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Eastplats Update on Reserve Statement at Crocodile River Mine

Eastplats Update on Reserve Statement at Crocodile River Mine 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/13 -- Eastern
Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is pleased
to update its annual reserve statement for the Crocodile River Mine
located near Brits, Northwest Province, South Africa. The updated
reserve reflects depletion and development work subsequent to the
reserve statement in the Company's NI 43-101 compliant technical
report which was published on SEDAR on December 20, 2010 and the
Company's press release of May 17, 2012. The updated reserve is
current as of December 31, 2012. The following factors apply: 


 
--  15% geological losses are included 
--  15% pillar losses are included 
--  5% mining loss is included 
--  Mining widths are 142 cm at Zandfontein and 146 cm at Maroelabult
    (Maroelabult was 142 cm in 2011) 
--  Dilution is included consistent with the mining width 
 
Proven and Probable Reserves                                                
----------------------------------------------------------------------------
Section         2011 Reserve                2012 Reserve Update             
----------------------------------------------------------------------------
                            4E              4E   Pt   Pd   Rh   Au          
Proven             Tonnes  g/t     Tonnes  g/t  g/t  g/t  g/t  g/t 4E ounces
----------------------------------------------------------------------------
Zandfontein     1,246,000 4.17  1,554,000 4.17 2.61 1.09 0.43 0.03   208,000
----------------------------------------------------------------------------
Maroelabult       394,000 3.98    426,000 3.98 2.49 1.04 0.41 0.03    55,000
----------------------------------------------------------------------------
Subtotal        1,640,000 4.12  1,980,000 4.13 2.58 1.08 0.43 0.03   263,000
----------------------------------------------------------------------------
Probable                                                                    
----------------------------------------------------------------------------
Zandfontein    18,673,000 4.17 17,569,000 4.17 2.61 1.09 0.43 0.03 2,355,000
----------------------------------------------------------------------------
Maroelabult     1,451,000 3.98  1,268,000 3.98 2.49 1.04 0.41 0.03   162,000
----------------------------------------------------------------------------
Crocette        3,530,000 3.78  3,530,000 3.78 2.18 0.78 0.35 0.02   429,000
----------------------------------------------------------------------------
Subtotal       23,654,000 4.10 22,367,000 4.10 2.54 1.05 0.42 0.03 2,947,000
----------------------------------------------------------------------------
Total          25,294,000 4.10 24,347,000 4.10 2.54 1.05 0.42 0.03 3,210,000
----------------------------------------------------------------------------

 
At Maroelabult, 41,483m2 have been removed from the reserves as a
result of the 2012 drilling program which provided for an improved
interpretation of the displacement along the Kareespruit fault.
Increases in Proven Reserves are due to development work through 2012
consistent with the current operating plan (see June 12, 2012 press
release).  
The qualified person having reviewed the reserves data and
information presented in this press release is Mr. Brian Montpellier,
P.Eng. 
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. 
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. 
Contacts:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.com
www.eastplats.com 
Canaccord Genuity Limited, London
Rob Collins
NOMAD
+44 (0) 207 7523 8000 
PSG Capital (Pty) Limited
Johan Fourie
JSE SPONSOR
+27 21 887 9602
johanf@psgcapital.com
 
 
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