EPS - Eastern Platinum Limited - Eastern Platinum Reports Results For The Year

EPS - Eastern Platinum Limited - Eastern Platinum Reports Results For The Year  
                                  Ended December 31, 2008                       
News Release                                                                    
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                                                                    
EASTERN PLATINUM REPORTS RESULTS FOR THE YEAR ENDED DECEMBER 31, 2008           
Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is  
pleased to report financial results for the year ended December 31, 2008.       
Highlights for the quarter ended December 31, 2008 ("Q4 2008")                  
*   Eastplats recorded a net loss of $5,742,000 ($0.01 loss per share) compared 
   to a net loss of $10,814,000 ($0.02 loss per share) in the fourth quarter    
   of 2007 ("Q4 2007").                                                         
*   Production at the Crocodile River Mine ("CRM") increased by 9% to 29,015    
PGM ounces, from 26,632 PGM ounces in Q4 2007.                               
*   Negative provisional sales price adjustments of $16,698,000 were recorded   
   in the quarter, causing revenue from CRM to decrease to $356,000 compared    
   to reported revenue of $34,126,000 in Q4 2007.                               
*   The average delivered basket price per PGM ounce was $550, a decrease of    
   58% compared to $1,305 in Q4 2007, and a decrease of 54% compared to $1,193  
   in the third quarter of 2008.                                                
*   EBITDA was negative $18,168,000 compared to $13,179,000 in Q4 2007.         
*   Operating cash costs net of by-product credits was $578 per ounce, an       
   improvement of 25% over the $774 per ounce in Q4 2007.                       
*   Average recovery rates for the quarter improved to 76%, compared to 72% in  
   Q4 2007.                                                                     
*   Hard rock ore processed increased by 8% to 298,514 tonnes in Q4 2008 from   
   275,972 tonnes in Q4 2007.                                                   
*   The Company acquired an additional direct and indirect 2.47% interest in    
   Barplats Investments Limited, the subsidiary that holds CRM and Kennedy`s    
Vale.                                                                        
*   At December 31, 2008, the Company had a cash position (including cash, cash 
   equivalents and short term investments) of $61,063,000 (December 31, 2007 -  
   $189,856,000).                                                               
Highlights for the year ended December 31, 2008                                 
*   Eastplats recorded net earnings of $16,364,000 ($0.02 per share) compared   
   to a net loss of $26,836,000 ($0.04 loss per share) for the year ended       
   December 31, 2007.                                                           
*   Production at the Crocodile River Mine ("CRM") increased by 9% to 117,909   
   PGM ounces, from 107,967 PGM ounces in 2007.                                 
*   Total provisional sales price adjustments were negative $25,162,000 for the 
   year.                                                                        
*   The average delivered basket price per PGM ounce was $1,204, an increase of 
   4% compared to $1,158 in 2007.                                               
*   EBITDA was $36,237,000 compared to $40,343,000 in 2007.                     
*   Operating cash costs net of by-product credits were $622 per ounce, an      
improvement of 11% over the $699 per ounce in 2007, as the chrome recovery   
   circuit became fully integrated in June 2008.                                
*   Average recovery rates for the year improved to 76%, compared to 72% in     
   2007, following planned improvements to the concentrator circuit at the      
Crocodile River Mine.                                                        
*   Hard rock ore processed increased by 15% to 1,175,519 tonnes in 2008 from   
   1,025,293 tonnes in 2007.                                                    
*   The Company achieved an average grade for 2008 of 4.01 grams per tonne, up  
from 3.96 grams per tonne in 2007.                                           
*   During the year, the Company spent $143 million on capital expenditures     
   primarily at Crocodile River and at Spitzkop.                                
"In the current economic environment, our primary objective is to continue to   
grow CRM production in a cash flow positive manner. We will continue to focus   
on lowering our cost profile and preserving our cash balances, as well as       
taking the appropriate steps necessary to position Eastplats to benefit         
quickly when PGM prices improve", said Ian Rozier.                              
The qualified person having reviewed the operating disclosures presented in     
this press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.  
Financial Information                                                           
For complete details of financial results, please refer to the                  
unaudited consolidated financial statements and accompanying Management`s       
Discussion and Analysis ("MD&A") for the year ended December 31, 2008. These    
financial statements and MD&A, and the comparative financial statements for the 
year ended December 31, 2007 are all available on SEDAR at www.sedar.com and on 
the Company`s website www.eastplats.com.                                        
Teleconference call details                                                     
Eastern Platinum Limited will host a telephone conference call on Tuesday,      
March 31, 2009 at 10:00 am Pacific (1:00 pm Eastern) to discuss these results.  
The conference call maybe accessed by dialing 1-800-319-4610 in Canada and the  
United States, or 1-604- 638-5340 internationally.                              
The conference call will be archived for later playback until Tuesday, April 7, 
2009 and can be accessed by dialing 1-604-638-9010 or 1-800-319-6413 and using  
the pass code 4219 followed by the number sign (#).                             
Total shares issued and outstanding - 680,526,421                               
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 Gregory - anjeg@psgcapital.com                                             
+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                             
This press release, which contains certain forward-looking statements, is       
intended to provide readers with a reasonable basis for assessing the financial 
performance of the Company. All statements, other than statements of historical 
fact, are forward-looking statements. The words "believe", "expect",            
"anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", 
"estimate", "may", "will", "schedule" and similar expressions identify forward  
looking statements.                                                             
Forward-looking statements are necessarily based upon a number of estimates and 
assumptions that, while considered reasonable by the Company, are inherently    
subject to significant business, economic and competitive uncertainties and     
contingencies. Known and unknown factors could cause actual results to differ   
materially from those projected in the forward-looking statements. Such factors 
include, but are not limited to, fluctuations in the currency markets such as   
Canadian dollar, South African Rand and U.S. dollar, fluctuations in the prices 
of PGM and other commodities, changes in government legislation, taxation,      
controls, regulations and political or economic developments in Canada, the     
United States, South Africa, or Barbados or other countries in which the        
Company carries or may carry on business in the future, risks associated with   
mining or development activities, the speculative nature of exploration and     
development, including the risk of obtaining necessary licenses and permits,    
and quantities or grades of reserves. Many of these uncertainties and           
contingencies can affect the Company`s actual results and could cause actual    
results to differ materially from those expressed or implied in any             
forward-looking statements made by, or on behalf of, the Company. Readers are   
cautioned that forward-looking statements are not guarantees of future          
performance. There can be no assurance that such statements will prove to be    
accurate and actual results and future events could differ materially from      
those acknowledged in such statements. Specific reference is made to the        
Company`s most recent Annual Information Form on file with Canadian provincial  
securities regulatory authorities for a discussion of some of the factors       
underlying forward-looking statements.                                          
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: 31/03/2009 15:40:01 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.