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Eastern Platinum Down 7%, Still Above Year Low of 57 Cents

Eastern Platinum Limited (ELR.TO) shares are down 7% in mid-day trade, taking the price down to 58 cents. This is still above its year low price of 53 cents a share.The company reported no news today.

Eastern Platinum shares have been on a downward spiral since Jan 12, when it was trading at $1.95. In November, mining operations at the Crocodile River Mine were suspended for about 10 days following a fatal accident at the mine.

Its third quarter results were also lacklustre. Eastern Platinum reported that recorded earnings attributable to equity shareholders of the company were $1,364,000 in the quarter ended September 30, 2011, compared to earnings of $4,039,000 for the previous corresponding quarter ended September 30, 2010.

EBITDA decreased to $2,912,000 in Q3 2011 compared to $11,120,000 in Q3 2010.

PGM ounces sold decreased 29% to 26,955 ounces in Q3 2011 compared to 37,798 PGM ounces in Q3 2010.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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