Eastern Platinum Limited Cancels Private Placement

1080 - 1188 West Georgia St. Vancouver, BC Canada V6E 4A2

December 14, 2016 Trading Symbol: ELR (TSX); EPS (JSE)

NEWS RELEASE

EASTERN PLATINUM LIMITED CANCELS PRIVATE PLACEMENT

December 14, 2016, Vancouver, British Columbia - Eastern Platinum Limited (the “Company”) announces that it will not be proceeding with the non-brokered private placement of approximately 18,435,360 common shares of the Company previously announced on October 27, 2016. The Company and the placee have mutually agreed to terminate the proposed investment, without cost or penalty to either, as they were unable to reach agreement on the final terms and conditions sought by the Company. As a result of the termination of the placement, the Company will have no obligation to pay the finders’ fee that had been contemplated as part of the proposed investment.

For further information, please contact:

EASTERN PLATINUM LIMITED Diana Hu, President and Chief Executive Officer [email protected] (email)

(604) 800-8200 (phone)

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

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES