Eastern Platinum Limited announces equity financing



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    Trading Symbol: ELR

    VANCOUVER, March 21 /CNW/ - Eastern Platinum Limited (TSX: ELR, AIM: ELR)
(the "Company") announced today that it has filed a preliminary short form
prospectus in connection with an overnight-marketed public offering (the
"Offering") of common shares. The Offering will be conducted through a
syndicate of underwriters led by Canaccord Capital Corporation and GMP
Securities LP. The Company has granted the underwriters an over-allotment
option to purchase that number of additional common shares equal to up to 15%
of the common shares sold pursuant to the Offering, exercisable at any time up
to 30 days from the closing of the Offering. The Offering is subject to
certain conditions, including regulatory approval.
    The Offering will be priced in the context of the market with final terms
of the Offering to be determined at the time of pricing. The Company intends
to use the net proceeds of the Offering to enable the Company to accelerate
the development of its Spitzkop Platinum Group Metals ("PGM") Project on the
Eastern limb of the Bushveld Igneous Complex ("BIC"), for the investigation
and potential refurbishment of the smelter that exists at Barplats' Crocodile
River Mine, for the potential corporate acquisition of accretive assets, and
for general working capital purposes.
    The Offering is expected to close on or about April 12, 2007.
    Trading in the Company's shares will be temporarily suspended on the AIM
market of the London Stock Exchange pending finalization of the terms of the
proposed Offering.

    Eastern Platinum Limited is a PGM producer engaged in the acquisition,
development and mining of PGM properties located in various provinces in South
Africa. All of the Company's properties are situated on the western and
eastern limbs of the BIC, the geological environment that supports over 70% of
the world's PGM supply.

    Certain statements contained in this news release constitute
forward-looking statements. Such forward-looking statements involve a number
of known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company's plans to
differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date the statements were made, and readers are advised to
consider such forward-looking statements in light of the risks set forth in
the Company's Annual Information Form dated April 24, 2006, a copy of which is
available at www.sedar.com.

    This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities in the United States. The
securities have not been registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
exemption from the registration requirements of the U.S. Securities Act of
1933.





For further information:

For further information: Mr. Ian Rozier, M.Sc., P.Eng., President & CEO,
Website: www.eastplats.com, Email: info@eastplats.com, No.408 - 837 West
Hastings Street, Vancouver, BC, Canada, V6C 3N6, Tel: (604) 685-6851, Fax:
(604) 685-6493; OR NOMAD: Canaccord Adams Limited, London, Email:
Robin.Birchall@canaccordadams.com

Organization Profile

EASTERN PLATINUM LIMITED

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