Eastern Platinum Limited Announces Completion of Special Committee Investigation
Eastern Platinum Limited Announces
Completion of Special Committee
Investigation
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2023) - Eastern Platinum Limited (TSX:
ELR) (JSE: EPS) ("
Eastplats
" or the "
Company
") announces that the special committee (the
"
Committee
") formed by two independent directors of the Board of Directors (the "
Board
") of the
Company to conduct an investigation, review and analysis of unproven whistleblower allegations,
including allegations of undisclosed related party transactions pertaining to the sale of chrome
concentrate at discounted prices (the "
Allegations
") has completed its investigation.
With assistance from independent counsel engaged and a third-party e-discovery specialist to assist
with the investigation, the Committee found the Allegations advanced by the whistleblowers to be
unsubstantiated. The Committee did not find evidence to establish that the Company entered into any
related party transaction pertaining to the sale of chrome concentrate and further concluded that the
prices of the contracts in respect of the sale of chrome concentrate described in the Allegations were
within a reasonable range of market price, particularly in the challenging circumstances the Company
faced in the latter half of 2022 and taking into account delivery terms and the grade of chrome
concentrate.
About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South
Africa. All of the Company's properties are situated on the western limb (Crocodile River Mine) and
eastern limb (Kennedy's Vale, Spitzkop Mareesburg) of the Bushveld Complex, the geological
environment that hosts approximately 80% of the world's PGM-bearing ore.
Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource
to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.
For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer & Corporate Secretary
(email)
(604) 800-8200 (phone)
No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.
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