News

Eastplats Reports Record Production For The Quarter Ended December 31, 2009

January 14, 2010

Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") is pleased to report record production from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2009.

The Company produced a quarterly record of 34,000 PGM ounces, up 13% compared to the quarter ended September 30, 2009 and up 17% compared to the fourth quarter of 2008. For the year ended December 31, 2009, the Company produced a total of 130,338 PGM ounces, up 11% compared to 117,909 PGM ounces in 2008.

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

	Quarter ended					Increase (decrease)
Production statistics	Dec 31, 2009	Sept 30, 2009	June 30, 2009	Mar 31, 2009	Dec 31, 2008	Q4 2009 vs Q3 2009	Q4 2009 vs Q4 2008
Ounces produced	34,000	29,986	33,383	32,969	29,015	4,014	4,985
Run-of-mine rock tonnes hoisted	321,393	244,959	342,368	321,165	280,933	76,434	40,460
Run-of-mine rock tonnes processed	321,983	280,777	304,354	318,394	298,514	41,206	23,469
Development (meters)	3,254	2,882	4,326	4,573	4,604	372	(1,350)
On-reef development (meters)	2,135	1,562	2,860	2,745	2,922	573	(787)
Stoping units (square meters)	55,153	36,263	51,342	45,098	46,459	18,890	8,694
Head grade (grams/tonne)	4.1	4.1	4.2	4.0	4.0	--	0.1
Concentrator recovery from ROM ore	79%	78%	80%	80%	76%	1%	3%
Chrome produced (tonnes)	109,388	83,930	82,760	77,554	69,937	25,458	39,451

Run-of-mine tonnage processed and ounces produced increased 15% and 13% respectively compared to the third quarter of 2009 as a result of increased stoping activity made possible by ongoing development and equipping of workplaces in the preceding quarter.

Development meters increased by 13% compared to the previous quarter. At these levels of development, the mine will sustain current available ore reserves.

Efficiencies at the chrome recovery plant continue to improve, resulting in a 30% increase in chrome tonnes produced compared to the third quarter of 2009.

“After a very disruptive third quarter we recovered extremely well to achieve a record quarterly production in Q4. The quick production ramp up reflects the extensive on and off reef development carried out during the past 12 months despite adverse market conditions and we plan to maintain development at current levels in order to sustain the eighteen month mining reserve that has been built up at CRM over the past two years. We look forward to increasing production from the mine during 2010, with further production increases coming from Crocette which comes on stream later in the year,” said Ian Rozier.

Fourth quarter and year-end results

Eastplats is scheduled to release its results for the year ended December 31, 2009 on Wednesday March 31, 2010. Any change to this date will be announced.

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

Total shares issued and outstanding: 680,946,625

For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: 1-(604)-685-6851, Fax: 1-(604)-685-6493

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 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.