VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS)("Eastplats") reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2011.

Production statistics for the current quarter and historical quarters are as follows:

Quarter ended Increase (decrease)
Production statisticsDec 31,
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Q4 2011
Q3 2011
Q4 2011
Q4 2010
Ounces produced19,85426,95520,52825,38732,752(7,101)(12,898)
Run-of-mine tonnes hoisted200,919265,889203,166247,369324,879(64,970)(123,960)
Run-of-mine tonnes processed194,532261,280201,986245,500327,872(66,748)(133,340)
Development (meters)2,9293,9763,5624,2193,501(1,047)(572)
On-reef development (meters)1,5912,2482,0902,4341,925(657)(334)
Stoping units (square meters)31,76740,59431,82844,67453,044(8,827)(21,277)
Head grade (grams/tonne)
Concentrator recovery from ROM ore*76%78%76%79%78%(2%)(2%)
Chrome dispatched (tonnes)62,79177,53164,91362,49879,461(14,740)(16,670)
* Concentrator recovery has been rounded to the nearest percentage point.

Fourth quarter mining and production at the Crocodile River Mine ("CRM") were negatively impacted by strike action by employees of CRM's main mining contractor, JIC Mining Services, in October, and by a Section 54 shut-down of operations following the fatality at CRM in November. Both incidents resulted in stoppages of mining operations. Concentrator recovery decreased as a result of the subsequent disruptions to the steady state operation of the processing plant.

As previously reported on December 19, 2011, mine development projects are on track at the Zandfontein section with the new infrastructure for underground ore and waste handling systems on 3 and 4-Level having been successfully installed, and the ongoing development of the conveyor decline required to mine between 5 and 9-Levels making steady progress.

At the Maroelabult Section, decline development and conveyor installations are proceeding and the mine life of this section of CRM has been extended by two years to 2016.

The Company does not expect a repeat of the negative events of 2011 at CRM during 2012 and anticipates production from CRM to be approximately 125,000 PGM ounces.

The qualified person having reviewed the operating results presented in this press release is Mr. Brian Montpellier, P.Eng.

Eastplats will release its full fourth quarter and year-end results on Tuesday, March 6, 2012.

Total shares issued and outstanding: 928,187,807

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.

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

Contact Information:

Eastern Platinum Limited
Investor Relations
1-(604)-685-6493 (FAX)

Canaccord Genuity Limited, London
Rob Collins/Bhavesh Patel
+44 20 7050 6500

PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602