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EPS - Eastern Platinum Limited - Eastplats Signs Mandate Letter for Us$100 Million Corporate Debt Facility 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 October 28, 2010 Trading Symbol: ELR (TSX & AIM) EPS (JSE) S&P TSX Composite Index NEWS RELEASE EASTPLATS SIGNS MANDATE LETTER FOR US$100 MILLION CORPORATE DEBT FACILITY Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats" or the "Company") is pleased to announce the signing of a mandate letter with two financial institutions to arrange and underwrite a US$100 million corporate debt facility for the Eastplats group. The mandated lead arrangers are UniCredit Bank AG, London Branch and The Standard Bank of South Africa Limited (together the "MLAs"). The mandate letter has been signed on the basis of a term sheet which has been agreed between the Company and the MLAs, each of which has satisfied their initial internal credit approval processes to proceed with the financing. The term sheet sets out detailed terms and conditions of the debt financing which include: - Underwritten by MLAs on a 50/50 basis and not subject to syndication - Scheduled tenor of 6 years with an 18 month grace period - Separate term loan and revolving loan facilities - Initial interest rate of US LIBOR + 3.85% rising to US LIBOR + 4.15% for the last three years of the loan. US one-month LIBOR currently sits at approximately 0.26%. - No hedging The MLAs` commitments to arrange and underwrite the debt facilities are subject to final due diligence, execution of acceptable documentation and obtaining final internal credit approvals. "This is an important step in the development of Eastplats. These funds will enable us to commence our Phase 1 growth plan for our Eastern Limb projects that will double our PGM production from our 2009 levels by the end of 2012. We are delighted to be working with UniCredit and Standard Bank, with their extensive experience and credentials in global mining finance." said Ian Rozier. Canaccord Genuity Limited, London introduced and advised on the facility. Total shares issued and outstanding: 683,179,000 For further information contact: Investor Relations Website: www.eastplats.com Email: info@eastplats.com Tel: 1 (604) 685-6851, Fax: 1 (604) 685-6493 Financial Adviser Canaccord Genuity Limited, London Ryan Cohen Tel: 44 (0) 207 050 6500 NOMAD: Ryan Gaffney Canaccord Genuity Limited, London Email: rgaffney@canaccordgenuity.com Tel: +44 20 7050 6500 JSE SPONSOR: Johan Fourie PSG Capital (Pty) Limited Email: johanf@psgcapital.com Tel: +27 21 887 9602 No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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. Such statements include those about the commencement of development of the Eastern Limb PGM projects, future production levels and the closing of debt facilities. 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: 28/10/2010 10:23:02 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.
