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EPS - Eastern Platinum Limited - Eastern Platinum Limited Holdings in company 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 19, 2011 Trading Symbol: ELR (TSX & AIM) EPS (JSE) EASTERN PLATINUM LIMITED HOLDINGS IN COMPANY Eastern Platinum Limited ("Eastplats" or the "Company") reports on mining and development progress on its various Platinum Group Metals ("PGM") projects in South Africa. Western Limb Crocodile River Mine ("CRM") - Zandfontein Section Mine development projects are on track with the new infrastructure for underground ore and waste handling systems on 3 and 4 Level having been successfully installed, and the ongoing development of the conveyor decline required to develop the mine to 9 Level on schedule. CRM - Maroelabult Section Decline development and conveyor installations at the Maroelabult section are proceeding as planned, and the mine life of this section of CRM has been extended by two years to 2016. CRM - Crocette Section Underground development has intersected the UG2 reef and a bulk sample is being mined. However, with the current demand risk and ongoing forecasted margin deterioration, the Company has elected to put the development of the Crocette mine on hold until there is a significant increase in the ZAR basket price that would mitigate the effects of existing cost inflation. All development activities at Crocette will cease in Q1 2012. Production in 2012 from CRM is estimated at approximately 125,000 PGM ounces. Eastern Limb Earthworks have been completed and pouring of foundations for plant construction has commenced on the Kennedy`s Vale mill complex near Steelport. The project is tracking on schedule and budget. The Kennedy`s Vale mill is scheduled to be commissioned with ore from the Mareesburg open pit mine in Q4 2012, with full production to commence in Q1 2013. At full production, the Mareesburg mine is expected to produce approximately 100,000 PGM ounces per annum. "We anticipate a 100% increase in annual production over 2011 production by the end of 2013. The revised development schedule for our projects takes into account the current and forecast market that we operate in to mitigate the financial risks that prevail in the sector. We have a rational, low risk and low cost approach to group expansion", stated Ian Rozier, President and CEO of Eastplats. The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P. Eng, V.P. Project Development. Total shares issued and outstanding: 908,187,807 For further information contact: Investor Relations Website: www.eastplats.com Email: info@eastplats.com Tel: +1-(604)-685-6851, Fax: +1-(604)-685-6493 NOMAD: Rob Collins/Bhavesh Patel Canaccord Genuity Limited, London Tel: +44 20 7050 6500 JSE SPONSOR: Johan Fourie PSG Capital (Pty) Limited Email: johanf@psgcapital.com Tel: +27 21 887 9602 Date: 19/12/2011 15:30:01 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.
