ELR Eastern Plat

RNS Number:5245T
Eastern Platinum Limited
22 March 2007





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


March 22, 2007                                              Trading Symbol: ELR

                                  NEWS RELEASE

              EASTERN PLATINUM LIMITED ANNOUNCES TERMS OF OFFERING

Vancouver, BC - March 22, 2007 - Eastern Platinum Limited (TSX: ELR, AIM: ELR)
(the "Company") announced today that it has entered into an underwriting
agreement with a syndicate of underwriters led by Canaccord Capital Corporation
and GMP Securities LP and including UBS Securities Canada Inc. and Raymond James
Ltd. to sell 92,105,300 common shares at a price of C$1.90 per share to raise
gross proceeds of C$175,000,070 pursuant to a short form prospectus (the
"Offering"). Purchasers outside of North America will be permitted to pay for
the shares in the Offering in British Pounds Sterling, and for this purpose the
equivalent price per share has been fixed at #0.84 per share. 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 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

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 September 28, 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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