Eastern Platinum Limited

Eastern Platinum Limited

April 22, 2008 05:00 ET

Eastern Platinum Limited: Purchase of Long Lead Items Secured for Spitzkop and CRM Expansions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") reports that Spitzkop Platinum (Pty) Ltd. is well advanced in its engineering and scheduling study for the Spitzkop section of the Spitzkop-Kennedy's Vale Project on the Eastern Limb of the Bushveld Igneous Complex. Critical risks already identified are the adequate and reliable availability of power and the supply of long lead items such as mills, trackless mining equipment and winders. It is anticipated that the Spitzkop mine will be in production in 2010 and certain sizes of mills now require up to three years to fabricate and install.

Following the acquisition of four power generators (News Release dated April 14th, 2008), Eastplats has also been successful in purchasing six grinding mills which can be commissioned to coincide with the planned mining schedule. Four of the mills will be well suited to cope with the milling of all of the planned ore production from the Spitzkop operation; the other two mills are planned to be installed at the Crocodile River Mine ("CRM") to further increase mill capacity. All of the mill components have now arrived in South Africa and will be sent for refurbishment; all components have been inspected by the manufacturers and technical consultants and the extent of the refurbishment required has been assessed and costed. No material difficulties are anticipated.

Eastplats has also secured three sets of winders, two of which could be used for the Spitzkop-Kennedy's Vale twin 1000 m vertical shafts that already exist at the site. The third unit will be used as a 'back-up' unit at the CRM operations.

Additionally, as underground mechanized mining equipment is in great demand, Eastplats has engaged major suppliers to secure additional mining equipments for the commencement of operations. A letter of intent has been issued to Sandvik Mining for the planned fleet at Spitzkop, and manufacturing and delivery schedules are consistent with the provisional planned mining targets.

"The acquisition of this equipment ensures that production from Spitzkop should not be delayed by delivery of long lead items and furthermore, substantial cost savings will be realized when compared to the cost of new mills," stated Ian Rozier.

Total shares issued and outstanding: 671,418,302

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.

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