Eastplats' South African Subsidiary Receives a Summons
Eastplats' South African Subsidiary Receives
a Summons
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2023) - Eastern Platinum Limited (TSX: ELR)
(JSE: EPS) ("
Eastplats
" or the "
Company
") announces that its South African subsidiary, Barplats
Mines Proprietary Limited ("
Barplats
") received a combined summons (the "
Summons
") from ABT
Toda Proprietary Limited ("
ABT Toda
") which is related to the matter in respect of which Barplats is in
arbitration with Advanced Beneficiation Technologies (Pty) Ltd ("
ABT"
) regarding the Agreement (as
defined below) (see the Company's Amended Management's Discussion and Analysis for the Three
Months ended March 31, 2023 and News Release dated January 26, 2022). The Summons was filed
with the High Court of South Africa (North West Division, Mahikeng) by ABT Toda.
Barplats is currently engaged in a confidential arbitration process with ABT to resolve a dispute between
the parties regarding the termination of the project framework agreement (the "
Agreement
") for the
development and construction of a modular plant to process platinum group metals ("
PGMs
") from the
tailings re-deposited from the retreatment project at a designated area of the Zandfontein tailings dam
situated at the Crocodile River Mine (the "
Circuit H Project
"). There were several milestones required
under the Agreement to complete and establish the Circuit H Project, including a joint venture agreement
between Barplats and ABT (the "
Joint Venture
"), financing agreements and off-take agreements for the
project. None of these agreements were concluded prior to the termination of the Agreement. The
Company understands that ABT Toda is ABT's intended nominee to hold its interest in the Joint Venture.
The Company will seek advice and make a recommendation on the appropriate action.
For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
(email)
(604) 800-8200 (phone)
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" or "forward-looking information" (collectively
referred to herein as "
forward-looking statements
") within the meaning of applicable securities
legislation.
Such forward-looking statements include, without limitation, any action the Company may
take in connection with the Summons, forecasts, estimates, expectations and objectives for future
operations that are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "will",
"could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking statements are discussed in the Company's
most recent Annual Information Form available under the Company's profile on
www.sedar.com
.
In particular, this press release contains forward-looking statements pertaining to: the timing and actions
of the Company.
These forward-looking statements are based on assumptions made by and information
currently available to the Company. Although management considers these assumptions to be
reasonable based on information currently 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 number of factors could cause actual results to
differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in
such forward-looking statements.
These factors include, but are not limited to, commodity prices,
economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks
related to operations in foreign countries.
All forward-looking statements in this press release are expressly qualified in their entirety by this
cautionary statement, the "
Cautionary Statement on Forward-Looking Information
" section contained in
the Company's most recent Management's Discussion and Analysis available under the Company's
profile on
www.sedar.com
.
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, and does not undertake, to 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 regulatory authority has approved or
disapproved the information contained herein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/172645