Agoracom: Small Cap Investment - Eastern Platinum - Reports Production Results for the Quarter Ended December 31, 2008

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South Africa's 6th largest PGM producer.

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Clavis

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Reports Production Results for the Quarter Ended December 31, 2008

posted on Jan 26, 2009 04:39AM

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:

--------------------------------------------------------------------------
                            Quarter  Quarter  Quarter   Quarter
                              ended    ended    ended     ended
                             Dec 31, Sept 30, June 30, March 31,  Increase
Production                     2008     2008     2008      2008  (Decrease)
--------------------------------------------------------------------------
                                 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)

--------------------------------------------------------------------------

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

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