ELR Eastern Plat

RNS Number:4759T
Eastern Platinum Limited
22 March 2007


            NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
                   OR FOR DISSEMINATION IN THE UNITED STATES


March 21, 2007                                              Trading Symbol: ELR

                                  NEWS RELEASE

              EASTERN PLATINUM LIMITED ANNOUNCES EQUITY FINANCING

Vancouver, BC - March 21, 2007 - Eastern Platinum Limited (TSX: ELR, AIM: ELR)
(the "Company") announced today that it has filed a preliminary short form
prospectus in connection with an overnight-marketed public offering (the
"Offering") of common shares. The Offering will be conducted through a syndicate
of underwriters led by Canaccord Capital Corporation and GMP Securities LP. The
Company has granted the underwriters an over-allotment option to purchase that
number of additional common shares equal to up to 15% of the common shares sold
pursuant to the Offering, exercisable at any time up to 30 days from the closing
of the Offering. The Offering is subject to certain conditions, including
regulatory approval.

The Offering will be priced in the context of the market with final terms of the
Offering to be determined at the time of pricing. The Company intends to use the
net proceeds of the Offering to enable the Company to accelerate the development
of its Spitzkop Platinum Group Metals ("PGM") Project on the Eastern limb of the
Bushveld Igneous Complex ("BIC"), for the investigation and potential
refurbishment of the smelter that exists at Barplats' Crocodile River Mine, for
the potential corporate acquisition of accretive assets, and for general working
capital purposes.

The Offering is expected to close on or about April 12, 2007.

Trading in the Company's shares will be temporarily suspended on the AIM market
of the London Stock Exchange pending finalization of the terms of the proposed
Offering.

Eastern Platinum Limited is a PGM producer engaged in the acquisition,
development and mining of PGM properties located in various provinces in South
Africa. All of the Company's properties are situated on the western and eastern
limbs of the BIC, the geological environment that supports over 70% of the
world's PGM supply.

For further information, please contact:

Mr. Ian Rozier, M.Sc., P.Eng., President & CEO
Website: www.eastplats.com
Email: info@eastplats.com
#408 - 837 West Hastings Street
Vancouver, BC, Canada, V6C 3N6
Tel: 604-685-6851 Fax: 604-685-6493

OR

NOMAD: Canaccord Adams Limited, London
Email: Robin.Birchall@canaccordadams.com

Certain statements contained in this news release constitute forward-looking
statements. Such forward-looking statements involve a number of known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company's plans to differ materially
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
the statements were made, and readers are advised to consider such
forward-looking statements in light of the risks set forth in the Company's
Annual Information Form dated April 24, 2006, a copy of which is available at
www.sedar.com.

This press release shall not constitute an offer to sell or a solicitation of an
offer to buy any securities in the United States. The securities have not been
registered under the U.S. Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an exemption from the registration
requirements of the U.S. Securities Act of 1933.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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