Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum
Group" or the "Company") announces that today the Department of
Mineral Resources of South Africa (the "DMR") has granted
Prospecting Rights and consent for prospecting to commence on the
Waterberg Extension Rights covering approximately 530 square
kilometers immediately adjacent and north of the newly discovered
17.5 million inferred ounce Waterberg Platinum and Palladium
deposit (167 Million tonnes grading 3.26 grams per tonne of
platinum, palladium and gold announced September 3, 2013 and
detailed below).
A total of 7 drills have been mobilized today to commence
drilling targeting the potential extension of the Bushveld Complex
and the Waterberg Platinum deposit by drilling holes spaced 1
kilometer or more apart over approximately 20 kilometers.
The Company holds an effective 87% interest in the Waterberg
Extension Prospecting Rights. The Extension Rights adjoin
immediately to the north of the Waterberg Joint Venture where the
Company holds an effective 49.9% interest with JOGMEC, the Japanese
State Company, and a private empowerment partner holding the
balance.
Recent detailed airborne gravity and magnetic surveys completed
by the Company over the known deposit and the Extension Permits
provide signatures that clearly correlate to the shallow edge of
the Waterberg deposit and provide obvious shallow targets along
strike from the current northern edge of the drilled off
deposit.
Background
A new portion of the Bushveld Complex was discovered in November
2011 off the north end of the known Complex by the Company and
their joint venture partners including JOGMEC. The initial deposit
contains new mineralized layers within the named the "T" and "F"
Zones that are shallow, tabular and cover 5.5 kilometres of strike
length. The deposit was not previously found as a result of a thin
layer of cover rock covering the deposit area.
The initial deposit is limited to the north by the joint venture
boundary. Through successful drilling of approximately 130,000
meters of core in 111 boreholes, the deposit has grown from
September 2012: 6.2M ozs (3E) inferred to February 2013: 10.1M ozs
(3E) inferred to September 2013: 17.52M ozs (3E) inferred. (See
details in the Sept 3, 2013 Press Release and reports at
www.sedar.com including risk factors and caution to all investors
on Inferred resources).
A preliminary economic assessment on the Waterberg Platinum
deposit is underway by Worley Parson TWP, an experienced South
African mine development and engineering firm, with the results
expected in December 2013. The shallowest edge of the Waterberg
deposit is at 130m deep.
In early 2012, the Company recognized the potential regional
significance of the new discovery and applied for a large area of
potential strike extension on its own, with its private South
African empowerment partner. In addition to the exploration
drilling to date at Waterberg, considerable academic work with the
assistance of the University of the Witwatersrand has been
completed and this work has confirmed the initial interpretation
that the Waterberg deposit is hosted in in a new part of the
Bushveld Complex in a new deposit setting, under shallow cover
rock.
Detailed airborne differential gravity and magnetic surveys
along with ground follow-up calibrated on the known Waterberg
deposit are being used to target the drilling on the Extension
Permits. Additional Prospecting Permits outside of the currently
targeted strike line are in process.
Technical Details
Inferred 2PGE+Au Resource Estimate, September 2, 2013
Prill Spilt and Base Metal Details - Ken Lomberg, Independent QP
-------------------------------------------------------------------------
Thickness 2PGE+Au
M TonnesMt Pt (g/t) Pd (g/t) Au (g/t) (g/t)
-------------------------------------------------------------------------
T1 2.30 8.50 1.04 1.55 0.47 3.06
-------------------------------------------------------------------------
T2 3.77 39.16 1.16 2.04 0.84 4.04
-------------------------------------------------------------------------
T Total 3.38 47.66 1.14 1.95 0.77 3.86
-------------------------------------------------------------------------
F Total 3.0 to 30.0 119.05 0.91 1.98 0.13 3.02
-------------------------------------------------------------------------
Total 166.71 0.98 1.97 0.32 3.26
-------------------------------------------------------------------------
--------------------------------------------------------------------
2PGE+Au
Pt:Pd:Au (koz) Cu (%) Ni (%) Cu (t) Ni (t)
--------------------------------------------------------------------
T1 34:51:15 842 0.17 0.10 14,500 8,400
--------------------------------------------------------------------
T2 29:50:21 5,107 0.18 0.10 69,400 37,600
--------------------------------------------------------------------
T Total 30:50:20 5,948 0.18 0.10 83,900 46,000
--------------------------------------------------------------------
F Total 30:65:5 11,575 0.07 0.17 78,800 202,200
--------------------------------------------------------------------
Total 30:60:10 17,523 0.10 0.15 162,700 248,200
--------------------------------------------------------------------
----------------------------------------------------------------------------
Note: The T1 and F layers are reported with a 2g/t 2PGE+Au cut-off
The T2 layer is reported based on the selection of a mining cut of a
minimum of 2m consistently across all deflections
----------------------------------------------------------------------------
Qualified Person, Quality Control and Assurance
The non-independent qualified person for this Press Release is
R. Michael Jones, P.Eng. He has relevant experience in precious
metals and PGM evaluations and has verified the data by reviewing
the detailed assay and geological information on the Waterberg
deposit and visiting the site and core yard many times since 2011
including in September 2013.
Base metals and other major elements were determined by multi
acid digestion with ICP finish and PGE's were determined by
conventional fire assay and ICP finish. Setpoint Laboratories is an
experienced ISO 17025 SANAS accredited laboratory in assaying and
have utilized a standard quality control system including the use
of standards.
Ken Lomberg is the independent qualified person for the resource
estimation on the Waterberg deposit and he has reviewed the
references to resources and ongoing work in this press release.
About Platinum Group Metals Ltd.
In addition to its exploration at Waterberg, Platinum Group is
building the WBJV Project 1 Platinum Mine in the Western Limb of
the Bushveld Complex, South Africa. The Company owns 74% of the
WBJV Project 1 Mine and 26% is owned by Africa Wide Prospecting and
Exploration (Pty) Limited, a wholly owned subsidiary of Wesizwe
Platinum Ltd. The Company is working towards finalizing a
previously announced project financing banking arrangement and has
approximately 1,000 persons on site in mine construction at the
WBJV Project 1 Platinum Mine with a target of production in
mid-2015.
To view the Waterberg Map, please visit the following link:
http://media3.marketwire.com/docs/WaterbergMap.jpg.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the
TSX in Toronto.
On behalf of the Board of
Platinum Group Metals Ltd.
R. Michael Jones
The Toronto Stock Exchange and the NYSE MKT have not reviewed
and do not accept responsibility for the accuracy or adequacy of
this news release, which has been prepared by management.
This press release contains forward-looking information within
the meaning of Canadian securities laws and forward-looking
statements within the meaning of U.S. securities laws
("forward-looking statements"). Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are
forward-looking statements. Forward-looking statements in this
press release include, without limitation, statements regarding the
Company's plans to move into full scale development in the months
ahead, the timing of any debt/financing for Project 1, the
completion of account structuring the timing of first ore
production and concentrate sales, and further exploration on the
Company's properties. In addition, the results of the UFS may
constitute forward-looking statements to the extent that they
reflect estimates of mineralization, capital and operating
expenses, metal prices and other factors. Although the Company
believes the forward-looking statements in this press release are
reasonable, it can give no assurance that the expectations and
assumptions in such statements will prove to be correct. The
Company cautions investors that any forward-looking statements by
the Company are not guarantees of future results or performance,
and that actual results may differ materially from those in forward
looking statements as a result of various factors, including, but
not limited to, variations in market conditions; the nature,
quality and quantity of any mineral deposits that may be locate;,
the Company's ability to obtain any necessary permits, consents or
authorizations required for its activities; the Company's ability
to successfully complete hedging establishment and off-take
negotiations; the Company's ability to produce minerals from its
properties successfully or profitably, to continue its projected
growth, or to be fully able to implement its business strategies
and other risk factors described in the Company's Form 40-F annual
report, annual information form and other filings with the SEC and
Canadian securities regulators, which may be viewed at www.sec.gov
and www.sedar.com, respectively.
Cautionary Note to U.S. Investors Regarding Estimates of
Inferred Mineral Resources
This press release uses the terms "inferred mineral resources."
We advise U.S. investors that while these terms are recognized and
required by Canadian regulations, the SEC does not recognize them.
"Inferred mineral resources" have a great amount of uncertainty as
to their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. U.S. investors are cautioned not to assume that any part
or all of an inferred resource exists or is economically or legally
mineable.
Contacts: Platinum Group Metals Ltd., Vancouver R. Michael Jones
President (604) 899-5450 or Toll Free: (866) 899-5450 Platinum
Group Metals Ltd., Vancouver Kris Begic VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
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