Eastern Platinum to invest in Zandfontein underground
Vancouver, British Columbia – Eastern Platinum has announced the completion of the previously announced rights offering to its shareholders. The Company intends to use the net proceeds from the Rights Offering to commence and/or complete various projects as described in the rights offering circular to expand and grow Eastplats’ revenue potential.
Eastplats will provide a more detailed and definitive update in regards to the specific projects and priorities in due course.
Eastplats owns directly and indirectly a number of platinum group metals (“PGM”) and chrome assets in the Republic of South Africa. All of the Company’s properties are situated on the western limb of the Crocodile River Mine and eastern limb of Kennedy’s Vale, Spitzkop and Mareesburg projects within 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.
