Eastern Platinum Limited
LSE : ELR

May 17, 2012 08:00 ET

Miscellaneous medium priority announcements

FOR:  EASTERN PLATINUM LIMITED
 
TSX, AIM SYMBOL:  ELR
JSE SYMBOL:  EPS

May 17, 2012

Eastplats Update on Reserve Statement at Crocodile River Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2012) - Eastern Platinum 
Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is please to update the 
Reserve statement for the Crocodile River Mine located near Brits in Northwest 
Province, South Africa. The updated Reserve reflects depletion and development
work subsequent to the Reserves published in our NI 43-101 compliant Technical
report which was published on SEDAR on 20 December 2010. The updated Reserve is
current to 31 December 2011. The following factors apply:

/T/

--  15% geological losses are included 
--  15% losses for pillars are included 
--  5% mining loss is included 
--  Mining widths are now 142 cm (were 148 cm at Zandfontein and 153 cm at
    Maroelabult in 2010) 
--  Dilution consistent with the mining width is included 
--  Dilution from gully and on reef development is excluded

Proven and Probable Reserves                                                
----------------------------------------------------------------------------
               2010 Technical                                               
Section            Report                   2011 Reserve Update             
----------------------------------------------------------------------------
                          4Eoz              4E   Pt   Pd   Rh   Au          
Proven            Tonnes   g/t     Tonnes  g/t  g/t  g/t  g/t  g/t 4E ounces
----------------------------------------------------------------------------
Zandfontein      842,000  4.08  1,246,000 4.17 2.61 1.09 0.43 0.03   167,000
----------------------------------------------------------------------------
Maroelabult      132,000  3.91    394,000 3.98 2.49 1.04 0.41 0.03    50,000
----------------------------------------------------------------------------
Subtotal         974,000  4.06  1,640,000 4.12 2.58 1.08 0.43 0.03   217,000
----------------------------------------------------------------------------
Probable                                                                    
----------------------------------------------------------------------------
Zandfontein   22,748,000  4.08 18,673,000 4.17 2.61 1.09 0.43 0.03 2,503,000
----------------------------------------------------------------------------
Maroelabult    2,173,000  3.91  1,451,000 3.98 2.49 1.04 0.41 0.03   186,000
----------------------------------------------------------------------------
Crocette       3,530,000  3.78  3,530,000 3.78 2.18 0.78 0.35 0.02   429,000
----------------------------------------------------------------------------
Subtotal      28,451,000  4.03 23,654,000 4.10 2.54 1.05 0.42 0.03 3,119,000
----------------------------------------------------------------------------
Total         29,425,000  4.03 25,294,000 4.10 2.54 1.05 0.42 0.03 3,336,000
----------------------------------------------------------------------------

/T/

Reserve ounces are approximately 12% less than reported in 2010 because the
company has elected to cut back on some development as noted in our March 6,
2012 press release. It should be noted that the 2011 Reserves reported above
are adequate to support PGM production at our current rate for another 28 years.

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

Total shares issued and outstanding: 928,187,807

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 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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com

OR

NOMAD:
Canaccord Genuity Limited, London
Rob Collins
+44 (0) 207 7523 8000

OR

JSE SPONSOR:
PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com

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

-0-

Contact Information

  • Eastern Platinum Limited