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

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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 LimitedConsolidated 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, DirectorEastern Platinum LimitedConsolidated 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 LimitedConsolidated statements of financial position as atDecember 31, 2012 and 2011(Expressed in thousands of U.S. dollars) December 31, December 31, Note 2012 2011----------------------------------------------------------------------------AssetsCurrent 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---------------------------------------------------------------------------- 151,227 282,370Non-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----------------------------------------------------------------------------LiabilitiesCurrent liabilities Trade and other payables 18 $ 17,879 $ 40,459 Finance leases 19 - 1,675---------------------------------------------------------------------------- 17,879 42,134Non-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 LimitedConsolidated statements of cash flows(Expressed in thousands of U.S. dollars) Year ended Year ended December 31, December 31, Note 2012 2011----------------------------------------------------------------------------Operating activitiesLoss 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 528Net 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) 43,992Cash 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



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