Eastplats Secures Four Diesel Power Generators Capable of Producing Over 23 MW
Mon Apr 14, 11:04 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2008) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX: ELR.TO)(AIM: ELR)(JSE: EPS) reports that Eastplats has secured the rights to purchase four power generators capable of producing over 23 MW of power.
The generators are Portac generators driven by deLaval Enterprise 16 cylinder low speed engines that can be run on diesel or heavy fuel oil which is cheaper than standard diesel. Upon conversion to 50Hz, each generator will produce 5.8 MW for total delivered power capacity of 23.2 MW. The power units are almost new with no more than 1100 hours on any one of the units.
The acquisition of these generators will ensure that Eastplats can proceed with the timely development and operation of the Crocette section at the Crocodile River Mine ("CRM") and the Spitzkop-Kennedy's Vale development on the eastern limb of the Bushveld despite the reduced power supply from the Eskom grid and power disruptions that are expected to continue for up to four years.
"With our planned project development schedule and the uncertainty surrounding the power supply situation in South Africa we felt it prudent to ensure a large degree of self sufficiency and the purchase and commissioning of these power units will achieve this", stated Ian Rozier.
Total shares issued and outstanding: 671,387,052
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and Barplats and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
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