VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 27, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Eastern Platinum Limited (the "Company") (TSX:ELR)(JSE:EPS) announces that it intends to complete a private placement financing (the "Offering") of approximately 18,435,360 common shares of the Company at a price of $0.56 per common share for aggregate gross proceeds of approximately $10,323,801.60. The common shares to be issued under the Offering will represent approximately 19.9% of the issued and outstanding common shares of the Company prior to completion of the Offering.

The common shares issued under the Offering will be subject to a four month hold period. In connection with the Offering, a 5.0% finder's fee of the aggregate gross proceeds of the Offering in the amount of $516,190.08 will be payable in cash to an arm's length party, Tier Financial Leasing (China) Co., Ltd. The Offering is subject to the approval of the Toronto Stock Exchange. Closing is expected to occur on or about December 2, 2016.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "will", "could", "expects", "anticipates" and similar expressions.

In particular, this press release contains forward-looking statements pertaining to the amount of the proceeds of the Offering, the payment of the finder's fee and the anticipated closing date of the Offering. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information:

Eastern Platinum Limited
Diana Hu
President and Chief Executive Officer
(604) 800-8200
[email protected]