Platinum Group Metals Ltd.: Waterberg Project-Copper Nickel Subset Correction-Project Total Resources Unchanged
13 Junho 2014 - 8:54AM
Marketwired
Platinum Group Metals Ltd.: Waterberg Project-Copper Nickel Subset
Correction-Project Total Resources Unchanged
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH
AFRICA--(Marketwired - Jun 13, 2014) - Platinum Group Metals Ltd.
(TSX:PTM)(NYSEMKT:PLG) ("Platinum Group" or the "Company") provides
a correction to the tonnes of copper and nickel on the Waterberg
Joint Venture as a subset of the total. The total resource
tabulation for all elements is un-amended.
The Waterberg aggregate resource statement for all elements, the
Waterberg Extension and all of the platinum group element amounts
are correct in the June 12, 2014 Press Release. The kilotonnes of
copper and nickel on the 49% Joint Venture, as a subset of the
total resources should have been 207 kt Copper and 346 kt for
Nickel in Table 2 of the June 12th Press Release.
Qualified Person, Quality Control and Assurance
The Company detected an error in the tabulation provided by Ken
Lomberg of Coffey who was the Independent Qualified Person for the
June 12, 2014 Press Release.
The independent Qualified Person ("QP"), under the definitions
in NI 43-101, for this Press Release is Ken Lomberg of Coffey.
Lomberg has a Master's degree in engineering and has 29 years of
relevant experience in precious metals and PGM evaluations. He 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 in 2013 and 2014. He is satisfied that the data is
corrected and appropriate for the resource estimate by reviewing
the core, assay certificates and quality control information as
well as reviewing the procedures on sampling, chain of custody and
data base records of the Platinum Group exploration team.
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. Platinum Group Metals utilized a well-documented
system of inserting blanks and standards into the assay stream and
has a strict chain of custody and independent lab re-check system
for quality control.
Inferred mineral resource estimates, under the CIM guidelines,
do not have demonstrated economic viability and may never achieve
the confidence to be mineral reserve estimates or to be mined. An
inferred resource has reasonably assumed continuity based on
limited sampling but the geological and grade continuity has not
been verified. The property is held under Prospecting Rights with
the exclusive right to convert that right to a Mining Right. There
can be no assurance that a Mining Right will be granted with-out
extensive further work and an Application to the Department of
Mineral Resources of South Africa.
About Platinum Group Metals Ltd.
Platinum Group is based in Johannesburg, South Africa and
Vancouver, Canada. The Company's business is currently focused on
the construction of the WBJV Project 1 (Maseve) platinum mine and
the exploration and initial engineering on the newly discovered
Waterberg platinum deposit, where the Company is the operator of
the Waterberg JV Project with JOGMEC and Mnombo. The Company has
also expanded its exploration northward on to the Waterberg
Extension Project.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President, CEO and Director
The Toronto Stock Exchange and the NYSEMKT LLC 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
completion of the WBJV Project 1 mine (Maseve), the Company's
ability to secure further financing, the Company's plans with
respect to future exploration at Waterberg, development and
production on the Company's projects including mine construction at
WBJV Project 1 mine (Maseve), and all technical details of the
Waterberg PEA. 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 located; metal prices; other prices and costs;
currency exchange rates; the Company's ability to obtain any
necessary permits, consents or authorizations required for its
activities; the Company's ability to access further funding and
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.
Platinum Group Metals Ltd.R. Michael JonesPresident(604)
899-5450 / Toll Free: (866) 899-5450Platinum Group Metals Ltd.Kris
BegicVP, Corporate Development(604) 899-5450 / Toll Free: (866)
899-5450www.platinumgroupmetals.net
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