Eastern Platinum Limited
TSX : ELR
AIM : ELR
JSE : EPS

Eastern Platinum Limited

December 16, 2010 23:55 ET

Eastern Platinum Limited: Update on Status of Prospectus Qualification for Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2010) -

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Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) (the "Company") is issuing this press release to update the status of its $302,500,000 short form prospectus offering (the "Offering") announced on November 22, 2010.

In order to address securities regulatory authority comments in respect of the customary review of the preliminary short form prospectus filed for the Offering, the Company filed drafts of updated versions of technical reports on December 7th and 9th for certain of its properties corroborating the Company's prior disclosure. The Company is currently awaiting review by and advice from the British Columbia Securities Commission (the "BCSC") as to the acceptability of the updated reports.

Following the BCSC's review of such drafts and finalization of the reports, the Company expects to proceed to file its final short form prospectus for the Offering.

Total shares issued and outstanding – 683,223,948

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