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

Eastern Platinum Limited

July 16, 2009 08:58 ET

Eastplats Reports Record Production for the Quarter Ended June 30, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2009) - 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, 2009 ("Q2 2009").

The Company produced a quarterly record of 33,383 PGM ounces, up 1.3% compared to the quarter ended March 31, 2009, and up 10.1% compared to the quarter ended June 30, 2008.

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



Increase
Quarter ended (decrease)
----------------------------------------- ---------------
Q2 Q2
2009 vs 2009 vs
Production June 30, Mar 31, Dec 31, Sept 30, June 30, Q1 Q2
statistics 2009 2009 2008 2008 2008 2009 2008
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Ounces produced 33,383 32,969 29,015 30,755 30,314 414 3,069
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Run-of-mine rock 342,368 321,165 280,933 319,462 305,134 21,203 37,234
tonnes hoisted
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Run-of-mine rock 304,354 318,394 298,514 305,490 313,767 (14,040) (9,414)
tonnes processed
---------------------------------------------------------------------------
Development 4,326 4,573 4,604 5,599 5,575 (247) (1,249)
(meters)
---------------------------------------------------------------------------
On-reef 2,860 2,745 2,922 3,556 3,230 115 (370)
development
(meters)
---------------------------------------------------------------------------
Stoping units 51,342 45,098 46,459 39,652 44,277 6,244 7,065
(square meters)
---------------------------------------------------------------------------
Head grade 4.2 4.0 4.0 4.0 4.0 0.2 0.2
(grams/tonne)
---------------------------------------------------------------------------
Concentrator 80% 80% 76% 78% 73% 0% +7%
recovery from ROM
ore
---------------------------------------------------------------------------
Chrome produced 82,760 77,554 69,937 64,744 37,515 5,206 45,245
(tonnes)
---------------------------------------------------------------------------


As at June 30, 2009, there were 35,104 tonnes of ROM stockpiles on surface.

During Q2 2009, tailings retreatment recommenced at CRM, with 135,935 tonnes of tailings processed in addition to the ROM rock. There were 695 PGM ounces recovered from tailings during the quarter included in the total production of 33,383 PGM ounces.

Development meters decreased, by 5.4% compared to the first quarter and by 22.4% compared to the quarter ended June 30, 2008, as a result of changes to the mine plan implemented during the fourth quarter of 2008.

Stoping units increased by 13.8% compared to the first quarter as a result of stoping crew efficiencies and additional stoping crews deployed to the Zandfontein section.

Concentrator recoveries have maintained a steady rate of 80% following the upgrades to the concentrator in mid 2008. Head grade, which had remained constant at 4.0 grams/tonne throughout the past year, is up slightly at 4.2 grams per tonne this quarter.

"We are pleased to report yet another quarterly production record of 33,383 ounces, which is a reflection of the improved efficiencies in stoping development and in the processing operation and we plan to continue this trend," said Ian Rozier.

Second quarter financial results and conference call

Eastplats is scheduled to release its full second quarter results on Thursday August 13, 2009 and host a telephone conference call on the same day at 11:00 a.m. Pacific (2:00 p.m. Eastern) to discuss these 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 August 13, 2009 conference call will be archived for later playback until Thursday, August 20, 2009 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.

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

Total shares issued and outstanding: 680,557,369

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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