|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 Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 28, 2016 02:15 PM EDT Reads: 1,007
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 28, 2016 02:15 PM EDT Reads: 4,015
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Oct. 28, 2016 02:00 PM EDT Reads: 2,946
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Oct. 28, 2016 02:00 PM EDT Reads: 4,694
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 28, 2016 02:00 PM EDT Reads: 1,216
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
Oct. 28, 2016 01:45 PM EDT Reads: 1,715
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 28, 2016 01:30 PM EDT Reads: 5,165
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 28, 2016 01:15 PM EDT Reads: 741
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 28, 2016 01:15 PM EDT Reads: 8,653
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Oct. 28, 2016 01:00 PM EDT Reads: 2,412
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Oct. 28, 2016 01:00 PM EDT Reads: 783
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Oct. 28, 2016 01:00 PM EDT Reads: 3,722
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Oct. 28, 2016 12:52 PM EDT Reads: 219
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Oct. 28, 2016 12:45 PM EDT Reads: 742
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
Oct. 28, 2016 12:30 PM EDT Reads: 634