Eastern Platinum Limited

Eastern Platinum Limited

July 16, 2008 08:45 ET

Eastplats Reports Preliminary Operating Results for the Quarter Ended June 30, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2008) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report on production from the Crocodile River Mine ("CRM") for the quarter ended June 30, 2008.

Ounces produced are up by 9% this quarter compared to the quarter ended March 31, 2008.

Quarter ended Quarter ended Increase
Production June 30, 2008 March 31, 2008 (Decrease)
Ounces produced 30,314 27,825 2,489
Run of mine tons 305,134 279,036 26,098
Total tons processed 337,471 349,497 (12,026)
Development meters 5,575 4,409 1,199
On-reef development meters 3,230 2,343 887
ROM head grade (grams/ton) 4.03 4.04 (0.01)
ROM recovery (%) 73 78 (5)

Tonnage processed decreased slightly as a result of a planned reduction of the treatment of low grade tailings as the current tailings retreatment area was depleted. Planning is in progress to optimize the further treatment of tailings on the existing dam.

Two significant concentrator upgrades were completed during the quarter resulting in a short term negative impact on recoveries, which have now returned to levels achieved in the previous quarter. During a planned ten day shut down in April, the chrome recovery plant was fully integrated into the flotation circuit, increasing flotation capacity and lowering chrome in concentrate, and the crushing and screening plant was de-bottlenecked.

"After a very disruptive first quarter of 2008 with respect to power cuts and ongoing reductions in power supply, we have recovered extremely well and even with a planned 10 day shut down of the concentrator in April we still achieved an increase in production during the second quarter. This is largely because of the extensive development during the last year which has provided us with the flexibility integral to maintaining the planned production build-up at the mine", stated Ian Rozier.

Eastplats will release its full second quarter results on Thursday August 14, 2008 before the market opens and will host a telephone conference call on the same day at 10:00a.m. Pacific (1:00p.m. Eastern) to discuss the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.

The conference call will be archived for later playback until Thursday August 21, 2008 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and using the pass code 4219 followed by the number sign.

Total shares issued and outstanding: 680,251,290

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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