Eastplats Reports Early Adoption of International Financial Reporting Standards for the Year Commencing January 1, 2009

Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats" or
the "Company") (TSX:ELR)(AIM:ELR)(JSE:EPS), is pleased to announce that on
February 9, 2009, the British Columbia and Ontario Securities Commissions
granted the Company exemptive relief to adopt International Financial Reporting
Standards ("IFRS") with an adoption date of January 1, 2009 and a transition
date of January 1, 2008. 


1. IFRS Conversion

Eastplats' comprehensive IFRS conversion plan addresses changes in accounting
policies, restatement of comparative periods, organization, internal controls
and any required changes to business processes. To facilitate this process and
ensure the full impact of the conversion is understood and managed reasonably,
Eastplats hired a Manager of Financial Reporting whose time has been largely
dedicated to the IFRS conversion project. The Canadian accounting staff has
attended several training courses on the adoption and implementation of IFRS and
the South African accounting staff is familiar with IFRS due to the local
adoption of IFRS in 2005. Through in-depth training and the reconciliation of
historical Canadian GAAP financial statements to IFRS, Eastplats believes that
its accounting personnel have obtained a thorough understanding of IFRS. 


Eastplats has reviewed its accounting system, its internal controls and its
disclosure control processes and believes they will not need significant
modification as a result of the conversion to IFRS.


2. Initial adoption of International Financial Reporting Standards

IFRS 1 "First-time Adoption of International Financial Reporting Standards" sets
forth guidance for the initial adoption of IFRS. Under IFRS 1, the standards are
applied retrospectively at the transitional balance sheet date with all
adjustments to assets and liabilities taken to retained earnings unless certain
exemptions are applied. Eastplats will be applying the following exemptions to
its opening balance sheet dated January 1, 2008:


(a) Business Combinations

IFRS 1 indicates that a first-time adopter may elect not to apply IFRS 3
Business Combinations retrospectively to business combinations that occurred
before the date of transition to IFRS. Eastplats will take advantage of this
election and will apply IFRS 3 to business combinations that occurred on or
after January 1, 2008.


(b) Cumulative translation differences

IFRS 1 allows a first-time adopter to not comply with the requirements of IAS 21
The Effects of Changes in Foreign Exchange Rates for cumulative translation
differences that existed at the date of transition to IFRS. Eastplats has chosen
to apply this election and will deem its cumulative translation differences for
all foreign operations to be zero at the date of transition to IFRS. If,
subsequent to adoption, a foreign operation is disposed of, the translation
differences that arose before the date of transition to IFRS shall be excluded
from the gain or loss on disposal.


(c) Share-based payment transactions

IFRS 1 encourages, but does not require, first-time adopters to apply IFRS 2
Share-based Payment to equity instruments that were granted on or before
November 7, 2002, or equity instruments that were granted subsequent to November
7, 2002 and vested before the later of the date of transition to IFRS and
January 1, 2005. Eastplats has applied the election to apply IFRS 2
prospectively to equity instruments vested prior to January 1, 2008.


(d) IAS 27 - Consolidated and Separate Financial Statements 

In accordance with IFRS 1, if a company elects to apply IFRS 3 Business
Combinations retrospectively, IAS 27 Consolidated and Separate Financial
Statements must also be applied retrospectively. As Eastplats elected to apply
IFRS 3 prospectively, the Company has also elected to apply IAS 27
prospectively.


IFRS 1 also outlines specific guidelines that a first-time adopter must adhere
to under certain circumstances. Eastplats will be applying the following
guidelines to its opening balance sheet dated January 1, 2008:


(a) Assets and liabilities of subsidiaries, associates and joint ventures

In accordance with IFRS 1, if a parent company adopts IFRS subsequent to its
subsidiary, associate or joint venture adopting IFRS, the assets and the
liabilities of the subsidiary, associate or joint venture are to be included in
the consolidated financial statements at the same carrying amounts as in the
financial statements of the subsidiary, associate or joint venture. Eastplats
will apply this election.


(b) Estimates

In accordance with IFRS 1, an entity's estimates under IFRS at the date of
transition to IFRS must be consistent with estimates made for the same date
under previous GAAP, unless there is objective evidence that those estimates
were in error. Eastplats' IFRS estimates as of January 1, 2008 will be
consistent with its Canadian GAAP estimates for the same date unless evidence is
obtained that indicates that the estimates were in error.


3. Impact of IFRS

IFRS employs a conceptual framework that is similar to Canadian GAAP. However,
significant differences exist in certain matters of recognition, measurement and
disclosure. While adoption of IFRS will not change Eastplats' actual cash flows,
it will result in changes to Eastplats' reported financial position and results
of operations. In order to allow the users of the financial statements to better
understand these changes, the following qualitative explanation of the
differences between Canadian GAAP and IFRS was completed for Eastplats' net
earnings, assets, liabilities, and shareholders equity for the nine month period
ended September 30, 2008.


(a) Revenue and interest income

Eastplats settles its metal sales three to five months following the physical
delivery of the concentrates. 


Canadian GAAP - All sales revenue is recorded as trade revenue with 100% of the
receivable recognized on the date of sale. Sales that have not settled by period
end are adjusted to the period end market price.


IFRS - The future revenue expected to be received must be present valued. The
difference between the present value and the future value is recognized as
interest revenue over the term of settlement. The remainder of revenue is
recorded as trade revenue. Sales that have not settled by period end are
adjusted to the market price at the period end market price unless a lower price
is expected in which case the lower prices are applied. 


(b) Cost of sales

As discussed below, property, plant and equipment has a different value in
accordance with IFRS than in accordance with Canadian GAAP. This results in a
different value for amortization expense, and a corresponding change in cost of
sales.


(c) Impairment reversals and other income

Canadian GAAP - Impairment losses cannot be reversed. 

IFRS - Impairment losses can be reversed. Eastplats' South African subsidiaries'
financial statements have been prepared in accordance with IFRS since 2005 and
have recognized impairment loss reversals between 2005 and 2008. In accordance
with IFRS 1, the Company measured its subsidiaries' assets and liabilities at
their IFRS values which included the impairment loss reversals.


(d) Stock based compensation

Canadian GAAP 

(i) The fair value of stock-based awards with graded vesting are calculated as
one grant and the resulting fair value is recognized on a straight-line basis
over the vesting period. 


(ii) Forfeitures of awards are recognized as they occur.

IFRS 

(i) Each tranche of an award with different vesting dates is considered a
separate grant for the calculation of fair value, and the resulting fair value
is amortized over the vesting period of the respective tranches. 


(ii) Forfeiture estimates are recognized in the period they are estimated, and
are revised for actual forfeitures in subsequent periods.


(e) Minority shareholder's interest

Minority shareholder's interest is calculated in the same manner in accordance
with Canadian GAAP and IFRS. However, minority shareholder's interest is
calculated based on profit after taxation and the adjustments discussed above
directly affect profit after taxation. This is expected to result in an
adjustment to minority shareholder's interest. 


(f) Income tax expense

Income tax expense is calculated in the same manner in accordance with Canadian
GAAP and IFRS. However, income tax expense is calculated based on profit or loss
and the adjustments discussed above directly affect profit or loss. This is
expected to result in an adjustment to income tax expense. 


(g) Trade and other receivables

Please refer to the revenue discussion in point (a) above.

(h) Intangible assets

Canadian GAAP - Purchased mineral rights are recorded as property, plant and
equipment.


IFRS - Purchased mineral rights are recorded as intangible assets. This results
in a corresponding adjustment to property, plant and equipment and intangible
assets.


(i) Property, plant and equipment ("PPE") 

There are three adjustments made to PPE: reclassification as intangible assets,
reversal of impairment losses, and depreciation. The reclassification of mineral
properties from PPE to intangible assets has been discussed in point (h),
reversal of impairment losses has been discussed in point (c), and changes in
depreciation amounts have been discussed in point (b). Please refer to these
discussions for further information. 


(j) Future income tax asset/liability

Future income tax asset/liability is calculated in the same manner in accordance
with Canadian GAAP and IFRS. However, the balances (e.g. PPE) used to calculate
the future income tax asset or liability differ under Canadian GAAP and IFRS.
This is expected to result in an adjustment to the future income tax asset or
liability.


(k) Accounts payable, accrued liabilities and provisions

Canadian GAAP - Accounts payable, accrued liabilities and provisions are
disclosed on the balance sheet as a single line item.


IFRS - A provision is a liability of uncertain timing or amount. Provisions are
disclosed separately from liabilities and accrued liabilities and require
additional disclosure.


(l) Asset retirement obligation ("ARO") 

Canadian GAAP - When the ARO is revalued, any difference between the current and
previous ARO is recorded against the asset.


IFRS - When the ARO is revalued, any difference between the current and previous
ARO is allocated between the environmental asset and the expense.


(m) Accumulated other comprehensive income or loss

Canadian GAAP - Four of Eastplats' subsidiaries are considered to be integrated
subsidiaries. The non-monetary assets and liabilities of these subsidiaries are
translated using historical rates. The difference resulting from the balance
sheet and income statement being translated at different rates is recorded
within "Foreign exchange gain or loss" on the income statement.


IFRS - All subsidiaries assets and liabilities are translated at the period end
spot rate. The difference resulting from the balance sheet and income statement
being translated at different rates is recorded within Cumulative Translation
Adjustment on the balance sheet. As well, the IFRS 1 exemption discussed in
point (ii) above will result in an adjustment to accumulated other comprehensive
income or loss.


(n) Accumulated profit or loss.

As discussed above, the transition to IFRS resulted in adjustments to net income
and retained earnings. These adjustments resulted in a corresponding adjustment
to accumulated profit or loss. 


Total shares issued and outstanding: 680,526,421

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. 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.