It's more than likely the fact that the card (and the 4x series) is only up to DX10.1 compatible. Yes, it's an experimental DX11 which you can supposedly use some DX10 features, it's still a lacklustre card.
Your CPU and GPU lack a bit of oomph, so upgrading either or both would vastly improve your fps (or lowering detail such as MSAA to x1 and texture filtering to Bilinear, with most of your settings on low/fair.
Ignoring your components, I'd assume that the main problem is with the trees in the area. Before I upgraded my GPU I noticed a problem with trees (dragonblight mainly). My FPS would just crash to the floor.
A clean installation of drivers seemed to resolve it while i still had my 4870, (that's fully uninstalling the drivers, using
driver sweeper afterwards and then reinstalling the new ones, with boots in between as necessary).