2007

Eastern Platinum Limited Announces Equity Financing

VANCOUVER, March 21 /CNW/ - Eastern Platinum Limited (TSX: ELR, AIM: ELR) (the "Company") announced today that it has filed a preliminary short form prospectus in connection with an overnight-marketed public offering (the "Offering") of common shares. The Offering will be conducted through a syndicate of underwriters led by Canaccord Capital Corporation and GMP Securities LP. The Company has granted the underwriters an over-allotment option to purchase that number of additional common shares equal to up to 15% of the common shares sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering. The Offering is subject to certain conditions, including regulatory approval.
The Offering will be priced in the context of the market with final terms of the Offering to be determined at the time of pricing. The Company intends to use the net proceeds of the Offering to enable the Company to accelerate the development of its Spitzkop Platinum Group Metals ("PGM") Project on the Eastern limb of the Bushveld Igneous Complex ("BIC"), for the investigation and potential refurbishment of the smelter that exists at Barplats' Crocodile River Mine, for the potential corporate acquisition of accretive assets, and for general working capital purposes.

The Offering is expected to close on or about April 12, 2007.

Trading in the Company's shares will be temporarily suspended on the AIM market of the London Stock Exchange pending finalization of the terms of the proposed Offering.
Eastern Platinum Limited is a PGM producer engaged in the acquisition, development and mining of PGM properties located in various provinces in South Africa. All of the Company's properties are situated on the western and eastern limbs of the BIC, the geological environment that supports over 70% of the world's PGM supply.

Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company's plans to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company's Annual Information Form dated September 28, 2006, a copy of which is available at www.sedar.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act of 1933.

For further information:

Mr. Ian Rozier, M.Sc., P.Eng., President & CEO
Website: www.eastplats.com
Email: info@eastplats.com
No.408 - 837 West Hastings Street, Vancouver, BC, Canada, V6C 3N6
Tel: (604) 685-6851, Fax: (604) 685-6493

NOMAD: Canaccord Adams Limited, London
Email: Robin.Birchall@canaccordadams.com