Eastern Platinum Limited

Eastern Platinum Limited

December 12, 2008 09:11 ET

Eastplats Increases Equity in Barplats; New BEE Partners

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2008) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS), ("Eastplats" or the "Company") is pleased to announce that Eastplats has increased its direct shareholding in Barplats Investments Limited ("Barplats") to 74.99% and at the same time has increased its ownership in Gubevu Consortium Holdings Pty Ltd. ("Gubevu"), the Black Economic Empowerment ("BEE") compliant minority shareholder of Barplats, to 49.9%, in each case by way of equity investments. The total net cost to Eastplats to effect these ownership increases was US$38,954,146.

Concurrent with these transactions, the majority interest in Gubevu, previously held by a consortium headed by Dr. Penuell Maduna, has been acquired by Usiba Resources (Pty) Ltd. ("Usiba"), a South African company controlled by Mr. Zwelakhe Sisulu. Mr. Sisulu is a former Chairman of New Africa Investments Limited ("NAIL") and a prominent businessman involved in South Africa's media, telecoms, agri-business, and manufacturing, as well as in the minerals sector through his shareholding in Savannah Resources, which has an approximate 20% shareholding in Aquarius Platinum Limited. Mr. Sisulu also controls Afriminerals, the Company's BEE partner in the Spitzkop project.

"We are very pleased that we have been able to acquire more of what we already control and operate, as well as to co-ordinate these acquisitions with the transaction involving our two BEE partners. We look forward to working with Mr. Sisulu's group to further advance our interests in South Africa's PGM sector," stated Ian Rozier.

Total shares issued and outstanding: 680,526,421

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. 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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