ELR Eastern Plat

    FOR:  EASTERN PLATINUM LIMITED

TSX, AIM SYMBOL:  ELR

May 11, 2007

Eastplats Announces Completion of $201,250,081 Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 11, 2007) -

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

Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (the "Company") (TSX:ELR)(AIM:ELR) is pleased to
announce that the Company has completed its previously announced (News Releases dated March 21st and March
22nd, 2006) equity financing (the "Financing"). The Financing was led by Canaccord Capital Corporation and GMP
Securities L.P. and included UBS Securities Canada Inc, and Raymond James Ltd. The Financing was in respect of
the sale of 92,105,300 shares at a price of C$1.90 per share and the full over allotment option for the sale of
an additional 13,815,795 shares was exercised, resulting in aggregate gross proceeds to the Company of
$201,250,081.

The Company intends to use the net proceeds of the Financing for trial mining and infrastructure at its
Spitzkop Platinum Group Metals ("PGM") Project on the Eastern limb of the Bushveld Igneous Complex, smelter
upgrade evaluation and refurbishment at Barplats' Crocodile River Mine and for general working capital
purposes.

Application has been made for the new common shares to be admitted to trading on AIM and trading is expected to
commence on 15 May 2007. The new common shares will rank pari passu with the existing common share capital of
the Company.

"This financing provides the capital necessary for us to expand our interests in South Africa's PGM sector and
accelerate the growth of the Company. We appreciate the very strong support of our shareholders, new and old,
for this strategy." stated Ian Rozier, President and CEO of Eastplats.

Eastern Platinum Limited is a PGM producer engaged in the acquisition, development and mining of PGM properties
located in South Africa.

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.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Eastern Platinum Limited
Mr. Ian Rozier, M.Sc., P.Eng.
President & CEO
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com

OR

NOMAD: Canaccord Adams Limited, London
+44 20 7050 6752
Email: Robin.Birchall@canaccordadams.com or
Email: Clayton.Bush@canaccordadams.com

-0-

                                                                
Eastern Platinum Limited



                                                                

Eastern Plat (LSE:ELR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Eastern Plat (LSE:ELR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024