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EPS - Eastern Platinum Limited - Eastplats reports production results for the quarter ended December 31, 2011 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 January 24, 2012 Trading Symbol: ELR (TSX & AIM) EPS (JSE) NEWS RELEASE EASTPLATS REPORTS PRODUCTION RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2011 Eastern Platinum Limited ("Eastplats") reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2011. Production statistics for the current quarter and historical quarters are as follows: Quarter ended Production statistics Dec 31 Sep 30 Jun 30 Mar 31 2011 Dec 31 2011 2011 2011 2010
Ounces produced 19 854 26 955 20 528 25 387 32 752 Run-of-mine tonnes 200 919 265 889 203 166 247 369 324 879 hoisted Run-of-mine tonnes 194 532 261 280 201 986 245 500 327 872 processed Development (meters) 2 929 3 976 3 562 4 219 3 501 On-reef development 1 591 2 248 2 090 2 434 1 925 (meters) Stoping units (square 31 767 40 594 31 828 44 674 53 044 meters) Head grade 4.05 4.08 3.93 3.93 3.97 (grams/tonne) Concentrator recovery 76% 78% 76% 79% 78% from ROM ore* Chrome dispatched 62 791 77 531 64 913 62 498 79 461 (tonnes) Increase (decrease) Production statistics Q4 2011 vs Q3 Q4 2011 vs 2011 Q4 2010 Ounces produced (7 101) (12 898) Run-of-mine tonnes hoisted (64 970) (123 960) Run-of-mine tonnes processed (66 748) (133 340) Development (meters) (1 047) (572) On-reef development (meters) (657) (334) Stoping units (square meters) (8 827) (21 277) Head grade (grams/tonne) (0.03) 0.08 Concentrator recovery from (2%) (2%) ROM ore* Chrome dispatched (tonnes) (14 740) (16 670) * Concentrator recovery has been rounded to the nearest percentage point. Fourth quarter mining and production at the Crocodile River Mine ("CRM") were negatively impacted by strike action by employees of CRM`s main mining contractor, JIC Mining Services, in October, and by a Section 54 shut-down of operations following the fatality at CRM in November. Both incidents resulted in stoppages of mining operations. Concentrator recovery decreased as a result of the subsequent disruptions to the steady state operation of the processing plant. As previously reported on December 19, 2011, mine development projects are on track at the Zandfontein section 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 mine between 5 and 9-Levels making steady progress. At the Maroelabult Section, decline development and conveyor installations are proceeding and the mine life of this section of CRM has been extended by two years to 2016. The Company does not expect a repeat of the negative events of 2011 at CRM during 2012 and anticipates production from CRM to be approximately 125,000 PGM ounces. The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng. Eastplats will release its full fourth quarter and year-end results on Tuesday, March 6, 2012. Total shares issued and outstanding: 928,187,807 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 No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Cautionary Statement on Forward-Looking Information 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 the Company and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and 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, changes in government legislation, controls, regulations and political developments. 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: 24/01/2012 16:37:01 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.
