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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 December 16, 2010 Trading Symbol: ELR (TSX & AIM) EPS (JSE) S&P TSX Composite Index NEWS RELEASE UPDATE ON STATUS OF PROSPECTUS QUALIFICATION FOR EQUITY FINANCING Eastern Platinum Limited (the "Company") is issuing this press release to update the status of its $302,500,000 short form prospectus offering (the "Offering") announced on November 22, 2010. In order to address securities regulatory authority comments in respect of the customary review of the preliminary short form prospectus filed for the Offering, the Company filed drafts of updated versions of technical reports on December 7th and 9th for certain of its properties corroborating the Company`s prior disclosure. The Company is currently awaiting review by and advice from the British Columbia Securities Commission (the "BCSC") as to the acceptability of the updated reports. Following the BCSC`s review of such drafts and finalization of the reports, the Company expects to proceed to file its final short form prospectus for the Offering. Total shares issued and outstanding - 683,223,948 For further information, please contact: Ian Rozier, President & C.E.O. +1-604-685-6851 (tel) +1-604-685-6493(fax) info@eastplats.com www.eastplats.com NOMAD: Ryan Gaffney / Ryan Cohen Canaccord Genuity Limited, London Email: rgaffney@canaccordgenuity.com /cohen@canaccordgenuity.com +44 20 7050 6500 JSE SPONSOR: Johan Fourie PSG Capital (Pty) Limited Email: johanf@psgcapital.com Tel: +27 21 887 9602 Date: 17/12/2010 09:05:03 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.
