EASTERN PLATINUM LIMITED ANNOUNCES C$300 MILLION EQUITY FINANCING

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

Trading Symbol: ELR (TSX & AIM) EPS (JSE)

VANCOUVER, Nov. 22 /CNW/ - Eastern Platinum Limited (TSX: ELR, AIM: ELR, JSE: EPS) (the "Company") announced today that it has filed a preliminary short form prospectus in connection with an overnight-marketed public offering of common shares to raise approximately C$300 million (the "Offering").  The Offering will be conducted through a syndicate of underwriters led by Canaccord Genuity Corp. and UBS Securities Canada Inc.  The Company is proposing to grant to 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 after 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 fund Phase 1 of the Eastern Limb development plan as well as for general working capital purposes.

The Offering is expected to close on or about December 8, 2010.

Trading in the Company's shares will be temporarily suspended on both the AIM market of the London Stock Exchange and on the Johannesburg Stock Exchange on Tuesday, November 23, 2010 at 7.30 am (GMT) pending finalization of the terms of the proposed Offering.

Eastern Platinum Limited is a platinum group metals 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 Bushveld Complex, the geological environment that supports over 70% of the world's PGM supply.

Total shares issued and outstanding - 683,191,898

Certain statements contained in this news release constitute forward-looking statements including the granting of an over-allotment option and the proposed closing date of the financing. 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 including market conditions.  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 March 31, 2010, 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:

Ian Rozier, President & C.E.O.
[phone] (tel)
[phone] (fax)
[email protected]
www.eastplats.com

NOMAD:
Ryan Gaffney / Ryan Cohen
Canaccord Genuity Limited, London
Email: [email protected] / [email protected]
[phone]

JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email:  [email protected]
Tel: [phone]