Eastplats Reports Production Results For the Quarter Ended December 31, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2012) - Eastern Platinum Limited ELRELREPS("Eastplats") reports operating results from the Crocodile River Mine ("CRM") for the fourth quarter ended December 31, 2011.

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

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                              Quarter ended              Increase (decrease)
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                                                           Q4 2011   Q4 2011
Production       Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,       vs.       vs.
 statistics         2011    2011    2011    2011    2010   Q3 2011   Q4 2010
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Ounces produced   19,854  26,955  20,528  25,387  32,752   (7,101)  (12,898)
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Run-of-mine                                                                 
 tonnes hoisted  200,919 265,889 203,166 247,369 324,879  (64,970) (123,960)
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Run-of-mine                                                                 
 tonnes                                                                     
 processed       194,532 261,280 201,986 245,500 327,872  (66,748) (133,340)
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Development                                                                 
 (meters)          2,929   3,976   3,562   4,219   3,501   (1,047)     (572)
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On-reef                                                                     
 development                                                                
 (meters)          1,591   2,248   2,090   2,434   1,925     (657)     (334)
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Stoping units                                                               
 (square meters)  31,767  40,594  31,828  44,674  53,044   (8,827)  (21,277)
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Head grade                                                                  
 (grams/tonne)      4.05    4.08    3.93    3.93    3.97    (0.03)      0.08
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Concentrator                                                                
 recovery from                                                              
 ROM ore(i)          76%     78%     76%     79%     78%      (2%)      (2%)
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Chrome                                                                      
 dispatched                                                                 
 (tonnes)         62,791  77,531  64,913  62,498  79,461  (14,740)  (16,670)
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(i) Concentrator recovery has been rounded to the nearest percentage point. 

Fourth quarter mining and production at the Crocodile River Mine ("CRM") were negatively impacted by strike action by employees of CRM's main mining contractor, JIC Mining Services, in October, and by a Section 54 shut-down of operations following the fatality at CRM in November. Both incidents resulted in stoppages of mining operations. Concentrator recovery decreased as a result of the subsequent disruptions to the steady state operation of the processing plant.

As previously reported on December 19, 2011, mine development projects are on track at the Zandfontein section with the new infrastructure for underground ore and waste handling systems on 3 and 4-Level having been successfully installed, and the ongoing development of the conveyor decline required to mine between 5 and 9-Levels making steady progress.

At the Maroelabult Section, decline development and conveyor installations are proceeding and the mine life of this section of CRM has been extended by two years to 2016.

The Company does not expect a repeat of the negative events of 2011 at CRM during 2012 and anticipates production from CRM to be approximately 125,000 PGM ounces.

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

Eastplats will release its full fourth quarter and year-end results on Tuesday, March 6, 2012.

Total shares issued and outstanding: 928,187,807

Cautionary Statement on Forward-Looking Information

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 the Company and therefore, readers are cautioned that forward-looking statements are not a guarantee of future performance. There can be no assurance that such statements will prove to be accurate and 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, changes in government legislation, controls, regulations and political developments.

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.