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EPS - Eastern Platinum Limited - Eastplats update on reserve statement at

Release Date: 17/05/2012 14:05
Code(s): EPS
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EPS - Eastern Platinum Limited - Eastplats update on reserve statement at Crocodile River Mine EASTERN PLATINUM LIMITED (Incorporated in Canada) (Canadian Registration number BC0722783) (South African Registration number 2007/006318/10) Share Code TSX: ELR ISIN: CA 2768551038 Share Code AIM: ELR ISIN: CA 2768551038 Share Code JSE: EPS ISIN: CA 2768551038 May 17, 2012 Trading Symbol: ELR (TSX & AIM) EPS (JSE) NEWS RELEASE EASTPLATS UPDATE ON RESERVE STATEMENT AT CROCODILE RIVER MINE Eastern Platinum Limited ("Eastplats") is please to update the Reserve statement for the Crocodile River Mine located near Brits in Northwest Province, South Africa. The updated Reserve reflects depletion and development work subsequent to the Reserves published in our NI 43-101 compliant Technical report which was published on SEDAR on 20 December 2010. The updated Reserve is current to 31 December 2011. The following factors apply: * 15% geological losses are included * 15% losses for pillars are included * 5% mining loss is included * Mining widths are now 142 cm (were 148 cm at Zandfontein and 153 cm at Maroelabult in 2010) * Dilution consistent with the mining width is included * Dilution from gully and on reef development is excluded Proven and Probable Reserves Section 2010 Technical 2011 Reserve Update Report Proven Tonnes 4Eoz Tonnes 4E Pt Pd Rh Au 4E g/t g/t g/t g/t g/t g/t ounces Zandfontein 842,000 4.08 1,246, 4.17 2.61 1.09 0.43 0.03 167,000 000 Maroelabult 132,000 3.91 394,00 3.98 2.49 1.04 0.41 0.03 50,000 0 Subtotal 974,000 4.06 1,640, 4.12 2.58 1.08 0.43 0.03 217,000 000 Probable Zandfontein 22,748, 4.08 18,673 4.17 2.61 1.09 0.43 0.03 2,503,00 000 ,000 0 Maroelabult 2,173,0 3.91 1,451, 3.98 2.49 1.04 0.41 0.03 186,000 00 000
Crocette 3,530,0 3.78 3,530, 3.78 2.18 0.78 0.35 0.02 429,000 00 000 Subtotal 28,451, 4.03 23,654 4.10 2.54 1.05 0.42 0.03 3,119,00 000 ,000 0
Total 29,425, 4.03 25,294 4.10 2.54 1.05 0.42 0.03 3,336,00 000 ,000 0 Reserve ounces are approximately 12% less than reported in 2010 because the company has elected to cut back on some development as noted in our March 6, 2012 press release. It should be noted that the 2011 Reserves reported above are adequate to support PGM production at our current rate for another 28 years. The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng. 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 Canaccord Genuity Limited, London Tel: +44 (0) 207 7523 8000 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: 17/05/2012 14:05:01 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.

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