Eastplats provides bi-weekly default status report

VANCOUVER, April 13, 2017

Trading Symbol: ELR (TSX); EPS (JSE)

VANCOUVER, April 13, 2017 /CNW/ - Eastern Platinum Limited ("Eastplats" or the "Company") is providing this bi-weekly default status report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").  On April 5, 2017, the Company announced that it was unable to file its audited annual financial statements by the prescribed deadline because the Company's Auditor had advised that it would not be able to deliver its audit report until the previously disclosed investigation into certain transactions entered into by former management of the Company was further advanced. The annual audited financial statements for the fiscal year ended December 31, 2016 and the related management's discussion and analysis and Annual Information Form (collectively, the "2016 Annual Financial Statements") were not filed by the March 31, 2017 deadline.

On April 4, 2017, the British Columbia Securities Commission, as principal regulator, granted a temporary management cease trade order (the "MCTO") to the Company.  The Company's Auditor is presently completing its 2016 audit work, which will include a review of any new information obtained from an expansion of the Company's previously disclosed investigation into certain transactions entered into by former management of the Company.  The Company intends to file the 2016 Annual Financial Statements once the Company's Auditor has completed its 2016 audit work. 

Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO.  The Company reports that since its news release of April 5, 2017, there have been no material changes regarding the information contained in that news release.  The Company confirms there have been no failures by it in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203, and there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the Company's news release of April 5, 2017.

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 and actions 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", "could", "expects", "anticipates" and similar expressions.