Eastern Platinum Reports Results for the Quarter and Year Ended December 31, 2012

Eastern Platinum Reports Results for the Quarter and Year Ended December 31, 
2012 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- Mr. Ian
Rozier, President and CEO of Eastern Platinum Limited ("Eastplats")
(TSX:ELR)(AIM:ELR)(JSE:EPS) reports financial results for the fourth
quarter and year ended December 31, 2012. The results for the fourth
quarter reflect the implementation of the comprehensive mine
development plan at the Zandfontein Section of the Crocodile River
Mine ("CRM"), as discussed in the Company's press release dated June
12, 2012.  
Summary of results for the quarter ended December 31, 2012: 


 
--  Eastplats recorded a loss attributable to equity shareholders of the
    Company of $1,342,000 ($0.00 loss per share) in the quarter ended
    December 31, 2012 ("Q4 2012") compared to a loss of $64,325,000 ($0.07
    loss per share) in the quarter ended December 31, 2011 ("Q4 2011").  
    
--  Adjusted EBITDA was negative $2,672,000 Q4 2012 compared to negative
    $6,455,000 in Q4 2011.  
    
--  PGM ounces sold decreased 29% to 14,066 ounces in Q4 2012 compared to
    19,854 PGM ounces in Q4 2011.  
    
--  The U.S. dollar average delivered price per PGM ounce increased 1% to
    $936 in Q4 2012 compared to $931 in Q4 2011.  
    
--  The Rand average delivered price per PGM ounce increased 8% to R8,134 in
    Q4 2012 compared to R7,541 in Q4 2011. 
    
--  Total Rand operating cash costs decreased 29% to R147 million in Q4 2012
    compared to R208 million in Q4 2011. 
    
--  Rand operating cash costs net of by-product credits decreased 4% to
    R8,326 per ounce in Q4 2012 compared to R8,685 per ounce in Q4 2011.
    Rand operating cash costs remained consistent at R10,428 per ounce in Q4
    2012 compared to R10,455 per ounce in Q4 2011. 
    
--  U.S. dollar operating cash costs net of by-product credits decreased 11%
    to $958 per ounce in Q4 2012 compared to $1,072 per ounce achieved in Q4
    2011. U.S. dollar operating cash costs decreased 7% to $1,200 per ounce
    in Q4 2012 compared to $1,291 per ounce in Q4 2011.  
    
--  Head grade improved 1% to 4.09 grams per tonne in Q4 2012 compared to
    4.05 in Q4 2011. 
    
--  Average concentrator recovery improved to 77% in Q4 2012 compared to 76%
    in Q4 2011. 
    
--  Development meters decreased by 53% to 1,365 meters and on-reef
    development decreased by 78% to 350 meters compared to Q4 2011. 
    
--  Stoping units decreased 48% to 16,468 square meters in Q4 2012 compared
    to 31,767 square meters in Q4 2011. 
    
--  Run-of-mine ore hoisted decreased 36% to 127,654 tonnes in Q4 2012
    compared to 200,919 tonnes in Q4 2011. 
    
--  Run-of-mine ore processed decreased by 37% to 123,222 tonnes in Q4 2012
    compared to 194,532 tonnes in Q4 2011. 
    
--  The Company's Lost Time Injury Frequency Rate (LTIFR) was 5.68 in Q4
    2012 compared to 2.61 in Q4 2011.  
    
--  At December 31, 2012, the Company had a cash position (including cash,
    cash equivalents and short term investments) of $130,925,000 (December
    31, 2011 - $250,801,000). 

 
Summary of results for the year ended December 31, 2012  


 
--  Eastplats recorded a loss attributable to equity shareholders of the
    Company of $100,953,000 ($0.11 loss per share) in the year ended
    December 31, 2012 compared to a loss of $76,545,000 ($0.08 loss per
    share) in the year ended December 31, 2011.  
    
--  The Company recorded an impairment charge of $88,278,000 on its Eastern
    Limb properties in Q2 2012 (Q4 2011 - $46,327,000 on its CRM property). 
    
--  Adjusted EBITDA decreased to negative $12,558,000 in 2012 compared to
    negative $1,411,000 in 2011. The impairment charge was not included in
    the calculation of adjusted EBITDA. 
    
--  PGM ounces sold decreased 7% to 86,225 ounces in 2012 compared to 92,724
    PGM ounces in 2011.  
    
--  The U.S. dollar average delivered price per PGM ounce decreased 14% to
    $925 in 2012 compared to $1,073 in 2011.  
    
--  The Rand average delivered price per PGM ounce decreased 3% to R7,528 in
    2012 compared to R7,726 in 2011. 
    
--  Total Rand operating cash costs decreased 6% to R777 million in 2012
    compared to R828 million in 2011. 
    
--  Rand operating cash costs net of by-product credits increased 10% to
    R7,821 per ounce in 2012 compared to R7,118 per ounce in 2011. Rand
    operating cash costs increased 1% to R9,009 per ounce in 2012 compared
    to R8,929 per ounce in 2011. 
    
--  U.S. dollar operating cash costs net of by-product credits decreased 2%
    to $961 per ounce in 2012 compared to $984 per ounce achieved in 2011.
    U.S. dollar operating cash costs decreased 11% to $1,105 per ounce in
    2012 compared to $1,236 per ounce in 2011.  
    
--  Head grade increased to 4.06 grams per tonne in 2012 from 4.00 grams per
    tonne in 2011. 
    
--  Average concentrator recovery remained consistent at 77% in both 2012
    and 2011. 
    
--  Development meters decreased by 36% to 9,470 meters and on-reef
    development decreased by 44% to 4,673 meters compared to 2011. 
    
--  Stoping units decreased 15% to 126,227 square meters in 2012 compared to
    148,863 square meters in 2011. 
    
--  Run-of-mine ore hoisted decreased 9% to 838,618 tonnes in 2012 compared
    to 917,343 tonnes in 2011. 
    
--  Run-of-mine ore processed decreased by 10% to 814,738 in 2012 compared
    to 903,298 tonnes in 2011. 
    
--  The Company's LTIFR was 3.01 in 2012 compared to 1.46 in 2011. 

 
The qualified person having reviewed the operating disclosures
presented in this press release is Mr. Brian Montpellier, P. Eng,
V.P. Project Development. 
Financial Information 
For complete details of financial results, please refer to the
audited condensed consolidated financial statements and accompanying
Management's Discussion and Analysis ("MD&A") for the year ended
December 31, 2012. These financial statements and MD&A, and the
comparative financial statements for the year ended December 31, 2011
are all available on SEDAR at www.sedar.com and on the Company's
website www.eastplats.com. 
Teleconference call details 
Eastplats will host a telephone conference call on Thursday, March
14, 2013 at 10:00 am Pacific (1:00 pm 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
Thursday, March 21, 2013 and can be accessed by dialing
1-604-638-9010 or 1-800-319-6413 and using the pass code 4219
followed by the number sign (#). 
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. 


 
                                                                            
Eastern Platinum Limited                                                    
Consolidated statements of loss                                             
(Expressed in thousands of U.S. dollars, except per share amounts)          
                                                                            
                                                   Year ended    Year ended 
                                                     December      December 
                                           Note           31,           31, 
                                                         2012          2011 
----------------------------------------------------------------------------
Revenue                                    25(c)  $    83,095   $   113,203 
----------------------------------------------------------------------------
                                                                            
Cost of operations                                                          
  Production costs                                     95,653       114,614 
  Depletion and depreciation                  7        13,512        20,451 
  Impairment                           7(e), 16        88,278        46,327 
  Loss on disposal of property, plant                                       
    and equipment                                         584             - 
----------------------------------------------------------------------------
                                                      198,027       181,392 
----------------------------------------------------------------------------
Mine operating loss                                  (114,932)      (68,189)
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  General and administrative                7(d)        9,133        11,847 
  Share-based payments                   8(e)(f)        2,374         8,325 
----------------------------------------------------------------------------
                                                       11,507        20,172 
----------------------------------------------------------------------------
                                                                            
Operating loss                                       (126,439)      (88,361)
Other income (expense)                                                      
  Interest income                                       3,407         5,529 
  Finance costs                               9        (5,619)       (1,549)
  Foreign exchange gain (loss)                            741        (2,551)
----------------------------------------------------------------------------
                                                                            
Loss before income taxes                             (127,910)      (86,932)
Income tax recovery (expense)                10        13,968           (56)
----------------------------------------------------------------------------
Net loss for the year                             $  (113,942)  $   (86,988)
----------------------------------------------------------------------------
                                                                            
Attributable to                                                             
  Non-controlling interest                   11   $   (12,989)  $   (10,443)
  Equity shareholders of the Company                 (100,953)      (76,545)
----------------------------------------------------------------------------
Net loss for the year                             $  (113,942)  $   (86,988)
----------------------------------------------------------------------------
                                                                            
Loss per share                                                              
  Basic                                      12   $     (0.11)  $     (0.08)
  Diluted                                    12   $     (0.11)  $     (0.08)
----------------------------------------------------------------------------
                                                                            
Weighted average number of common shares outstanding in                     
 thousands                                                                  
  Basic                                      12       927,525       908,199 
  Diluted                                    12       927,525       908,199 
----------------------------------------------------------------------------
                                                                            
Approved and authorized for issue by the Board on March 12, 2013.           
                                                                            
David Cohen, Director                              Robert Gayton, Director  
                                                                            
                                                                            
Eastern Platinum Limited                                                    
Consolidated statements of comprehensive loss                               
(Expressed in thousands of U.S. dollars)                                    
                                                                            
----------------------------------------------------------------------------
                                                  Year ended     Year ended 
                                                December 31,   December 31, 
                                                        2012           2011 
----------------------------------------------------------------------------
Net loss for the year                          $    (113,942) $     (86,988)
Other comprehensive loss                                                    
  Exchange differences on translating foreign                               
   operations                                        (25,289)      (120,935)
  Exchange differences on translating non-                                  
   controlling interest                                  778           (268)
----------------------------------------------------------------------------
Comprehensive loss for the year                $    (138,453) $    (208,191)
----------------------------------------------------------------------------
                                                                            
Attributable to                                                             
  Non-controlling interest                           (12,211)       (10,711)
  Equity shareholders of the Company                (126,242)      (197,480)
----------------------------------------------------------------------------
Comprehensive loss for the year                $    (138,453) $    (208,191)
----------------------------------------------------------------------------
                                                                            
                                                                            
Eastern Platinum Limited                                                    
Consolidated statements of financial position as at                         
December 31, 2012 and 2011                                                  
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                                December 31,   December 31, 
                                         Note           2012           2011 
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                13  $      70,699  $     151,838 
  Short-term investments                              60,226         98,963 
  Trade and other receivables              14         15,556         23,580 
  Inventories                              15          4,746          7,989 
----------------------------------------------------------------------------
                                                     151,227        282,370 
                                                                            
Non-current assets                                                          
  Property, plant and equipment             7        577,031        615,439 
  Refining contract                        16          7,270          9,009 
  Other assets                             17          9,062          7,995 
----------------------------------------------------------------------------
                                               $     744,590  $     914,813 
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current liabilities                                                         
  Trade and other payables                 18  $      17,879  $      40,459 
  Finance leases                           19              -          1,675 
----------------------------------------------------------------------------
                                                      17,879         42,134 
                                                                            
Non-current liabilities                                                     
  Provision for environmental                                               
   rehabilitation                          20         12,066          8,390 
  Deferred tax liabilities                 10         19,977         33,520 
----------------------------------------------------------------------------
                                                      49,922         84,044 
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
  Issued capital                            8      1,230,358      1,230,358 
  Treasury shares                      8(c)(f)          (204)          (334)
  Equity-settled employee benefits                                          
   reserve                                            43,785         41,563 
  Foreign currency translation reserve              (128,768)      (103,479)
  Deficit                                           (434,809)      (333,856)
----------------------------------------------------------------------------
  Capital and reserves attributable to                                      
    equity shareholders of the Company               710,362        834,252 
  Non-controlling interest                 11        (15,694)        (3,483)
----------------------------------------------------------------------------
                                                     694,668        830,769 
----------------------------------------------------------------------------
                                               $     744,590  $     914,813 
----------------------------------------------------------------------------
                                                                            
                                                                            
Eastern Platinum Limited                                                    
Consolidated statements of cash                                             
 flows                                                                      
(Expressed in thousands of U.S.                                             
 dollars)                                                                   
                                                                            
                                                  Year ended     Year ended 
                                                December 31,   December 31, 
                                         Note           2012           2011 
----------------------------------------------------------------------------
                                                                            
Operating activities                                                        
Loss before income taxes                       $    (127,910) $     (86,932)
Adjustments to net loss for non-cash                                        
 items                                                                      
  Depletion and depreciation                7         13,775         21,170 
  Impairment                         7(e), 16         88,278         46,327 
  Loss on disposal of property,                                             
   plant and                                                                
    equipment                                            584             67 
  Refining contract amortization           16          1,350          1,530 
  Environmental expense                                    -            409 
  Share-based payments                 8(e)(f)         2,374          8,325 
  Interest income                                     (3,407)        (5,529)
  Finance costs                             9          5,619          1,549 
  Foreign exchange (gain) loss                          (741)         2,551 
  Allowance for bad debts                14(b)            89            528 
Net changes in non-cash working                                             
 capital items                                                              
  Trade and other receivables                          6,829          4,147 
  Inventories                                          2,830           (828)
  Trade and other payables                           (10,111)         3,299 
----------------------------------------------------------------------------
Cash used in operations                              (20,441)        (3,387)
Adjustments to net loss for cash                                            
 items                                                                      
  Interest income received                             3,726          4,917 
  Finance costs paid                                  (4,692)          (243)
  Taxes received                                         906            126 
  Taxes paid                                            (363)             - 
----------------------------------------------------------------------------
Net operating cash flows                             (20,864)         1,413 
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Net maturity of short-term                                                
   investments                                        40,835        137,999 
  Purchase of other assets                            (1,504)        (5,387)
  Property, plant and equipment                                             
   expenditures                                      (92,549)       (87,048)
  Disposal of property, plant and                                           
   equipment                                           1,845            232 
  Acquisition related dividend                                              
   refund received                                         -            228 
----------------------------------------------------------------------------
Net investing cash flows                             (51,373)        46,024 
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Acquisition of Lion's Head                         (10,000)             - 
  Payment of finance leases                           (1,554)        (1,205)
----------------------------------------------------------------------------
Net financing cash flows                             (11,554)        (1,205)
----------------------------------------------------------------------------
                                                                            
Effect of exchange rate changes on                                          
 cash and cash equivalents                             2,652         (2,240)
----------------------------------------------------------------------------
                                                                            
(Decrease) increase in cash and cash                                        
 equivalents                                         (81,139)        43,992 
Cash and cash equivalents, beginning                                        
 of year                                             151,838        107,846 
----------------------------------------------------------------------------
Cash and cash equivalents, end of                                           
 year                                          $      70,699  $     151,838 
----------------------------------------------------------------------------

 
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. 
Contacts:
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: Canaccord Genuity Limited, London
Andrew Chubb
+44 (0) 207 7523 8000 
NOMAD: Canaccord Genuity Limited, London
Ross Allister
+44 (0) 207 7523 8000 
JSE SPONSOR: PSG Capital (Pty) Limited
Johan Fourie
+27 21 887 9602
johanf@psgcapital.com