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EASTERN PLATINUM LIMITED - Eastplats Announces Results Of Shareholder Meeting, Plans Going Forward

Release Date: 06/07/2016 12:45
Code(s): EPS     PDF:  
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Eastplats Announces Results Of Shareholder Meeting, Plans Going Forward

EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768555096
Share Code JSE: EPS ISIN: CA2768555096

EASTPLATS ANNOUNCES RESULTS OF SHAREHOLDER MEETING, PLANS GOING FORWARD

Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the “Company”) is
pleased to announce the election of a new board of directors following its annual general
meeting (the “Meeting”) held earlier today. The new board, comprised of Peter M. Clausi,
Michael Cosic, George G. Dorin, Douglas G. Perkins, George Pirie and Sam Wang (the
“Board”), consists entirely of directors nominated by Ka An Development Co. Limited, which
holds 12,777,994 common shares of the Company, representing approximately 13.79% of the
outstanding common shares. For further information in respect of the results of voting at the
Meeting, please refer to the Company’s Report of Voting Results, which can be accessed at
www.sedar.com..

Immediately following the Meeting, the Board held its first meeting of directors, at which, among
other things:
 - George Dorin was appointed Chair of the Board
 - The Audit Committee was reconstituted to include Michael Cosic (Chair), George Dorin and
   Sam Wang
 - The Compensation and Corporate Governance Committee was reconstituted to include
   Sam Wang (Chair), George Dorin and George Pirie
 - The Safety, Health and Environment Risk Committee was reconstituted to include Douglas
   Perkins (Chair), George Pirie and Michael Cosic
 - The Executive Committee was disbanded
 - Peter M. Clausi was appointed interim Chief Executive Officer of the Company
 - Andrea Zhang was appointed interim Chief Operating Officer of the Company, with
   authority to assume operations and supervision of the Company’s South African operations
 - Anton Lubbe was appointed Vice President, South African Operations, reporting directly to
   Mr. Zhang. Mr. Lubbe is a Qualified Person for the purposes of NI 43-101.

“We are pleased with the results of the Meeting and with the manner in which the Board, its
committees and senior management have been reshaped”, stated Mr. Dorin, the newly
appointed Chair. “We believe strongly that this Board, with the able assistance of the new senior
management team, has the experience, knowledge and commitment to lead EastPlats forward
at this crucial, turning point in its history.”

In the short term, the Board intends to conduct a detailed review of EastPlats and its
subsidiaries to determine what changes, if any, would be desirable in light of such review and
existing circumstances. Among other things, the Board will be carefully reviewing the
Company’s current care and maintenance program and its potential strategic alternatives,
including the recently announced proposed transaction involving the sale of the Company’s
South African subsidiary, Barplats Mines Limited, which holds the Crocodile River Mine.

The Board expects to report a number of material changes and developments in the coming
weeks and months, as its review of EastPlats progresses.

In the meantime, the Board wishes to express its gratitude to shareholders of EastPlats for their
votes at the Meeting and its appreciation for their ongoing support during the transitional period
ahead.

The Company also announces the grant of six hundred thousand stock options under the
Company's stock option plan to officers and directors.

For further information, please contact:

EASTERN PLATINUM LIMITED                     JSE SPONSOR
Peter M. Clausi, Interim CEO                 David Tosi
+1-604-689-9663 (tel)                        PSG Capital (Pty) Limited
+1-604-434-1487 (fax)                        Email: davidt@psgcapital.com
info@eastplats.com                           Tel: +27 21 887 9602
www.eastplats.com

No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.

Cautionary Statement Regarding Forward-Looking Information

This press release contains ‘forward looking information’ within the meaning of Canadian
securities legislation. Forward looking information in this press release includes information
about the Board’s short-term plans for the Company and its expectation that it will report
material changes and developments in the coming weeks and months. These forward-looking
statements are subject to a variety of risks and uncertainties which could cause actual events or
results to differ materially from those anticipated. Readers should not place undue reliance on
the forward-looking information contained in this news release. Eastplats does not undertake to
update any forward-looking information, except as required by applicable securities laws.

5 July 2016

Date: 06/07/2016 12:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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