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ELR/ELR/EPS - Eastern Platinum Limited - News Release

Release Date: 22/10/2007 12:00
Code(s): EPS
Wrap Text

ELR/ELR/EPS - Eastern Platinum Limited - News Release EASTERN PLATINUM LIMITED (Incorporated in Canada) (Canadian Registration number BC0722783) (South African Registration number 2007/006318/10) Share Code TSX: ELR ISIN: CA2768551038 Share Code AIM: ELR ISIN: CA2768551038 Share Code JSE: EPS ISIN: CA2768551038 NEWS RELEASE: EASTPLATS REPORTS Q1-08 PRODUCTION UPDATE: DEVELOPMENT, MINING RATE AND PRODUCTION ALL UP, OPERATING COSTS DOWN. Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") 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. As of 22nd October, 2007 the total issued share capital is 668,128,194 shares. For further information contact: Investor Relations Website: www.eastplats.com Email: info@eastplats.com #501-837 West Hastings Street, Vancouver, BC, Canada, V6C 3N6 Tel: (604) 685-6851, Fax: (604) 685-6493 NOMAD: Canaccord Adams Limited, London Email: Robin.Birchall@canaccordadams.com Clayton.Bush@canaccordadams.com Tel: +44 20 7050 6500 JSE Sponsor: PSG Capital (Pty) Limited Email: andreg@psgcapital.com anjem@psgcapital.com Tel: +27 21 887 9602 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. Date: 22/10/2007 12:00:03 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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