Eastern Platinum Limited
LSE : ELR

Eastern Platinum Limited

December 21, 2010 02:00 ET

Eastern Platinum Limited: Final Updated Technical Reports Filed on SEDAR and Clarification News Release

FOR:  EASTERN PLATINUM LIMITED

TSX, AIM SYMBOL:  ELR
JSE SYMBOL:  EPS

December 20, 2010

Eastern Platinum Limited: Final Updated Technical Reports Filed on SEDAR and Clarification News
Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2010) - Eastern Platinum Limited
(TSX:ELR)(AIM:ELR)(JSE:EPS) (the "Company" or "Eastplats") reports that it has filed the following
final Technical Reports on SEDAR in connection with the Company's short form prospectus offering:

/T/

--  "Technical Report Update on the Crocodile River Mine, Eastern Platinum,
    North West Province, South Africa";
--  "Technical Report Update on the Mareesburg Platinum Project Limpopo";
    and
--  "Technical Report for the Kennedy's Vale Project".

/T/

In connection with the filings the Company is pleased to provide a statement of current resources and
reserves supported by the report on the Crocodile River Mine ("CRM"), and summaries of the results as
reported in updated reports on the Mareesburg and Kennedy's Vale/Spitzkop projects.

The Company also wishes to clarify certain of its prior disclosure relating to its Kennedy's
Vale/Spitzkop project.

CROCODILE RIVER MINE

Resources and reserves as reported in the Technical Report update are provided in the following
tables. The resources are effective as of May 30, 2009. The reserves are effective as of November 30,
2010.

/T/

Table 1: Classified Resources - CRM

---------------------------------------------------------------------------
                                 Metal Concentration       Contained Metal
                             ---------------------------- -----------------
                                                                 4E
                               4E    Pt    Pd    Rh    Au -----------------
Resource Area        Tonnes  (g/t) (g/t) (g/t) (g/t) (g/t)    (Kg)      (Oz)
---------------------------------------------------------------------------
Measured
---------------------------------------------------------------------------
Crocette          2,806,950  3.78  2.40  0.95  0.39  0.02  10,599   340,772
---------------------------------------------------------------------------
Maroelabult         614,442  3.98  2.51  1.02  0.42  0.02   2,443    78,558
---------------------------------------------------------------------------
ZF above 9 level  1,619,995  4.15  2.60  1.09  0.43  0.03   6,726   216,232
---------------------------------------------------------------------------
ZF below 9 level          -     -     -     -     -     -       -         -
---------------------------------------------------------------------------
Total             5,041,387  3.92  2.48  1.00  0.41  0.02  19,768   635,562
---------------------------------------------------------------------------
Indicated
---------------------------------------------------------------------------
Crocette          2,541,629  3.81  2.42  0.96  0.40  0.02   9,688   311,492
---------------------------------------------------------------------------
Maroelabult       2,587,973  3.90  2.47  0.99  0.41  0.02  10,094   324,523
---------------------------------------------------------------------------
ZF above 9 level 22,435,194  4.02  2.53  1.04  0.42  0.02  90,274 2,902,394
---------------------------------------------------------------------------
ZF below 9 level  8,524,977  4.22  2.64  1.11  0.44  0.03  36,002 1,157,501
---------------------------------------------------------------------------
Total            36,089,773  4.05  2.54  1.05  0.42  0.02 146,059 4,695,910
---------------------------------------------------------------------------
Total Measured and Indicated
---------------------------------------------------------------------------
Crocette          5,348,579  3.79  2.41  0.95  0.40  0.02  20,288   652,264
---------------------------------------------------------------------------
Maroelabult       3,202,415  3.91  2.48  1.00  0.41  0.02  12,537   403,081
---------------------------------------------------------------------------
ZF above 9 level 24,055,189  4.03  2.54  1.04  0.42  0.02  97,000 3,118,626
---------------------------------------------------------------------------
ZF below 9 level  8,524,977  4.22  2.64  1.11  0.44  0.03  36,002 1,157,501
---------------------------------------------------------------------------
Total            41,131,160  4.03  2.54  1.04  0.42  0.02 165,827 5,331,472
---------------------------------------------------------------------------
Inferred
---------------------------------------------------------------------------
Crocette            826,471  3.84  2.44  0.97  0.40  0.02   3,173   102,005
---------------------------------------------------------------------------
Maroelabult               -     -     -     -     -     -       -         -
---------------------------------------------------------------------------
ZF above 9 level  2,234,991  4.06  2.55  1.05  0.42  0.02   9,081   291,949
---------------------------------------------------------------------------
ZF below 9 level 19,007,813  4.09  2.57  1.06  0.43  0.03  77,780 2,500,690
---------------------------------------------------------------------------
Total Inferred   22,069,275  4.08  2.56  1.06  0.43  0.03  90,033 2,894,644
---------------------------------------------------------------------------


Table 2: Classified Reserves - CRM

---------------------------------------------------------------------------
                                 Metal Concentration       Contained Metal
                             ---------------------------- -----------------
                                                                 4E
                               4E    Pt    Pd    Rh    Au -----------------
Resource Area        Tonnes  (g/t) (g/t) (g/t) (g/t) (g/t)    (Kg)      (Oz)
---------------------------------------------------------------------------
Proven
---------------------------------------------------------------------------
Crocette                  -     -     -     -     -     -       -         -
---------------------------------------------------------------------------
Maroelabult         132,000  3.91  2.42  1.06   0.4  0.04     515    16,600
---------------------------------------------------------------------------
Zandfontein         842,000  4.08  2.53  1.10   0.4  0.04   3,435   110,400
---------------------------------------------------------------------------
Total Proven        974,000  4.06  2.52  1.09   0.4  0.04   3,950   127,000
---------------------------------------------------------------------------
Probable
---------------------------------------------------------------------------
Crocette          3,530,000  3.78  2.41  0.95   0.4  0.02  13,340   102,005
---------------------------------------------------------------------------
Maroelabult       2,173,000  3.91  2.48  1.00   0.4  0.02   8,487   272,900
---------------------------------------------------------------------------
Zandfontein      22,748,000  4.08  2.56  1.06   0.4  0.03  92,896 2,986,600
---------------------------------------------------------------------------
Total Probable   28,451,000  4.03  2.54  1.04   0.4  0.02 114,723 3,688,400
---------------------------------------------------------------------------
Total            29,425,000  4.03  2.54  1.04  0.42  0.03 118,673 3,815,400
---------------------------------------------------------------------------

/T/

Full details of the methodology used in the estimation of reserves and resources, along with details
of the mining operations at CRM are provided in the Technical Report filed on SEDAR.

MAREESBURG

Revised resource and reserve estimates were prepared for the UG2 reef on Mareesburg as part of the
economic analysis for the project. The Resource estimate is shown in Table 3 below.

/T/

Table 3: Classified Resources - Mareesburg

---------------------------------------------------------------------------
                                  Grade 4E   Contained 4E
                          Tonnes      (g/t)       (ounces)      Cu       Ni
---------------------------------------------------------------------------
Measured Resources     8,940,000      5.26   1.51 million     .035%    .082%
---------------------------------------------------------------------------
Indicated Resources    6,950,000      2.19   0.49 million     .015%    .056%
---------------------------------------------------------------------------
Total M&I Resources   15,890,000      3.92   2.00 million     .026%    .070%
---------------------------------------------------------------------------

This Resource estimate conforms to the requirements of NI 43-101 and
includes the Probable Reserves outlined in Table 4 below.


Table 4: Classified Reserves - Mareesburg

---------------------------------------------------------------------------
                             Tonnes     Grade (4E) (g/t)         4E (Ounces)
---------------------------------------------------------------------------
Probable Reserve          4,557,810                 4.0             586,213
---------------------------------------------------------------------------

/T/

Eastplats proposes to mine the UG2 reef by open pit mining methods.

The mined reef material would be processed in a concentrator to be built on land currently owned by
Eastplats in the Steelpoort valley, some 30 km away from Mareesburg. An all-weather road connects the
two sites. The concentrator is planned to process 90,000 tpm of feed.

Metallurgical testing confirms that the UG2 reef at the Mareesburg deposit is amenable to standard
concentrating processes for UG2 material and that a saleable grade concentrate should be produced.

Concentrator recoveries are estimated to be in the order of 80%. Initial process test work indicates
that a saleable concentrate containing approximately 200 g/t of 6E PGMs should be achievable. The
concentrator should also produce a by-product chromite concentrate which should also be marketable.

Eastplats currently has a sales contract with Impala Refining Services for concentrate from its
operating Crocodile River Mine. A similar contract is in the process of being negotiated for the
Mareesburg concentrate.

The Mareesburg deposit should support a mine that could be placed into production relatively quickly
and with a relatively low capital cost.

Estimated capital costs for the Mareesburg mine and concentrator were developed in April 2010 based on
engineering work performed by qualified South African engineering and mining companies in 2008 and
2009. These costs include the necessary infrastructure to support mining operations, such as power,
water, maintenance and warehouse facilities and other operating facilities, as well as for capitalized
pre-stripping for the open pit mine.

Costs were reviewed in early 2010 and have been escalated to April 2011 to reflect the current
estimated construction start date. All conversions to US dollars from South African Rand (ZAR) are at
a rate of US$1.00 = ZAR7.00.

Estimated capital costs are US$288 million. A full breakdown of capital costs is provided in the
Technical Report filed on SEDAR.

The mining operations at Mareesburg are estimated to produce on average 115,000 6E PGM ounces per
year.

Operating costs for the Mareesburg open pit mine were developed from bids from qualified contract
miners based on a scope of work developed by Eastplats. Operating costs for the concentrator were
developed by Eastplats based on current operating experience at the Crocodile River Mine, adjusted for
the smaller throughput at the new concentrator. All capital costs are converted to US dollars from
South African Rand (ZAR) at an exchange rate of US$1.00 = ZAR7.00.

Total operating costs per ton milled are estimated at US$62.80. A full breakdown of estimated
operating costs is provided in the Technical Report filed on SEDAR.

A financial analysis was performed internally by Eastplats on the project. The project shows an NPV of
ZAR 593 million (US$85 million) and an IRR of 27%. A full breakdown of the financial analysis and
parameters used is provided in the Technical Report filed on SEDAR.

KENNEDY'S VALE/SPITZKOP

The updated Technical Report filed on SEDAR describes the Kennedy's Vale Project, covering the farms
Kennedy's Vale 361 KT, Belvedere 362 KT, De Goedeverwachting 332 KT, Spitzkop 333KT and portions of
the farms Tweefontein 360 KT and Boschkloof 331 KT.

Exploration has been undertaken on properties within the Kennedy's Vale Project since 1988. The
primary target has always been the UG2 chromitite, due to its high grade with the separate Merensky
Reef being a secondary target. Exploration to date has included geological mapping, aeromagnetic
surveys, a 3-D seismic survey and extensive diamond drilling with a total of 207,062 metres of
drilling having been completed to date.

Mineral Resource estimates have been completed and are reported in compliance with National Instrument
43-101, Standards of Disclosure for Mineral Projects.

The resources shown in Tables 5 and 6 have been classified as Measured, Indicated and Inferred in
accordance with NI 43-101 reporting requirements. Geological losses applied were 20% for the UG2 reef
and 25% for the Merensky reef.

Table 5 shows the diluted UG2 reef resource reported in the updated Technical Report that can be
practically mined at Spitzkop and is the resource that will be used when project economics are
assessed.

Resources for the Merensky Reef are shown in Table 6.

/T/

Table 5: Classified Resources for the Diluted Interval in the UG2 Reef -
         Kennedy's Vale/Spitzkop

---------------------------------------------------------------------------
                                          3PGE+Au
                     Million              Million
                      Tonnes          3PGE Ounces  5PGE
                          20%  Ni  Cu  +Au     20%  +Au   Pt   Pd   Rh   Au
LC2 To      Width       Geol   (g/ (g/  (g/  Geol    (g/  (g/  (g/  (g/  (g/
U2MC           (m)  SG  Loss    t)  t)   t)  Loss     t)   t)   t)   t)   t)
---------------------------------------------------------------------------
Measured
---------------------------------------------------------------------------
Boschkloof   1.50 3.88  20.9  618 286 5.13   3.45  6.11 2.70 1.83 0.55 0.06
---------------------------------------------------------------------------
De Goedever-
wachting     1.49 3.93  28.6  574 158 5.20   4.79  6.22 2.81 1.81 0.53 0.06
---------------------------------------------------------------------------
Kennedy's
Vale         1.50 3.82  42.3  520 150 4.43   6.03  5.31 2.36 1.57 0.45 0.05
---------------------------------------------------------------------------
Spitzkop     1.48 3.81  41.8  481 158 5.21   7.00  6.26 2.83 1.83 0.48 0.07
---------------------------------------------------------------------------
Total        1.49 3.85 133.6  535 175 4.95   21.3  5.93 2.65 1.75 0.49 0.06
---------------------------------------------------------------------------
Indicated
---------------------------------------------------------------------------
Belvedere    1.50 3.84  15.3  560 192 3.94    1.9  4.72 2.11 1.40 0.38 0.05
---------------------------------------------------------------------------
Boschkloof   1.50 3.86  13.8  560 213 4.84    2.2  5.81 2.59 1.71 0.49 0.06
---------------------------------------------------------------------------
Kennedy's
Vale         1.50 3.83  21.5  494 146 4.15    2.9  5.00 2.26 1.41 0.43 0.05
---------------------------------------------------------------------------
Tweefontein  1.48 3.85   3.1  614 148 4.43    0.4  5.27 2.36 1.56 0.47 0.05
---------------------------------------------------------------------------
Total        1.50 3.84  53.8  537 177 4.28    7.4  5.15 2.31 1.50 0.43 0.05
---------------------------------------------------------------------------
Total
Measured
and
Indicated    1.49 3.85 187.4  535 176 4.76   28.7  5.70 2.55 1.67 0.48 0.05
---------------------------------------------------------------------------
Inferred
---------------------------------------------------------------------------
Belvedere    1.50 3.84  51.3  543 142 4.71    7.8  5.59 2.43 1.73 0.49 0.05
---------------------------------------------------------------------------
Boschkloof   1.50 3.83   2.9  711 288 4.52    0.4  5.43 2.39 1.63 0.44 0.06
---------------------------------------------------------------------------
Tweefontein  1.49 3.83  20.9  548 124 4.58    3.1  5.43 2.39 1.66 0.48 0.05
---------------------------------------------------------------------------
Total
Inferred     1.50 3.84  75.1  551 143 4.67   11.3  5.54 2.42 1.71 0.49 0.05
---------------------------------------------------------------------------


Table 6: Classified Resources for the separate Merensky Reef - Kennedy's
         Vale/Spitzkop

---------------------------------------------------------------------------
                                           3PGE+Au
                      Million              Million
                       Tonnes          3PGE Ounces 5PGE
                           25%  Ni  Cu  +Au     25%  Au   Pt   Pd   Rh   Au
Merensky    Width        Geol   (g/ (g/  (g/  Geol   (g/  (g/  (g/  (g/  (g/
Reef           (m)  SG   Loss    t)  t)   t)  Loss    t)   t)   t)   t)   t)
---------------------------------------------------------------------------
Measured
---------------------------------------------------------------------------
Boschkloof   2.51 3.27  16.26 1104 666 2.30   1.20 2.53 1.37 0.68 0.11 0.14
---------------------------------------------------------------------------
De Goedever-
wachting     2.53 3.25  36.75 1040 605 2.35   2.78 2.56 1.36 0.75 0.09 0.16
---------------------------------------------------------------------------
Kennedy's
Vale         2.50 3.26  59.22 1210 635 2.79   5.30 3.04 1.59 0.91 0.12 0.17
---------------------------------------------------------------------------
Spitzkop     2.49 3.21  48.92 1147 670 2.53   3.98 2.77 1.44 0.80 0.11 0.19
---------------------------------------------------------------------------
Totals       2.50 3.25 161.15 1141 642 2.56  13.26 2.79 1.47 0.82 0.11 0.17
---------------------------------------------------------------------------
Indicated
---------------------------------------------------------------------------
Belvedere    2.47 3.28  24.33 1408 645 3.98   3.11 4.34 2.24 1.35 0.16 0.23
---------------------------------------------------------------------------
Boschkloof   2.51 3.28  30.89 1283 659 2.65   2.63 2.90 1.49 0.89 0.12 0.15
---------------------------------------------------------------------------
De Goedever-
wachting     2.48 3.30   0.98 1092 654 2.42   0.08 2.62 1.37 0.79 0.09 0.17
---------------------------------------------------------------------------
Kennedy's
Vale         2.49 3.27  25.91 1192 612 3.62   3.01 3.95 2.00 1.25 0.15 0.21
---------------------------------------------------------------------------
Tweefontein  2.53 3.27   5.95 1416 673 3.52   0.67 3.83 1.98 1.21 0.13 0.20
---------------------------------------------------------------------------
Totals       2.50 3.28  88.06 1298 642 3.36   9.50 3.67 1.88 1.14 0.14 0.20
---------------------------------------------------------------------------
Total
Measured
and
Indicated    2.50 3.26 249.21 1197 642 2.84   22.8 3.10 1.61 0.93 0.12 0.18
---------------------------------------------------------------------------
Inferred
---------------------------------------------------------------------------
Belvedere    2.52 3.28  64.47 1338 610 3.04   6.31 3.31 1.72 1.04 0.12 0.17
---------------------------------------------------------------------------
Boschkloof   2.61 3.27   3.33 1416 569 3.07   0.33 3.35 1.71 1.06 0.12 0.18
---------------------------------------------------------------------------
Tweefontein  2.50 3.28  26.28 1555 668 3.50   2.96 3.81 2.00 1.17 0.13 0.20
---------------------------------------------------------------------------
Total
Inferred     2.52 3.28  94.08 1401 624 3.17   9.60 3.45 1.79 1.08 0.12 0.18
---------------------------------------------------------------------------

/T/

Full details of the methodology and resource estimates are provided in the updated Technical Report
filed on SEDAR.

In news releases dated April 10, 2008 and April 22, 2008, the Company made reference to anticipated
production rates that it considered could be achieved at Spitzkop (being the shallower section of the
Kennedy's Vale/Spitzkop project), that were based upon its operational experience in underground
mining in the UG2 reef at CRM. The Company wishes to clarify that it has not received an economic
evaluation or other economic analysis for an underground mining operation at the Kennedy's
Vale/Spitzkop project and that this resource is not planned to be exploited as part of the Mareesburg
project.

In the news release dated April 22, 2008, the Company incorrectly made reference to "ore" production
at Spitzkop. The reference to "ore" for the UG2 resource at Spitzkop was not supported by an economic
analysis as required by NI 43-101 reporting requirements for reserve/resource classification and the
Company wishes to retract that reference.

References made to other production aspects for an underground mine in the UG2 reef at Spitzkop were
based on Eastplats' operating experience in underground mining of the UG2 reef at CRM, and are not
supported by an economic analysis for Spitzkop. The Company has not yet prepared mining plans for
Spitskop, does not have a timetable for the development of the Spitzkop section, and has not yet made
a production decision for its development.

Long lead items were purchased for the proposed mill for treatment of material from Mareesburg, and
while this mill could be used for treatment of UG2 reef material from Spitzkop, they were not acquired
for Spitzkop.

Some initial work was previously done by Eastplats to estimate the capital cost of adding a milling
line to the Mareesburg concentrator to treat a possible 90,000 t/m of feed from an underground mine at
Spitzkop. The Mareesburg concentrator will be treating 90,000 t/m of open cast ore from the Mareesburg
mine and is located relatively close to Spitzkop. If economic conditions permit, another concentrating
line could be added to the plant in the future to run Spitzkop material in parallel with Mareesburg
ore.

No costing or economic modeling have been done on these scenarios other than a preliminary capital
cost on expanding the concentrator that was derived from part of the capital cost estimate for the
Mareesburg project. The estimated cost for the second milling line is US$98M. A full breakdown of the
costs for the second milling line is provided in the Technical Report filed on SEDAR.

All work on the Kennedy's Vale/Spitzkop project remains on hold.

The updated Technical Report recommends that once Eastplats decides to reinitiate work on the
Kennedy's Vale/Spitzkop project, a feasibility study will be done to develop a project timeline,
capital costs, operating costs, project economics, and a corresponding mineable reserve. Such a study
is estimated to take 12 to 18 months and would cost approximately US$2 million in 2010 dollars.

The Qualified Person having prepared the contents of this news release is Mr. Brian Montpellier,
P.Eng.

Total shares issued and outstanding - 683,223,948

Cautionary Statement on Forward-Looking Information

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 as such are not a guarantee of future performance. Such statements
include those about the commencement of development of the Eastern Limb projects and future production
levels. 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.

S&P TSX Composite Index


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Eastern Platinum Limited
Ian Rozier
President & C.E.O.
+1-604-685-6851
+1-604-685-6493 (FAX)
info@eastplats.com
www.eastplats.com

OR

NOMAD: Canaccord Genuity Limited, London
Ryan Gaffney
+44 20 7050 6500
rgaffney@canaccordgenuity.com

OR

NOMAD: Canaccord Genuity Limited, London
Ryan Cohen
+44 20 7050 6500
rcohen@canaccordgenuity.com

OR

JSE SPONSOR: PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.

-0-

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