Eastern Platinum Limited

Eastern Platinum Limited

January 30, 2007 02:00 ET

Eastern Platinum Limited: More High Grade Platinum-Rhodium Rich UG2 Reef Intersections Reported at Spitzkop

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR), is pleased to report on the results from the second batch of assay results received from infill drilling at the Spitzkop platinum group metals ("PGM") project in South Africa. Spitzkop, located near Steelpoort in Mpumalanga Province, is a high grade, platinum and rhodium rich, shallow dipping, surface assessable PGM deposit.

The assay results reported reflect the high PGM grades and particularly the high platinum (56%) and rhodium (8%) content of the UG2 reef at Spitzkop. The results continue to demonstrate that the UG2 reef is well developed across the Northern Block and that grades are consistent with previous work reported by Eastplats and Impala Platinum. Also significant is the high proportion of platinum and rhodium mineralization, confirming both the general high grade, and the platinum-rhodium rich nature of the UG2 at Spitzkop.

As part of the feasibility study for Spitzkop, the objectives of the infill drilling program were to;

- Confirm the high platinum and rhodium grades reported previously;
- Demonstrate continuity of the UG2 reef across the property;
- Further delineate resource and reserve estimates; and
- Provide core samples for metallurgical and rock mechanics testing.

The data will be used for mine planning for the Northern Block at Spitzkop where the UG2 reef outcrops on surface and extends to a depth of 350m at a dip of between 11 degrees and 14 degrees.

Drilling was conducted by Geosearch, a division Transbor (Pty) Ltd. On site geological work and supervision was carried out by MSA Geoservices under the direction of Davminex Mineral Consultants (Pty) Ltd. Assaying was being conducted by Set Point Laboratories, S.A.

A news release dated November 8th, 2006 reported the results of the first batch of assay results from the infill drilling program at Spitzkop. For completeness, the results of Batch 1 and 2 are reported in this release.

Assay results to date are reported from twenty-two (22) drill sites where the objective was to obtain four reef intersections from each hole. Intersections of UG2 reef from the motherhole and two deflections were usually sampled and sent for assaying. The intersected reef in the third deflection of each hole will be subjected to metallurgical or rock mechanics testing.

It should be noted that in some instances where the reef was intersected at a shallow depth it was not possible to insert the required number of wedges in the mother hole in order to achieve the required number of reef intersections. In such cases the drill rig was successively moved approximately a metre from the previous collar position and new holes were drilled from surface to obtain the required number of reef intercepts. On rare occasions where core recovery of 100% was not achieved because of either poor ground conditions or unacceptable drilling practice, in any reef intercept, the intersection was repeated by completing another deflection. Thus, in some instances more than three deflections had to be drilled to achieve to proper QA/QC.

The assay results are reported on a 4 ELEMENT basis ("4E"), with average "prill splits" being expressed in percentage terms. For purposes of clarity, all the holes drilled are reported and if no sampling or assaying was undertaken the reasons are provided.

A summary of drill/assay results is appended to this news release. With reference to the reported results, the following should be noted;

- As stated, the reef widths are "intersected" widths.
- All holes are vertical.
- The UG2 at Spitzkop dips between 11 degrees and 14 degrees.
- The average metal contribution or "prill splits" for the above intersections are; Pt 55.7%; Pd 34.9%; Rh 8.3%; and Au 1.1%.

Further results from the Northern, Central and Southern Blocks will be reported when assay results are available.

Spitzkop is envisaged to be a decline mining operation that will exploit high grade PGM resources at relatively shallow depth without the requirement for high capital cost shaft mine infrastructure and underground pre-production development. Spitzkop is situated updip of, and adjacent to, the Kennedy's Vale project owned by Barplats Investments Limited ("Barplats"), in which Eastplats owns a 69% indirect interest. Eastplats and Barplats are evaluating the cost benefits of combining Spitzkop and Kennedy's Vale into an integrated mining operation accessing the shallow sections of both properties through Spitzkop. The deeper sections of both properties could utilize the twin vertical shafts that already exist at Kennedy's Vale to a depth of 1,000m. This infrastructure would result in a significant reduction in capital costs for the development of the mine.

Eastern Platinum Limited trades on the TSX and AIM Stock Exchanges under the trading symbol ELR.

The qualified person having prepared the contents of this news release is Mr. Ian Rozier, B.Sc.(Hons), M.Sc., P.Eng.

Certain statements included herein constitute "forward-looking statements"
within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and Barplats and as such are not a guarantee of future performance. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.



Depth to Top of Av. Grade Intersected Reef
Hole Number UG2 Reef (m) 4E(g/t) Width (m)

SP01 98.1 5.03 1.47
Defl.SP01-U2 97.9 6.00 1.00
Defl.SP01-U3 98.0 6.01 1.15

SP02 85.8 6.02 0.98
Defl.SP02-U1 85.9 6.00 1.00
Defl.SP02-U3 86.4 6.86 0.99

SP03 103.3 7.47 1.18
Defl.SP03-U2 103.6 5.72 1.12
Defl.SP03-U3 103.3 6.14 1.30

SP04 56.56 Not sampled- Reef faulted

SP05A 36.1 5.12 1.12
Defl.SP05B 37.5 3.16 0.45
Delf.SP05C Not sampled- Replacement Pegmatoid
Delf.SP05D Not sampled- Replacement Pegmatoid

SP06 Not sampled- Reef potholed to UG1

SP07 131.8 6.05 0.80
Defl.SP07-U2 10.73 0.61
Defl.SP07-U4 6.70 0.73

SP08 103.6 5.39 0.94
Defl.SP08-U2 6.57 1.03
Defl.SP08-U3 8.11 1.05

SP09 137.2 9.20 1.31
Defl.SP09-U3 6.26 1.28
Defl.SP09-U4 4.94 1.22

SP10 465.3 5.66 0.55
Defl.SP10-U4 458.7 8.34 0.63
Defl.SP10-U5 458.7 2.66 0.55

SP11 A 35.3 6.15 1.11
SP11 B 35.4 6.40 1.16
SP11 C 35.4 6.85 1.11

SP12A 53.0 Not sampled- Reef weathered

SP12 B 54.9 6.50 0.70
Defl.SP12 B-U3 54.3 7.41 0.94
Defl.SP12 B-U4 54.5 8.60 1.14

SP13 Not sampled- Dyke

SP14 3.0 Not sampled- Reef weathered

SP15 12.0 Not sampled- Reef weathered

SP16 97.5 7.10 1.37
Delf.SP16-U2 97.3 7.02 1.43
Defl.SP16-U3 97.6 5.45 0.96

SP17 419.1 7.64 1.42
Defl.SP17-U2 418.1 5.53 1.31
Defl.SP17-U3 418.0 6.58 1.34

SP18 465.0 5.47 1.88
Defl.SP18-U1 464.4 5.26 1.78
Defl.SP18-U2 464.7 5.35 1.74

SP19 392.9 5.87 1.21
Defl.SP19-U2 392.9 5.04 0.75
Defl.SP19-U3 394.4 6.98 1.08

SP20 Not sampled- Reef potholed

SP21 214.8 6.73 1.27
Defl.SP21-U2 215.0 4.58 1.09
Defl.SP21-U4 214.4 11.65 1.20

SP22 426.8 7.03 0.76
Defl.SP22-U2 426.7 11.57 0.74
Defl.SP22-U3 426.7 7.51 0.87

SP23 and SP24 Not sampled- Dyke

SP25 Not sampled- Reef potholed

SP26 Not sampled- Dyke

SP27 309.8 6.42 1.02
Defl.SP27-U1 309.8 6.07 0.85
Defl.SP27-U2 310.0 8.20 1.15

SP28 217.4 Not sampled- Core lost
Defl.SP28-U2 217.2 5.43 1.09
Defl.SP28-U3 217.7 5.65 1.25
Defl.SP28-U4 216.9 6.61 1.49

SP29 53.1 6.18 0.98
Defl.SP29-U2 53.2 7.22 1.33
Defl.SP29-U3 53.4 6.19 1.15

SP30 464.5 8.22 0.74
Defl.SP30-U1 464.4 7.41 0.71
Defl.SP30-U2 464.5 6.25 0.65

SP31 266.9 6.10 1.14
Defl.SP31-U1 267.0 4.57 1.13
Defl.SP31-U2 266.8 6.97 1.24

SP32 97.0 Not sampled- Reef faulted

SP33 92.6 5.47 1.04
Defl.SP33-U1 92.7 4.73 1.00
Defl.SP33-U2 96.6 6.06 1.05

Contact Information