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EPS - Eastern Platinum Limited - News Release - Best practice revisions to the

Release Date: 22/05/2008 10:36
Code(s): EPS
Wrap Text

EPS - Eastern Platinum Limited - News Release - Best practice revisions to the 2008 stock option plan 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 NEWS RELEASE BEST PRACTICE REVISIONS TO THE 2008 STOCK OPTION PLAN The Company announces that, following consultation with certain advisory groups on corporate governance to take into account current best practices, it has revised the terms of its stock option plan (the "Plan") to be presented to shareholders for approval at the Company`s June 4, 2008 Annual General Meeting. As revised, the Plan would limit options granted to any one non-executive director in the aggregate to no more than 0.4% of the issued and outstanding shares of the Company. This provision would replace that set forth in the Company`s information circular dated April 23,2008 (the "Circular") which contemplated that any one non-executive director was limited to options in the aggregate not exceeding 1% of the issued and outstanding shares of the Company or having a value not exceeding $1,000,000, calculated in accordance with the Black-Scholes valuation method. All other terms of the Plan as detailed in the Circular remain unaltered. Total shares issued and outstanding: 680,090,604 For further information, please contact: EASTERN PLATINUM LIMITED Ian Rozier, President & C.E.O. +1-604-685-6851 (tel) +1-604-685-6493 (fax) info@eastplats.com www.eastplats.com NOMAD - Canaccord Adams Limited Ryan Gaffney - Ryan.Gaffney@CanaccordAdams.com +44 20 7050 6500 JSE SPONSOR - PSG Capital (Pty) Limited Anje Maasdorp - anjem@psgcapital.com +27 21 887 9602 No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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 Eastplats and Barplats and as such are not a guarantee of future performance. 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, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Date: 22/05/2008 10:36:52 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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