EPS - Eastern Platinum Limited - Eastern Platinum Reports Results for the Three

EPS - Eastern Platinum Limited - Eastern Platinum Reports Results for the Three 
                             Months Ended March 31, 2009                        
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                                          
May 13, 2009                                                                    
Trading Symbol: ELR (TSX & AIM) EPS (JSE)                                       
NEWS RELEASE                                                                    
EASTERN PLATINUM REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2009      
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is  
pleased to report financial results for the three months ended March 31, 2009.  
Highlights for the quarter ended March 31, 2009 ("Q1 2009")                     
-    Eastplats recorded a net profit attributable to equity shareholders of the 
    Company of $3,164,000 ($0.00 per share) compared to $19,476,000 ($0.03 per  
    share) in the first quarter of 2008 ("Q1 2008").                            
-    Production at the Crocodile River Mine ("CRM") increased by 18% to 32,969  
    PGM ounces, from 27,825 PGM ounces in Q1 2008.                              
-    The average delivered basket price per PGM ounce was $590, a decrease of   
    64% compared to $1,621 in Q1 2008, but an increase of 7% compared to $550   
in the fourth quarter of 2008.                                              
-    EBITDA was $7,018,000 compared to $36,045,000 in Q1 2008 and negative      
    $18,180,000 in the fourth quarter of 2008.                                  
-    Operating cash costs were $536 per ounce, an improvement of 23% over the   
$698 per ounce in Q1 2008, and an improvement of 15% over the $628 per      
    ounce in the fourth quarter of 2008.                                        
-    Operating cash costs net of by-product credits was $388 per ounce.         
    Average recovery rates for the quarter improved to 80%, compared to 78% in  
Q1 2008.                                                                    
-    Run-of-mine ore processed increased by 24% to 318,394 tonnes in Q1 2009    
    from 257,748 tonnes in Q1 2008.                                             
-    At March 31, 2009, the Company had a cash position (including cash, cash   
equivalents and short term investments) of $21,966,000.                     
"In the current economic environment, our primary objective is to continue to   
grow CRM production in a cash flow positive manner. We are extremely pleased    
that our production is at a record high for the quarter and that the cost       
cutting measures which were implemented in late 2008 have already resulted in   
the lowest cash cost per ounce achieved since we acquired CRM.  We will continue
to focus on lowering our cost profile and on preserving our cash balances, as   
well as taking the appropriate steps to position Eastplats to move our other    
development projects forward when PGM prices improve", said Ian Rozier.         
The qualified person having reviewed the operating disclosures presented in this
press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.       
Financial Information                                                           
For complete details of the financial results, please refer to the SENS         
announcements released simultaneously herewith regarding the unaudited condensed
consolidated financial statements and accompanying Management`s Discussion and  
Analysis ("MD&A") for the three months ended March 31, 2009. These financial    
statements and MD&A, and the comparative financial statements for the three     
months ended March 31, 2008 are all available on SEDAR at www.sedar.com and on  
the Company`s website www.eastplats.com.                                        
Teleconference call details                                                     
Eastplats will host a telephone conference call on Wednesday, May 13, 2009 at   
10:00 am Pacific (1:00 pm 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 Wednesday, May 20,
2009 and can be accessed by dialing 1-604-638-9010 or 1-800-319-6413 and using  
the pass code 4219 followed by the number sign (#).                             
Total shares issued and outstanding - 680,529,105                               
For further information, please contact:                                        
EASTERN PLATINUM LIMITED                                                        
Ian Rozier, President & C.E.O.                                                  
+1-604-685-6851 (tel)                                                           
+1-604-685-6493 (fax)                                                           
info@eastplats.com                                                              
www.eastplats.com                                                               
NOMAD - Canaccord Adams Limited                                                 
Ryan Gaffney - Ryan.Gaffney@CanaccordAdams.com                                  
+44 20 7050 6500                                                                
JSE SPONSOR - PSG Capital (Pty) Limited                                         
Anje Gregory  - anjeg@psgcapital.com                                            
+27 21 887 9602                                                                 
No stock exchange, securities commission or other regulatory authority has      
approved or disapproved the information contained herein.                       
Cautionary Statement on Forward-Looking Information                             
This press release, which contains certain forward-looking statements, is       
intended to provide readers with a reasonable basis for assessing the financial 
performance of the Company. All statements, other than statements of historical 
fact, are forward-looking statements.  The words "believe", "expect",           
"anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", 
"estimate", "may", "will", "schedule" and similar expressions identify forward  
looking statements. Forward-looking statements are necessarily based upon a     
number of estimates and assumptions that, while considered reasonable by the    
Company, are inherently subject to significant business, economic and           
competitive uncertainties and contingencies. Known and unknown factors could    
cause actual results to differ materially from those projected in the forward-  
looking statements. Such factors include, but are not limited to, fluctuations  
in the currency markets such as Canadian dollar, South African Rand and U.S.    
dollar, fluctuations in the prices of PGM and other commodities, changes in     
government legislation, taxation, controls, regulations and political or        
economic developments in Canada, the United States, South Africa, or Barbados or
other countries in which the Company carries or may carry on business in the    
future, risks associated with mining or development activities, the speculative 
nature of exploration and development, including the risk of obtaining necessary
licenses and permits, and quantities or grades of reserves. Many of these       
uncertainties and contingencies can affect the Company`s actual results and     
could cause actual results to differ materially from those expressed or implied 
in any forward-looking statements made by, or on behalf of, the Company. Readers
are cautioned that forward-looking statements are not guarantees of future      
performance. There can be no assurance that such statements will prove to be    
accurate and actual results and future events could differ materially from those
acknowledged in such statements. Specific reference is made to the Company`s    
most recent Annual Information Form on file with Canadian provincial securities 
regulatory authorities for a discussion of some of the factors underlying       
forward-looking statements.                                                     
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.                 
Date: 13/05/2009 16:30:27 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
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