Eastern Platinum Limited

Eastern Platinum Limited

November 27, 2007 05:00 ET

Eastplats Reports New Mineral Reserve and Resource Estimates With Over 100 Million Ounces PGM After Subtraction of Estimated Geological Losses

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2007) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report on Mineral Reserve and Resource estimates for all of its platinum group metals ("PGM") projects in South Africa. The Mineral Reserve and Resource estimates were prepared following extensive infill drill programmes and done in accordance with NI 43-101, JORC and SAMREC technical reporting requirements.

Highlights of the Mineral Reserve and Resource estimates for Eastplats' projects are as follows;

- Measured and Indicated Resource in all projects of 66.5 Mozs PGM

- Inferred Resources in all projects of 34 Mozs PGM.

- Total 'Attributable' Measured and Indicated Resource in all projects of 57.4 Mozs

- Total 'Attributable' Inferred Resource in all projects of 28.9 Mozs

- Proven and Probable Reserves at the Crocodile River Mine ("CRM") of 4.1 Mozs PGM.

- Measured and Indicated Resource at CRM (including Mineral Reserves) of 5.6 Mozs PGM.

- Inferred Resource at CRM of 10.2 Mozs PGM.

- All estimates referenced are after subtraction of estimated geological losses.

- All these Mineral Reserves and Resources occur in the UG2 and Merensky platinum rich reefs with mineable widths.

The Mineral Reserve and Resource estimates for CRM were prepared by Mr. Ken Lomberg of RSG Global Consulting (Pty) Ltd ("RSG") of Johannesburg, South Africa. The new mineral resource estimates for Spitzkop-Kennedy's Vale were conducted by Mr. Mike Hall of MSA Geoservices (Pty) Ltd of Craighall, Johannesburg, South Africa and were reviewed by Mr. Ken Lomberg of RSG and by Mr. Al Maynard of Maynard & Associates of Perth, Australia. Updated estimates reported for Mareesburg were conducted by Dr. Mike Harley and Mr. Victor Simposya of Steffen, Robertson & Kirsten (South Africa) Pty Ltd ("SRK"). All the above are 'Qualified Persons' for the purposes of NI 43-101 reporting requirements and are all independent consulting engineers and geologists familiar with the PGM sector and various PGM projects in South Africa.

At CRM on the western limb of the Bushveld the Mineral Reserve and Resource estimates were prepared following extensive infill drill programmes conducted as part of ongoing mine development. Drilling results from the Kareespruit section will be incorporated into a new resource model. This work should be completed by December 2007 and is expected to add to the Measured and Indicated Resource base at CRM. Exploration targets at CRM such as Maroelabult North have not been included in the Inferred Resources.

At Spitzkop-Kennedy's Vale on the eastern limb of the Bushveld Complex, a 39,000 m infill drill program was conducted in 2006/7 by Geosearch, a division of Transbor (Pty) Ltd. In addition, a strict programme of quality control and quality assurance was undertaken as part of the drill programme. As reported in the news releases dated May 16th and 24th 2007, on site geological work and supervision was carried out by MSA Geoservices under the direction of Davminex Mineral Consultant (Pty) Ltd. Assaying was conducted by Set Point Laboratories S.A.; all assay results from this drill programme were reported in the same news releases. This infill drilling has significantly upgraded the Resource which now includes additional areas of shallow-reef depths on the combined Spitzkop-Kennedy's Vale holdings. In addition, the areas underlain by both the UG2 Reef and the Merensky Reef at Spitzkop-Kennedy's Vale have been extended. The definition of the upgraded Resource has been greatly enhanced by the re-interpretation and enhancement of 3-D seismic survey data and confidence in the geological structure and reef continuity has also been further enhanced across the area. As a result of significantly upgraded resources on the Spitzkop-Kennedy's Vale Project, an updated NI 43-101 technical report is being prepared for filing on SEDAR that will include both these projects, now considered as one project for reporting purposes.

At De Goedeverwachting, adjacent to Spitzkop-Kennedy's Vale, a shallow drilling programme is planned to commence later in 2007 to further evaluate resources in the UG2 reef. Previous drilling on the property identified the widespread existence of the UG2 over a strike length of 3-4 km to a depth of 400 m with potentially economic grades and width. De Goedeverwachting has been excluded from current inferred resource estimates until the proposed work is complete.

At Mareesburg, also on the eastern limb of the Bushveld Complex, a 6,455m infill drill programme was conducted and augmented by a quality control-quality assurance programme involving re-assay of approximately 10% of the entire data base; this programme yielded satisfactory results with no analytical ambiguities or anomalies. All geological data was then used in a resource block model by SRK which outlined a total of 20.8Mt at an average grade of 3.82 g/t on a 3PGE+Au basis (2.55 Mozs). Of this, 19.4Mt at an average grade of 3.81 g/t 3PGE+Au (2.4 Mozs) occurs as unweathered reef. Further technical studies were conducted to determine approximations for open-pit and underground resources, geological losses and anticipated losses for a 'crown pillar' to be left in situ for protection of access to the underground workings. A further 25% geological loss factor was then applied to the resources delineated for underground mining operations.

Kareespruit and Maroelabult North at CRM and De Goedeverwachting at Kennedy's Vale are expected to further add to the overall resource base of Eastplats.

It is customary in South Africa to consider and estimate geological losses even at the Mineral Resource estimate stage; the applied loss factors for each project are provided. At CRM these are based upon actual mining of the UG2 Reef at Zandfontein and Maroelabult, with higher loss factors applied to the Maroelabult section as well as to the Inferred Resource at Zandfontein based on lower confidence because of wider drillhole spacing. At Spitzkop/Kennedy's Vale applied loss factors are based on the structural interpretation, reinterpretation of the seismic survey and incorporation of the results of the recent drilling. All the resource estimates quoted account for the subtraction of applied geological losses.

The updated estimates are summarized together with the resource classifications, individual metal splits ("prill splits"), reef thicknesses and applied geological loss factors. Estimates are provided for the UG2 Reef and the Merensky Reef at Spitzkop-Kennedy's Vale on a 3PGE+Au and a 5PGE+Au basis; the Merensky Reef does not occur at Mareesburg and at CRM the data for the Merensky is insufficient for it to be included in the current resource estimates.

The Mineral Reserve and Resource estimates for all projects on a 3PGE+Au basis are as follows;

Mineral Reserves - UG2 Reef - CRM

Zandfontein 3.84Mt @ 3.48 g/t (427,000 ozs)
Maroelabult 1.95Mt @ 3.45 g/t (216,000 ozs)
Zandfontein 21.80Mt @ 3.49 g/t (2,444,000 ozs)
Maroelabult 2.29Mt @ 3.69 g/t (272,000 ozs)
Crocette 6.39 Mt @ 3.63 g/t (746,000 ozs)

Mineral Resources - UG2 Reef

Crocodile River Mine (Includes Mineral Reserves)
Measured 6.47Mt @ 4.18 g/t (869,000 ozs)
Indicated 33.06Mt @ 4.42 g/t (4,694,000 ozs)
Inferred 71.57Mt @ 4.41 g/t (10,157,000 ozs)

Kennedy's Vale
Measured 91.80Mt @ 4.83 g/t (14,272,000 ozs)
Indicated 53.80Mt @ 4.28 g/t (7,407,000 ozs)
Inferred 75.10Mt @ 4.67 g/t (11,265,750 ozs)

Measured 41.79Mt @ 5.21 g/t (6,997,000 ozs)

Indicated O/P 7.63Mt @ 3.96 g/t (972,000 ozs)
Indicated U/G 3.59Mt @ 6.23 g/t (719,000 ozs)

Mineral Resources - Merensky Reef

Kennedy's Vale
Measured 112.23Mt @ 2.57 g/t (9,285,000 ozs)
Indicated 88.06Mt @ 3.36 g/t (9,505,000 ozs)
Inferred 94.08Mt @ 3.17 g/t (9,595,000 ozs)

Measured 48.92Mt @ 2.53 g/t (3,980,000 ozs)

Reef Width - UG2
CRM 1.4 m
Kennedy's Vale 1.5 m
Spitzkop 1.5 m
Mareesburg 1.3 m

Reef Width - Merensky
Spitzkop 2.5 m
Kennedy's Vale 2.5 m

Metal Splits on a 3PGE + Au basis
Pt Pd Rh Au
-- -- -- --
CRM UG2 62% 27% 10% 1%
Kennedy's Vale UG2 53% 35% 10% 1%
Spitzkop UG2 54% 35% 9% 1%
Mareesburg UG2 57% 33% 8% 2%
Spitzkop Merensky 57% 32% 4% 7%
Kennedy's Vale Merensky 57% 33% 4% 6%

Geological Loss Factors Applied to Estimates
UG2 Reef - CRM - Zandfontein Measured and Indicated 20%
UG2 Reef - CRM - Zandfontein Inferred 25%
UG2 Reef - CRM - Maroelabult Measured and Indicated 25%
UG2 Reef - Spitzkop/Kennedy's Vale 20%
Merensky Reef - Spitzkop/Kennedy's Vale 25%
UG2 Reef Mareesburg 25%

The new Mineral Resource estimates for Spitzkop/Kennedy's Vale on a 5PGE+Au basis with the same applied geological losses are;

UG2 Reef-Spitzkop
Measured 41.79Mt @ 6.26 g/t (8,407,000 ozs)

UG2 Reef-Kennedy's Vale
Measured 91.80Mt @ 5.78 g/t (17,056,000 ozs)
Indicated 53.80Mt @ 5.15 g/t (8,894,000 ozs)
Inferred 75.10Mt @ 5.54 g/t (13,382,000 ozs)

Merensky Reef Spitzkop
Measured 48.90Mt @ 2.77 g/t (4,351,000 ozs)

Merensky Reef - Kennedy's Vale
Measured 112.23Mt @ 2.81 g/t (10,131,000 ozs)
Indicated 88.06Mt @ 3.67 g/t (10,385,000 ozs)
Inferred 94.08Mt @ 3.45 g/t (10,440,000 ozs)

Based upon the new Mineral Resource estimate for Spitzkop/Kennedy's Vale on a 5PGE + Au basis, Eastplats projects have over 100 M contained PGM ounces after the subtraction of geological losses, with over 86 M ounces PGM 'attributable' to the Company.

"Eastplats now controls a resource base of over 100 million ounces of PGM, and importantly, these resources are platinum rich, occur at relatively shallow depth and have infrastructure already in place," stated Ian Rozier, President and CEO of Eastplats.

"Eastplats has one of the largest delineated PGM resource holdings of any platinum producing company outside of the big three, Angloplats, Impala and Lonmin and these new resource estimates validate our initial evaluation and subsequent acquisition of these assets," said Ian Rozier.

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

Caution Regarding Forward Looking Statements:

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, silver and copper, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks relating to the integration of the acquisition, risks relating to international operations, risks relating to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, silver and copper, as well as those factors discussed in the section entitled "Risk Factors" in the Form 20-F as on file with the Securities and Exchange Commission in Washington, D.C.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources:

This presentation uses the terms "Measured", "Indicated" and "Inferred" Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

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