PLATINUM (Pl) PRODUCERS

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Eastern Platinum Reports Record Quarterly Revenue, Continued Increases in Production and Development At CRM, Current Cash Position in Excess of $250 Million

Monday May 14, 8:00 am ET

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 14, 2007) - Eastern Platinum Limited ("the Company") (TSX:ELR - News; AIM:ELR) is pleased to report record quarterly revenue of $35.5 million for the third quarter ended March 31, 2007 ("Q3-07") a 25% increase over the $28.4 million in the previous quarter from integrated operations at its direct and indirectly held interests in South Africa.

Highlights for the quarter are:

- Production and sales of 26,807 ounces of platinum group metals ("PGM"), up from 25,873 ounces produced in Q2-07, the previous quarter.

- Revenues of $35.5 million with operating costs of $22.4 million.

- Operating margin in the quarter was $373.63/oz PGM an increase over the $228.31/oz PGM in the previous quarter.

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

- At May 11th, 2007 the Company had a cash position (including temporary investments) in excess of $250 million.

Operational highlights at the Barplats Crocodile River Mine ("CRM"):

- The Company continues to be below the PGM market average on Lost Time Injury Frequency Rate (LTIFR) at 3.22 in the quarter and at 2.66 for the nine months ended March 31, 2007.

- Accelerated development continues at the Zandfontein section of the CRM.

- Continues to equip the existing 500m deep vertical shaft at the Zandfontein section of the CRM. The vertical shaft option is considered to be the most effective method to access the deeper portions of the Zandfontein Section. The shaft will be commissioned by March 2008 and will support a production level of 120,000 tonnes per month from this section.

"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.

Teleconference call details:

Eastern Platinum Limited will host a telephone conference call on Monday, May 14, 2007 at 1:30 p.m. Pacific Standard Time (4:30 p.m. Eastern) to discuss these results. The conference call may be accessed by dialing Toll-free 1-800-319-4610 from Canada and the United States, or 1-604-638-5340 internationally.

The conference call will be archived for later playback until May 21, 2007 and can be accessed by dialing 1-800-319-6413 using the pin code 3926 followed by the number sign.

Please go to www.eastplats.com to review our Management's Discussion and Analysis of Financial Conditions and Results of Operations. The full financial statements and management discussion has been filed on SEDAR at www.sedar.com and are available on the Company's website, www.eastplats.com. Eastern Platinum Limited trades on the TSX and AIM stock exchanges under the trading symbol ELR.

Results of Operations for the three and nine month periods ended March 31, 2007

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