of July 2013, the Company believes that it is not meaningful to compare the operations of the year ended December 31, 2013 against the operations of the year ended December 31, 2012. However, for information purposes, certain production statistics have been provided in the Management's Discussion and Analysis which accompanies the audited consolidated financial statements for the year ended December 31, 2013.
Summary of results for the quarter ended December 31, 2013:
-- At December 31, 2013, the Company had a cash position (including cash, cash equivalents and short term investments) of $92,960,000 (December 31, 2012 - $130,925,000). -- Eastplats recorded a loss attributable to equity shareholders of the Company of $1,559,000 ($0.00 per share) in the three months ended December 31, 2013 ("Q4 2013") compared to a loss of $1,963,000 ($0.00 loss per share) in the three months ended December 31, 2012 ("Q4 2012"). -- General and administrative costs decreased 60% from $2,151,000 in Q4 2012 compared to $861,000 in Q4 2013. -- Eastplats incurred care and maintenance costs of $2,807,000 at CRM and at its Eastern Limb project in Q4 2013.
Summary of results for the year ended December 31, 2013
-- Production at CRM scaled down with effect from June 22, 2013 and ceased by the end of July 2013. CRM was placed on care and maintenance commencing August 1, 2013. -- Eastplats recorded a loss attributable to equity shareholders of the Company of $156,852,000 ($0.17 per share) for the year ended December 31, 2013 ("2013") compared to a loss of $103,708,000 ($0.11 loss per share) for the year ended December 31, 2012 ("2012"). -- Adjusted EBITDA was negative $14,825,000 in 2013 compared to negative $12,558,000 in 2012. -- PGM ounces sold decreased 68% to 27,352 ounces in 2013 compared to 86,225 PGM ounces in 2012. -- The U.S. dollar average delivered price per PGM ounce decreased to $918 in 2013 compared to $925 in 2012. -- The Rand average delivered price per PGM ounce increased 13% to R8,500 in 2013 compared to R7,528 in 2012. -- During the year, the Company recorded an impairment charge of $147,787,000 against its Crocodile River Mine.
For complete details of financial results, please refer to the audited condensed consolidated financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2013. These financial statements and MD&A, and the comparative financial statements for the year ended December 31, 2012 are all available on SEDAR at www.sedar.com and on the Company's website www.eastplats.com.
Total shares issued and outstanding - 928,187,807
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward looking statements. These forward-looking statements pertain to assumptions regarding the price of PGMs, fluctuations in currency markets (specifically the Rand and the U.S. dollar), the future funding of the Company's projects, the future development of the Company's projects, the Company's plans for its properties, the anticipated timing for the awarding of tenders, and the accounting policies issued but not yet effective for the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as Canadian dollar, South African Rand and U.S. dollar, the risk of fluctuations in the assumed prices of PGM and other commodities, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, South Africa, or Barbados or other countries in which the Company carries or may carry on business in the future, risks associated with mining or development activities, the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits, and assumed quantities or grades of reserves. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. Specific reference is made to the Company's most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Eastern Platinum Limited
President & C.E.O.
Neil Elliot, Damien Hackett
Canaccord Genuity Limited, London
+44 (0) 207 7523 8000
PSG Capital (Pty) Limited
+27 21 887 9602
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Sep. 4, 2015 12:00 AM EDT Reads: 370
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Sep. 4, 2015 12:00 AM EDT Reads: 445
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Sep. 4, 2015 12:00 AM EDT Reads: 305
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Sep. 3, 2015 11:30 PM EDT Reads: 117
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
Sep. 3, 2015 11:15 PM EDT Reads: 112
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Sep. 3, 2015 10:15 PM EDT Reads: 101
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Sep. 3, 2015 10:00 PM EDT Reads: 180
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Sep. 3, 2015 10:00 PM EDT Reads: 485
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
Sep. 3, 2015 08:30 PM EDT Reads: 153
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Sep. 3, 2015 05:30 PM EDT Reads: 362
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Sep. 3, 2015 05:15 PM EDT Reads: 532
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Sep. 3, 2015 05:00 PM EDT Reads: 544
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Sep. 3, 2015 04:30 PM EDT Reads: 429
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Sep. 3, 2015 04:00 PM EDT Reads: 259
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
Sep. 3, 2015 03:00 PM EDT Reads: 1,605