Eastplats Provides a Corporate Update
1080 - 1188 West Georgia St.
Vancouver, BC Canada V6E 4A2
July 26, 2018
Trading Symbol: ELR (TSX); EPS (JSE)
NEWS RELEASE
EASTPLATS PROVIDES A CORPORATE UPDATE
JULY 26, 2018, Vancouver, British Columbia – Easter n Platinum Limited (the “ Company ”) provides the following
update on its current activities.
Management Reorganization
The Company has received notice that Anton Lubbe, V ice President of its South African operations inten ds to resign
effective August 31, 2018. Diana Hu, CEO of the Com pany commented, “we appreciate the work and signifi cant
contribution Mr. Lubbe made in seeing the Company through its care and maintenance phase and we wish him success
in his future endeavours.”
The Company will reorganize Mr. Lubbe’s duties betw een Diana Hu, CEO, Andrea Zhang, COO and through th e
promotion of Hannelie Hanson to General Manager of South African Operations. Ms. Hanson has been with the
Company’s South African Operations since 2012 and h as extensive operational experience with Anglovaal Mining
Limited and Lonmin, PLC over the past 20 years. Ms. Hanson holds a bachelor of Science with honours, a Master of
Engineering and a Masters of Business Administration degree and has been integrally involved in the technical details
of all current projects and has worked closely with management since 2016 as we have begun our plan to transition
from care and maintenance. Ms. Hu, CEO stated “I am very pleased to promote someone as qualified as Ms . Hanson
to oversee and lead our transition to operations, w hich will include additional recruitment, and look forward to
continuing our successful working relationship.”
Construction of the Retreatment Project
As previously disclosed, on March 1, 2018, the Comp any and its subsidiary, Barplats Mines (Pty) Limite d
(“ Barplats ”), entered into a framework agreement (the “ UG Agreement ”) with Union Goal Offshore Solutions
Limited (“ Union Goal ”) relating to construction, mining and processing of the tailing resource and offtake of chrome
concentrate from the Barplats Zanfontein UG2 tailings facility (the “ Retreatment Project ”) located at the Company’s
Crocodile River Mine in South Africa (“ CRM ”). The Company and Union Goal have extended the co mpletion of all
the conditions precedent of the UG Agreement until August 31, 2018.
The Company continues the construction phase of the Retreatment Project with the expected completion d ate
estimated at the end of Q3 2018. Construction work on the chrome processing circuit continues and sign ificant
construction milestones have been met. Progress continues on schedule at the tailings facility to prepare for the mining
phase and excellent progress has been achieved on b uilding the walls for the deposition of tailings wi th the target for
initial production as early as the fall of 2018.
Alpha Global Capital Inc. litigation
Due to inaction and delay by Alpha Global Capital Inc. (“ Alpha Global ”) on its claim initiated against the Company
in South Africa (See News Release of March 20, 2017 and Management Discussion and Analysis of March 31, 2018),
the Company has been advised that the matter has no w been removed from the court roll for a hearing th at had been
scheduled for September 2018. There is currently no date scheduled for this action. The Company will c ontinue to
oppose any attempt for reinstatement and will seek to have the claim struck and dismissed.
The Company has recently received notice of a furth er claim filed by Alpha Global in the British Virgi n Islands
seeking repayment of amounts Alpha Global alleges are owed to it under the same 2007 agreement that was the basis
of its South African claim. Alpha Global is seeking payment of an amount of ZAR 30,797,464 (US$ 2,296, 604 at
current exchange rates) plus an amount it alleges i s owing for default interest, for a total claim of ZAR 142,886,964
(US$ 10,655,255).
Alpha Global’s claims arise under an agreement ente red into in 2007 in connection with the Company’s a cquisition
of an additional 5% interest in Barplats Investment s Limited (which indirectly holds the Crocodile Riv er Mine in
South Africa). Under that agreement, Alpha Global w as to receive the above additional amount if the Co mpany
subsequently completed a “Fundamental Transaction”. Alpha Global is now seeking payment of that amount plus
default interest and other relief in connection with that agreement.
The Company is of the view that no amount is currently owing to Alpha Global and as a result it is not entitled to any
remedy in connection with its alleged claim. The Company will take steps to oppose the claim.
For further information, please contact:
EASTERN PLATINUM LIMITED
Rowland Wallenius, Chief Financial Officer and Corporate Secretary
[email protected] (email)
(604) 800 -8200 (phone)
Cautionary Statement Regarding Forward-Looking Info rmation
This press release contains “forward-looking statem ents” or “forward-looking information” (collectivel y referred to
herein as “ forward-looking statements ”) within the meaning of applicable securities legi slation. Such forward-
looking statements include, without limitation, for ecasts, estimates, expectations and objectives for future operations
that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the con trol of the
Company. Forward-looking statements are statements that are not historical facts and are generally, b ut not always,
identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” an d similar
expressions. Further disclosure of the risks and un certainties facing the Company and other forward-lo oking
statements are discussed in the Company’s Annual In formation Form and Management’s Discussion and Anal ysis
which are available under the Company’s profile on www.sedar.com.
In particular, this press release contains forward- looking statements pertaining to: timing of the man agement
reorganization, the timing of completion of the con ditions precedent to the UG Agreement, estimated ti ming of
construction and initial production of the Retreatm ent Project, and timing and outcome of legal disput es with Alpha
Global. These forward-looking statements are based on assumptions made by and information currently av ailable to
the Company. Although management considers these a ssumptions to be reasonable based on information cu rrently
available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks
and uncertainties and readers are cautioned not to place undue reliance on these statements as a numbe r of factors
could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements. Thes e factors include, but are not limited to, commodit y prices,
economic conditions, currency fluctuations, competi tion and regulations, legal proceedings and risks r elated to
operations in foreign countries.
The forward-looking statements in this press release are made as of the date they are given and, except as required by
applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other r egulatory authority has approved or disapproved the
information contained herein.
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