Eastern Platinum Jumps Over 120 Percent on Asset Sale

Eastern Platinum Jumps Over 120 Percent on Asset Sale

Those who noticed that Eastern Platinum's stock was halted Friday morning were not disappointed with the company's subsequent announcement. Eastplats initially jumped well over 100 percent on news that it is selling its South African platinum assets to Hebei Zhongbo Platinum.

Duncastle Gold CEO Mike Rowley on Shifting to Yukon PGMs

Previously focused on gold, Duncastle recently secured several PGMs-nickel-copper properties in Canada's Yukon, right next to Wellgreen Platinum's recently defined world-class deposit.

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Company News

Wellgreen Platinum Still Aiming to Complete PEA in 2014

Wellgreen Platinum (TSXV:WG,OTCQX:WGPLF) provided an update on the progress of a preliminary economic assessment for its Wellgreen project, suggesting that it is still aiming to complete the study before the end of 2014. Wellgreen has completed a $9.1 million non-brokered equity financing. The placement was completed at a roughly 11 percent premium to the company's 10 day volume weighted average trading price.

Transition Metals Resumes Drilling at Sunday Lake

Transition Metals (TSXV:XTM) has resumed drilling at its Sunday Lake discovery north of Thunder Bay, Ontario. The project is a joint venture with Impala Platinum (JSE:IMP).

Analysts Have Reservations Regarding Eastplats Sale

Though Eastern Platinum's (TSX:ELR) sale of its assets to Hebei Zhongbo Platinum last week was viewed as possible by many, some were hesitant regarding the deal, according to the Globe and Mail. According to the publication, the company suspended its Crocodile River platinum project last year, and South Africa's Business day put the headline "Strapped Eastplats throws in the towel," on the story.

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Market News

New Industry Body to Stoke Investment Demand for Platinum

According to Reuters, a new industry body being formed to encourage investment demand for platinum is set to launch later this year. The body, which will likely be based in London or Johannesburg, will be called the World Platinum Investment Council.

Platinum Bull Market to Come?

According to an article from Seeking Alpha, platinum could still stand to swing into a bull market this year on the back of shrinking resources and slowing production from South Africa. Analysts from J.P. Morgan and Standard Bank see stockpiles that have stopped prices from rising as of late are rapidly being depleted.

Investors Cowed by Platinum Supply Uncertainties

Reuters reported that one reason investors are shying away from platinum is that it's uncertain how much of the metal exists above ground "or more importantly who holds it."

LME To Set Platinum and Palladium Prices

Reuters reported that The London Metal Exchange will set London platinum and palladium prices starting December 1st. Pricing will be run via bespoke platform LMEbullion, an electronic version of current pricing procedures.

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