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

Eastern Platinum Limited

April 16, 2009 09:24 ET

Eastplats Reports Record Production for the Quarter Ended March 31, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 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 March 31, 2009.

The Company produced a quarterly record of 32,969 PGM ounces, up by 13.6% compared to the quarter ended December 31, 2008, and up by 18.5% compared to the quarter ended March 31, 2008.

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



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Increase
Quarter ended (decrease)
--------------------- --------------------------------------- -------------
Q1 Q1
Mar Dec Sept June Mar 2009 2009
31, 31, 30, 30, 31, vs Q4 vs Q1
Production statistics 2009 2008 2008 2008 2008 2008 2008
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Ounces produced 32,969 29,015 30,755 30,314 27,825 3,954 5,144
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Hard rock ore
processed (tonnes) 318,394 298,514 305,490 313,767 257,748 19,880 60,646
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Development meters 4,573 4,604 5,599 5,575 4,409 (31) 164
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On-reef development
meters 2,745 2,922 3,556 3,230 2,343 (177) 402
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Head grade
(grams/tonne) 4.0 4.0 4.0 4.0 4.0 - -
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Recovery % at
concentrator 80 76 78 73 78 +4% +2%
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Chrome produced
(tonnes) 77,554 69,937 64,744 37,515 22,489 7,617 55,065
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Tonnage processed increased by 6.7% compared to the quarter ended December 31, 2008 which was affected by fewer work shifts as a consequence of the statutory holiday period.

Recoveries improved to 80% compared to 76% in the quarter ended December 31, 2008. Head grade has remained constant at 4.0 grams/tonne throughout the past year.

Further optimization of the chrome recovery plant has resulted in a 10.9% increase in chromite production from 69,937 tonnes in the fourth quarter of 2008 to 77,554 tonnes in the first quarter of 2009.

"We are pleased to report on the continuing production build-up at Crocodile River Mine with a quarterly record production of 32,969 ounces. We plan to continue this trend with annual 2009 production expected to be in the order of 135,000 PGM ounces. We believe that Eastplats is meeting the challenges that face the sector in the short term and we remain very optimistic about the mid and long term prospects for the Company," said Ian Rozier.

Eastplats will host a telephone conference call on Thursday, April 16, 2009 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 conference call will be archived for later playback until Thursday, April 23, 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.

Eastplats will release its full first quarter results on Wednesday, May 13, 2009.

Total shares issued and outstanding: 680,526,421

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.

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

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