Eastplats Reports Production Results for the Quarter Ended December 31, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2011) - Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports production from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2010.

Production statistics for the current quarter and historical quarters are as follows:

	Quarter ended					Increase (decrease)
Production statistics	Dec 31, 2010	Sept 30, 2010	Jun 30, 2010	Mar 31, 2010	Dec 31, 2009	Q4 2010 vs. Q3 2010		Q4 2010 vs. Q4 2009
Ounces produced	32,752	37,798	30,820	30,531	34,000	(5,046	)	(1,248	)
Run-of-mine tonnes hoisted	324,879	362,042	297,186	304,309	321,393	(37,163	)	3,486
Run-of-mine tonnes processed	327,872	357,219	290,028	290,854	321,983	(29,347	)	5,889
Development (meters)	3,501	3,299	3,202	2,812	3,254	202		247
On-reef development (meters)	1,925	1,797	1,573	1,931	2,135	128		(210	)
Stoping units (square meters)	53,044	50,892	50,573	51,760	55,153	2,152		(2,109	)
Head grade (grams/tonne) *	4.0	4.0	4.1	4.1	4.1	0.0		(0.1	)
Concentrator recovery from ROM ore *	78%	81%	80%	78%	79%	(3%	)	(1%	)
Chrome tonnes dispatched	79,461	100,023	76,677	75,846	85,347	(20,562	)	(5,886	)

*Head grade and concentrator recovery have been rounded to the nearest tenth and percentage point, respectively.

CRM produced 32,752 PGM ounces, 13% less than the quarter ended September 30, 2010 ("Q3 2010") as a result of the following:

• A 3% decrease in concentrator recovery caused by a planned shutdown and modification to the process plant.

• A 1.5% decrease in head grade to the concentrator from 3.97 g/t in Q4 2010 compared to 4.03 g/t in Q3 2010 as a result of dilution due to an increase in development.

• A 7% decrease in shifts worked as a result of the Christmas break.

Mine development at Crocette has progressed in line with company expectations during the quarter.

"We have gone through a transition year in which our goal was to streamline our operations at CRM and this has been evidenced by generally increased tonnages and improved concentrator recoveries compared to 2009. We look forward to production increases, as well as production from Crocette, which we expect will come on stream and contribute ounces within the next 12 months," said Ian Rozier.

The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development.

Eastplats will release its full fourth quarter and year-end results on Wednesday, March 23, 2011.

Total shares issued and outstanding: 908,025,500

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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