ELR Eastern Platinum Limited

Eastern Platinum Limited ("Eastplats" or the "Company")
(TSX:ELR)(AIM:ELR)(JSE:EPS) reports that due to the continuing negative outlook
in the global economic environment, the sustained weakness in PGM pricing and
the current operating environment in South Africa, it has decided to suspend
funding for the Crocodile River Mine ("CRM") "Development Plan" previously
announced on June 12, 2012. The Company will continue to reassess the viability
of production at CRM and reinitiate funding for production once conditions
support such a decision. 


This decision to suspend funding for CRM was influenced by both macro and
micro-economic issues. The 2008 financial meltdown and its impact on European
car sales resulted in a reduction in platinum demand and this shows no signs of
a near term recovery; year-on-year European car sales have declined every single
month since October 2011. At CRM, the costs per tonne milled have risen by 82%
since the beginning of 2007 and the PGM basket price has fallen by 17% in Rand
terms over the same period. Ongoing labour unrest continues to negatively impact
productivity throughout the South African mining sector. When taken together,
the impact of a stagnant commodity market, the rising costs of mining and
decreasing productivity have resulted in it becoming increasingly difficult to
justify the continued level of funding required for the CRM development plan. 


"Given the stagnation of the European car market together with a continuing
resistance to any significant large scale production cuts from the larger
producers, we expect that the industry will have to contend with much lower
metal prices than previously projected in the short and medium term. Ongoing
cost pressure and decreasing productivity in South Africa continue to
significantly reduce free cash flow. After a considerable amount of review and
evaluation Eastplats sees no merit in depleting the financial resources of the
Company in this economic and operating environment," stated Ian Rozier,
President and CEO. 


Total shares issued and outstanding - 928,187,807

Cautionary Statement on Forward-Looking Information

This press release, which contains certain forward-looking statements, is
intended to provide readers with a reasonable basis for assessing the financial
performance of the Company. All statements, other than statements of historical
fact, are forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intends", "continue", "budget",
"estimate", "may", "will", "schedule" and similar expressions identify forward
looking statements. These forward-looking statements pertain to assumptions
regarding the price of PGMs, fluctuations in currency markets (specifically the
Rand and the U.S. dollar), the future funding of the Company's projects, the
future development of the Company's projects, the Company's plans for its
properties, the anticipated timing for the awarding of tenders, and the
accounting policies issued but not yet effective for the Company.
Forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Company, are inherently
subject to significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements. Such factors
include, but are not limited to, the risk of fluctuations in the assumed
exchange rates of currencies that directly impact the Company, such as Canadian
dollar, South African Rand and U.S. dollar, the risk of fluctuations in the
assumed prices of PGM and other commodities, the risk of changes in government
legislation, taxation, controls, regulations and political or economic
developments in Canada, the United States, South Africa, or Barbados or other
countries in which the Company carries or may carry on business in the future,
risks associated with mining or development activities, the speculative nature
of exploration and development, including the risk of obtaining necessary
licenses and permits, and assumed quantities or grades of reserves. Many of
these uncertainties and contingencies can affect the Company's actual results
and could cause actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of, the Company.
Readers are cautioned that forward-looking statements are not guarantees of
future performance. There can be no assurance that such statements will prove to
be accurate and actual results and future events could differ materially from
those acknowledged in such statements. Specific reference is made to the
Company's most recent Annual Information Form on file with Canadian provincial
securities regulatory authorities for a discussion of some of the factors
underlying forward-looking statements.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Eastern Platinum Limited
Ian Rozier
President & C.E.O.
+1-604-685-6851
+1-604-685-6493 (FAX)
info@eastplats.com
www.eastplats.com


NOMAD
Andrew chubb, Ross Allister
Canaccord Genuity Limited, London
+44 (0) 207 7523 8000


JSE SPONSOR
Johan Fourie
PSG Capital (Pty) Limited
+27 21 887 9602
johanf@psgcapital.com

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