ELR Eastern Plat

    FOR:  EASTERN PLATINUM LIMITED

TSX, AIM SYMBOL:  ELR

May 14, 2007

Eastern Platinum Limited Reports Quarterly Results

LONDON, ENGLAND--(CCNMatthews - May 14, 2007) - Eastern Platinum Limited (the "Company" or
"Eastplats") (TSX:ELR)(AIM:ELR) announces the financial results for the nine month period ended March
31, 2007 ("Q3 - 2007") (all amounts reported in $CDN).

Overview

Eastplats is a platinum group metal ("PGM") producer engaged in the acquisition, development and
mining of PGM properties located in South Africa. All of the Company's properties are situated on the
western and eastern limbs of the Bushveld Igneous Complex ("BIC") the geological environment that
supports over 70% of the world's PGM supply.

The Company's Nominated Adviser and Broker ("NOMAD") is Canaccord Adams Limited, London.

- The Company's working capital position was approximately $60.7 million as at March 31, 2007 (June
30, 2006 - $105.6 million).

- The Company had Adjusted Net Income of $8.9 million with a reported net loss of $(11.2 million) as a
result of accounting for stock based compensation in the period of $14.2 million and from the foreign
exchange loss for the quarter of $1.6 million.

- Revenues of $35.5 million (a 25% increase over previous quarter of $28.4 million) with operating
costs of $22.4 million (an 18% increase over previous quarter of $18.9 million).

- Operating margin in the quarter was $373.63/oz PGM (a 64% increase over previous quarter of
$228.31/oz PGM).

Significant Transactions

- On March 6, 2007 the Company reached an agreement to acquire 42.39% of the shares and the assumption
of outstanding lender obligations of Gubevu Consortium Investment Holdings (Proprietary) Limited
("Gubevu"), which holds approximately 26% of the shares of Barplats. The agreement calls for payments
to be made over a period of not more than five years, based upon defined conditions.

- March 9, 2007 Standard and Poor's Canadian index operations announced that as a result of the
quarterly S&P/TSX Composite Index review, the Company was added to the S&P/TSX Composite Index
effective March 19, 2007.

- On March 20, 2007, the Company completed a Purchase Sale Agreement with Rhodium Reef Royalties
purchasing the 1% net smelter royalty on all platinum group metals recovered from the Spitzkop PGM
project.

- On May 11, 2007, the Company completed on an underwriting agreement with a syndicate of
underwriters. The financing was in respect to the sell 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.

- On May 9, 2007 the High Court of South Africa sanctioned Barplats' application for a scheme of
arrangement which was the offer made by the Company on March 1, 2007 to the Barplats minority
shareholders, representing approximately 5% of the outstanding Barplats shares which increases the
Company's direct and indirect interest in Barplats to 74%.

Ian Rozier, the Company's President and CEO, commented:

"The results reported this quarter reflect the excellent progress being made on all fronts,
particularly at CRM where the development of reserves is building a strong foundation for the mine's
continued success," stated President and CEO, Ian Rozier.

"Progress at CRM, our increased interest in Barplats to 74%, excellent assay results from Spitzkop,
our approved JSE listing, and the strong fundamentals of the PGM sector, are all extremely positive
for the outlook of the Company's future prospects," he stated.

Financial Highlights

Please refer to the attached unaudited interim consolidated financial statements and Management's
Discussion and Analysis for the nine months ended March 31, 2007 as well as the Company's annual
consolidated financial statements and accompanying Management Discussion and Analysis for the years
ended June 30, 2006 and 2005 which are available on SEDAR at www.sedar.com and on the Company's
website www.eastplats.com.

About the Company

Eastern Platinum Limited is a platinum group metal ("PGM") producer engaged in the acquisition,
exploration, development and mining of PGM properties in South Africa.

The Company's strategy is to provide its stakeholders with superior returns from assets being
developed and mined within the PGM mining sector. The Company has not hedged or sold forward any of
its future PGM production. The Company continues its process of optimizing orebody development through
traditional cost effective mining methods that place a premium on a safe work environment.

The Company's assets are comprised of direct and indirect investments and interests in Barplats
Investments Limited ("Barplats") whose properties are the Crocodile River Mine ("CRM") and the
Kennedy's Vale Project), Mareesburg Platinum JV ("Mareesburg") and Spitzkop PGM Project ("Spitzkop").

The Company's shares are listed on the TSX (Toronto Stock Exchange) and on the AIM (Alternative
Investment Market) of the London Stock Exchange.

To view Q3 financials please click on the following link: http://www.ccnmatthews.com/docs/ELRfs.pdf

To view Q3 MD&A please click on the following link: http://www.ccnmatthews.com/docs/ELRmda.pdf


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Eastern Platinum Limited
Ian Rozier
President & C.E.O.
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com

OR

NOMAD - Canaccord Adams Limited
Robin Birchall
+44 20 7050 6752
Email: Robin.Birchall@CanaccordAdams.com

OR

NOMAD - Canaccord Adams Limited
Clayton Bush
+44 20 7050 6752
Email: Clayton.Bush@CanaccordAdams.com

No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.

                                                                
Eastern Platinum Limited



                                                                

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