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

Eastern Platinum Limited

January 29, 2013 08:00 ET

Eastplats Reports Production Results for the Quarter Ended December 31, 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2012 ("Q4 2012").

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

Quarter ended Increase (decrease)


Production statistics

Dec 31,
2012

Sep 30,
2012

Jun 30,
2012

Mar 31,
2012

Dec 31,
2011
Q4 2012
vs.
Q3 2012
Q4 2012
vs.
Q4 2011
Ounces produced 14,066 21,273 26,412 24,474 19,854 (7,207) (5,788)
Run-of-mine tonnes hoisted 127,654 206,176 257,250 247,538 200,919 (78,522) (73,265)
Run-of-mine tonnes processed 123,222 203,279 252,883 235,354 194,532 (80,057) (71,310)
Development (meters) 1,365 2,066 2,922 3,117 2,929 (700) (1,564)
On-reef development (meters) 350 966 1,653 1,704 1,591 (616) (1,241)
Stoping units (square meters) 16,468 28,943 40,959 39,857 31,767 (12,475) (15,299)
Head grade (grams/tonne) 4.09 4.08 3.99 4.07 4.05 0.01 0.04
Concentrator recovery from ROM ore* 72% 76% 79% 77% 76% (4%) (4%)
Chrome dispatched (tonnes) 45,306 53,761 56,521 74,920 62,791 (8,455) (17,485)
* Concentrator recovery has been rounded to the nearest percentage point.

The Company is pleased to report that its implementation of a comprehensive mine development plan at CRM is progressing well. As a result of the planned temporary suspension of stoping at the Zandfontein section, production in Q4 2012 is lower than in previous quarters.

The Company will no longer be providing quarterly production figures in advance of the release of its quarterly financial results until full production resumes at Zandfontein, which is anticipated to be in 2014.

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

Eastplats expects to release its full fourth quarter results on Thursday, March 14, 2013.

Total shares issued and outstanding: 928,187,807

Cautionary Statement on Forward-Looking Information

Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements pertain to the price of PGMs, fluctuations in currency markets (specifically the South African Rand and the U.S. dollar), the future development of the Company's projects, and the Company's plans for its properties. These forward-looking statements are based on certain assumptions by the Company and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and 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, changes in government legislation, controls, regulations and political developments.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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