Eastern Platinum Limited announces terms of Offering



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

    Trading Symbol: ELR

    VANCOUVER, March 22 /CNW/ - Eastern Platinum Limited (TSX: ELR, AIM: ELR)
(the "Company") announced today that it has entered into an underwriting
agreement with a syndicate of underwriters led by Canaccord Capital
Corporation and GMP Securities LP and including UBS Securities Canada Inc. and
Raymond James Ltd. to sell 92,105,300 common shares at a price of C$1.90 per
share to raise gross proceeds of C$175,000,070 pursuant to a short form
prospectus (the "Offering"). Purchasers outside of North America will be
permitted to pay for the shares in the Offering in British Pounds Sterling,
and for this purpose the equivalent price per share has been fixed at
(pnds stlg)0.84 per share. 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 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

    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 September 28, 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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