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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2010) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR)(JSE:EPS) is pleased to report financial results for the three months ended March 31, 2010. All monetary amounts are stated in U.S. dollars unless otherwise indicated.

Summary of results for the quarter ended March 31, 2010 ("Q1 2010")

• Eastplats recorded a net profit attributable to equity shareholders of the Company of $824,000 ($0.00 per share) compared to $3,164,000 ($0.00 per share) in the first quarter of 2009 ("Q1 2009").
• EBITDA was $8,996,000 compared to $7,018,000 in Q1 2009.
• Production at Crocodile River Mine ("CRM") was 30,531 PGM ounces, a decrease of 7% compared to 32,969 PGM ounces in Q1 2009, due to a much slower than anticipated start-up following the December holiday season. PGM production in Q1 2009 benefitted from the processing of approximately 25,000 tonnes of ore which had been stockpiled at the end of 2008. No such stockpile was built in Q3 and Q4 of 2009 as a result of the industrial action at CRM in July 2009.
• The average delivered basket price per PGM ounce was $959, an increase of 63% compared to $590 in Q1 2009.
• The Rand average delivered basket price per PGM ounce was R7,202, an increase of 23% compared to R5,865 in Q1 2009.
• Rand operating cash costs net of by-product credits were R5,336 per ounce, an increase of 38% compared to R3,857 per ounce in Q1 2009. Rand operating cash costs were R6,315 per ounce, an increase of 19% compared to R5,326 per ounce in Q1 2009.
• U.S. dollar operating cash costs net of by-product credits were $711 per ounce, an 83% increase from $388 per ounce achieved in Q1 2009. Operating cash costs were $841 per ounce, an increase of 57% compared to the $536 per ounce in Q1 2009.
• Concentrator head grade increased to 4.1 grams per tonne in Q1 2010 from 4.0 grams per tonne in Q1 2009.
• Average concentrator recovery decreased to 78% from 80% in Q1 2009.

• Development meters decreased by 39% to 2,812 meters and on-reef development decreased by 30% to 1,931 meters compared to Q1 2009.

• Stoping units increased by 15% to 51,760 square meters compared to 45,098 square metres in Q1 2009.

• Run-of-mine rock ore hoisted decreased by 5% to 304,309 tonnes in Q1 2010 compared to 321,165 tonnes in Q1 2009.

• Run-of-mine ore processed decreased by 9% to 290,854 tonnes in Q1 2010 compared to 318,394 tonnes in Q1 2009.
• The Company's Lost Time Injury Frequency Rate (LTIFR) was 1.77 in Q1 2010 down from 1.83 in Q1 2009.

• Underground development commenced at Crocette on April 4, 2010.

• At March 31, 2010, the Company had a cash position (including cash, cash equivalents and short term investments) of $17,293,000 (December 31, 2009 – $21,658,000).

"The slow start to 2010 affected all aspects of our operations. However, our mining rates have since picked up to normal levels and this together with PGM prices trending higher, should put us on track for a more profitable second quarter," said Ian Rozier.

The qualified person having reviewed the operating disclosures presented in this press release is Mr. Brian Montpellier, V.P. Project Development, P. Eng.

Financial Information

For complete details of financial results, please refer to the unaudited condensed consolidated financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2010. These financial statements and MD&A, and the comparative financial statements for the three months ended March 31, 2009 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 Wednesday, May 12, 2010 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 Wednesday, May 19, 2010 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 – 682,896,237

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. 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, fluctuations in the currency markets such as Canadian dollar, South African Rand and U.S. dollar, fluctuations in the prices of PGM and other commodities, 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 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.

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