HispanicBusiness

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).

--  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.