EASTERN PLATINUM LIMITED - Eastern Platinum Limited comments on the news release of Beijing Hehe Fengye Investment Co. Ltd.

Eastern Platinum Limited comments on the news release of Beijing Hehe Fengye Investment Co. Ltd.

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

Trading Symbol: ELR (TSX); EPS (JSE)

                                           NEWS RELEASE

 EASTERN PLATINUM LIMITED COMMENTS ON THE NEWS RELEASE OF BEIJING HEHE FENGYE
   INVESTMENT CO. LTD. (“BEIJING HEHE”) DATED OCTOBER 21, 2015 (THE “RELEASE”)

October 22, 2015, Vancouver, British Columbia – Eastern Platinum Limited (“Eastplats” or the
“Company”) responds to the news release made by Beijing Hehe on October 21, 2015 wherein Beijing
Hehe purports to be a significant shareholder of Hebei Zhongbo Platinum Co. Limited (“HZP”) and has
stated that the transaction between Eastplats and HZP will not proceed. In the Release, Beijing Hehe
makes reference to a letter dated September 1, 2015 (the “September Letter”). Eastplats acknowledges
receipt of the September Letter purporting to be from HZP giving notice of termination of the share
purchase agreements between the Company and HZP (the “SPAs”) as detailed in prior news releases of
the Company. The September Letter, which made reference to previous correspondence from HZP
claiming to have communicated a change in the controlling shareholder and legal representative of HZP
as of February 16, 2015, was signed by Mr. Shuming Du, an individual whom the Company had had no
prior dealings whatsoever, either as an individual, a purported shareholder, or as a representative of HZP,
the Company having communicated primarily throughout the course of its dealings with HZP with Mr.
Yunpu Ma and his advisors in South Africa and Canada. No such correspondence alluding to a change in
shareholder or legal representative was previously received by the Company.

As the Company had reason to question the validity of the September Letter, immediately upon its
receipt, the Company conducted its own due diligence in order to seek clarification from HZP regarding
its validity. The Company immediately made enquiries to both HZP and its legal counsel, through the
contractually defined channels in the SPAs, and was provided with verbal assurances and written
correspondence from both the authorized representative of HZP and Chinese counsel acting on behalf of
HZP confirming that neither Beijing Hehe nor Mr. Du had the legal authority to act on behalf of HZP to
terminate the SPAs on behalf of HZP, or to make such statements on behalf of HZP.

In light of the position taken and statements made by Beijing Hehe in the Release, the Company has
spoken to Canadian counsel for HZP and has been given to understand that the issuance of the Release by
Beijing Hehe may be attributable to a shareholders dispute between the principal shareholders of HZP.

While the Company continues to seek further information on this issue in order to clarify its impact on the
Company’s dealing with HZP, it has been advised by Mr. Ma, on behalf of HZP, that it remains
committed to the transaction with the Company and is working toward a successful conclusion.                                                             

The Company has requested further clarification in writing from HZP and a further news release will be
issued when the Company is able to provide clarity on the veracity of the Release. Until such time as the
Company can verify the validity of the statements made by Beijing Hehe with respect to the status of the
transaction, the Company’s understanding is that the transaction between Eastplats and HZP is
proceeding.

In a news release dated August 10, 2015, the Company reported that it had sought to extend the “Final
Date” of the SPAs from August 7, 2015 to December 31, 2015. As at the date hereof, letter agreements
giving effect to such extension remain outstanding.


For further information, please contact:

EASTERN PLATINUM LIMITED
Ian Rozier, President and CEO
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com


JSE SPONSOR
David Tosi
PSG Capital (Pty) Limited
Email: davidt@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 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 completion, timing and potential benefits of the proposed
transaction between Eastplats and HZP. 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, including, the contemplated transaction not
being completed as a result of a number of factors including, without limitation, required regulatory approvals not being
obtained; and other risks and uncertainties. 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.

Date: 23/10/2015 08:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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