Eastern Platinum Limited

Eastern Platinum Limited

October 22, 2007 05:00 ET

Eastplats Reports Q1-08 Production Update

Development, Mining Rate and Production All Up, Operating Costs Down.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2007) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) reports on operations at the Crocodile River Mine ("CRM") during the quarter Q1-08 ended September 30th, 2007. The production update for Q1-08 is as follows;

- Total development in Q1-08 was 2298 meters, up from 2023 meters in the previous quarter, an increase of 14%.

- The average monthly mining rate during Q1-08 was 107,926 tonnes per month, up from 81,425 tonnes per month in the previous quarter, an increase of 33%.

- Production and sales in Q1-08 were 29,417 ounces of PGM, up from 25,111 ounces for previous quarter, an increase of 17%.

- Operating cash costs in Q1-08 were $637/ounce, down from $702/ounce in the previous quarter.

"Substantial progress continues to be made at CRM and we are beginning to see the results of the extensive on and off reef development during the last year which is integral in developing mineable reserves to support the ongoing production build up," stated Ian Rozier.

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 Barplats 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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