EPS - Eastern Platinum Limited - Eastern Platinum Reports Results For The Three

EPS - Eastern Platinum Limited - Eastern Platinum Reports Results For The Three 
Months Ended June 30, 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                                          
Trading Symbol: ELR (TSX & AIM) EPS (JSE)                                       
NEWS RELEASE                                                                    
EASTERN PLATINUM REPORTS RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2009       
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is  
pleased to report financial results for the three months ended June 30, 2009.   
Highlights for the quarter ended June 30, 2009 ("Q2 2009")                      
The mine`s safety record continues to compare favourably with other           
   platinum producers in South Africa, with a Lost Time Injury Frequency Rate   
   (LTIFR) of 1.94 this quarter compared to 1.85 in Q2 2008.                    
  Eastplats recorded a net profit attributable to equity shareholders of the    
Company of $317,000 ($0.00 per share) compared to a net profit attributable  
   to equity shareholders of $12,148,000 ($0.02 per share) in the second        
   quarter of 2008 ("Q2 2008").                                                 
  EBITDA was $6,529,000 compared to $28,259,000 in Q2 2008 and $7,018,000 in    
the first quarter of 2009.                                                   
  Production at the Crocodile River Mine ("CRM") increased by 10% to 33,383     
   PGM ounces, from 30,311 PGM ounces in Q2 2008.                               
  The average delivered basket price per PGM ounce was $679, a decrease of      
59% compared to $1,657 in Q2 2008, but an increase of 15% compared to $590   
   in the first quarter of 2009.                                                
  Operating cash costs were $554 per ounce, a decrease of 20% compared to the   
   $696 per ounce achieved in Q2 2008.                                          
Operating cash costs net of by-product credits decreased by 29% from $696     
   per ounce in Q2 2008 to $494 per ounce this quarter.                         
  Rand operating cash costs per ounce have decreased by 25% since the fourth    
   quarter of 2008 reflecting the success of the Company`s operating cost       
cutting measures which had been implemented since December 2008. Rand        
   operating cash costs per ounce decreased from R6,231 per ounce in the        
   fourth quarter of 2008 to R5,326 per ounce in the first quarter of 2009,     
   and to R4,673 per ounce in Q2 2009.                                          
The integration of the chrome recovery plant in 2008 continues to be a        
   significant factor in cost reduction. Chrome penalties decreased by 76%      
   from $2,631,000 in Q2 2008 to $621,000 this quarter.                         
  Average recovery rates for the quarter improved to 80%, compared to 73% in    
Q2 2008.                                                                     
  Head grade increased to 4.2 grams per tonne this quarter compared to the      
   4.0 g/t that had been consistently achieved in the previous five quarters.   
  Stoping units increased by 16% and run-of-mine tonnes hoisted increased by    
12% compared to the same quarter in 2008.                                    
  Run-of-mine ore processed decreased by 3% to 304,354 tonnes in Q2 2009 from   
   313,767 tonnes in Q2 2008.                                                   
  At June 30, 2009, the Company had a cash position (including cash, cash       
equivalents and short term investments) of $21,910,000, compared to          
   $21,966,000 at March 31, 2009.                                               
"CRM is performing well and the second quarter results reflect the successful   
implementation of changes made to our mining plan at the start of the year.     
During a very volatile period of metal prices and exchange rates, we have       
achieved a good operating performance and have established ourselves as one of  
the lowest cost producers in the PGM sector. We will continue to focus on       
safety, on lowering our cost profile even further, and on preserving our cash   
balances. We are progressing with planning for our other projects so that we    
are ready to deliver 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 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 June 30, 2009.      
These financial statements and MD&A, and the comparative financial statements   
for the three months ended June 30, 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 Thursday, August 13, 2009 at 
11:00 am Pacific (2:00 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 Thursday, August  
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 - 680,557,369                               
13 August 2009                                                                  
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: 13/08/2009 16:39:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
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