EASTPLATS SIGNS MANDATE LETTER FOR US$100 MILLION CORPORATE DEBT FACILITY Mr. Ian Rozier, President and CE O of Eastern Platinum Limited (“Eastplats” or the “Company”)

October 28, 2010 Trading Symbol: ELR (TSX & AIM) EPS (JSE)

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NEWS RELEASE

EASTPLATS SIGNS MANDATE LETTER FOR US$100 MILLION CORPORATE DEBT FACILITY

Mr. Ian Rozier, President and CEO of Eastern Platinum Limited (“Eastplats” or the “Company”) is pleased to announce the signing of a mandate letter with two financial institutions to arrange and underwrite a US$100 million corporate debt facility for the Eastplats group. The mandated lead arrangers are UniCredit Bank AG, London Branch and The Standard Bank of South Africa Limited (together the “MLAs”).

The mandate letter has been signed on the basis of a term sheet which has been agreed between the Company and the MLAs, each of which has satisfied their initial internal credit approval processes to proceed with the financing. The term sheet sets out detailed terms and conditions of the debt financing which include:

• Underwritten by MLAs on a 50/50 basis and not subject to syndication
• Scheduled tenor of 6 years with an 18 month grace period
• Separate term loan and revolving loan facilities
• Initial interest rate of US LIBOR + 3.85% rising to US LIBOR + 4.15% for the last three years of the loan. US one-month LIBOR currently sits at approximately 0.26%.
• No hedging

The MLAs’ commitments to arrange and underwrite the debt facilities are subject to final due diligence, execution of acceptable documentation and obtaining final internal credit approvals.

“This is an important step in the development of Eastplats. These funds will enable us to commence our Phase 1 growth plan for our Eastern Limb projects that will double our PGM production from our 2009 levels by the end of 2012. We are delighted to be working with UniCredit and Standard Bank, with their extensive experience and credentials in global mining finance.” said Ian Rozier.

Canaccord Genuity Limited, London introduced and advised on the facility.

Total shares issued and outstanding: 683,179,000

For further information contact:

Investor Relations Website: www.eastplats.com Email: [email protected] Tel: 1 (604) 685-6851, Fax: 1 (604) 685-6493

Financial Adviser Canaccord Genuity Limited, London Ryan Cohen Tel: 44 (0) 207 050 6500

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

Certain statements included herein constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements are based on certain assumptions by Eastplats and as such are not a guarantee of future performance. Such statements include those about the commencement of development of the Eastern Limb PGM projects, future production levels and the closing of debt facilities. Actual results could differ materially from those expressed or implied in such forward-looking statements due to factors such as general economic and market conditions, increased costs of production and a decline in metal prices. Eastplats is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.