FOR: EASTERN PLATINUM LIMITED
TSX, AIM SYMBOL: ELR
JSE SYMBOL: EPS
January 26, 2009
Eastplats Reports Production Results for the Quarter Ended December 31, 2008
Conference Call Monday 26 January
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2009) - Mr. Ian Rozier, President and CEO of Eastern
Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report on production from the
Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2008.
Production statistics for the quarter are as follows:
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Quarter Quarter Quarter Quarter
ended ended ended ended
Dec 31, Sept 30, June 30, March 31, Increase
Production 2008 2008 2008 2008 (Decrease)
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Q4 Q3 Q2 Q1 Q4 vs Q3
Ounces produced 29,015 30,755 30,314 27,825 (1,740)
Total tons processed 298,514 317,602 337,471 349,497 (19,088)
Development meters 4,604 5,599 5,575 4,409 (995)
On-reef development meters 2,922 3,556 3,230 2,343 (634)
Head grade (grams/ton) 3.98 3.99 4.03 4.04 (0.01)
Concentrator recovery (%) 76 78 73 78 (2)
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Tonnage processed and ounces produced decreased 6% compared to the third quarter as a result of fewer shifts
worked during the fourth quarter. The number of milling/hoisting shifts decreased 12% from Q3 to Q4 as a
consequence of the statutory holiday period. Also, there was no processing of tailings during the quarter.
Development meters decreased by 18% compared to the last quarter, partly due to fewer shifts worked, and partly
due to a planned reduction in reserve development commencing in late November. This planned reduction in
development, which includes the temporary suspension of the Crocette mine, is a result of the Company's plan to
implement cost cutting and cash preservation measures in light of the significant drop in PGM prices during the
last four months.
Eastplats will host a telephone conference call on Monday 26 January at 11:00 a.m. Pacific (2:00 p.m. Eastern)
to discuss these results. The conference call may be 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 Monday, February 2, 2009 and can be accessed by
dialing 604-638-9010 or 1-800-319-6413 and using the pass code 4219 followed by the number sign.
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: 680,526,421
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.
S&P TSX Composite Index
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FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
OR
NOMAD: Canaccord Adams Limited, London
+44 20 7050 6500
Email: Ryan.Gaffney@canaccordadams.com
OR
JSE Sponsor: PSG Capital (Pty) Limited, South Africa
+27 21 887 9602
Email: anjem@psgcapital.com
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Eastern Platinum Limited