Eastplats Reports Increased Ownership in Platinum Projects

Eastern Platinum Limited (TSX:ELR,LSE:ELR,JSE:EPS) reported  it has increased its interest in the Mareesburg platinum project.

As quoted in the press release:

Eastplats previously held a 25.5% interest in Mareesburg through its 51% shareholding in LHP, and also successfully earned a 50% direct interest in the project by way of the original Mareesburg Joint Venture agreement, for a total direct and indirect interest of 75.5%. With the acquisition of a further 23% of LHP, Eastplats now holds a 37% interest in Mareesburg through its 74% shareholding in LHP, and the 50% interest by way of the joint venture, for a total direct and indirect interest of 87% in Mareesburg.

Eastplats President and CEO, Ian Rozier said:

With the ongoing development of the low cost Mareesburg/Spitskop facilities, we are very pleased that we have been able to increase our equity position in Mareesburg. Mareesburg is progressing well and is an important step in our growth strategy of reaching target production by the end of 2013 of 225,000 PGM ounces for the group.

Click here to read the Eastern Platinum Limited (TSX:ELR) press release.