Platinum Group Metals Ltd. ("Platinum Group" or the "Company") announces that further to its news release dated June 12, 2014 (the "Release") announcing an increase in the estimated Inferred Mineral Resource at the Waterberg Joint Venture and adjacent Waterberg Extension in South Africa, it has today filed the associated National Instrument 43-101 technical report.
The report, entitled "Revised and Updated Mineral Resource Estimate for the Waterberg Joint Venture and Waterberg Extension Projects, South Africa (Latitude 23° 22′ 01"S, Longitude 28° 49′ 42"E)" is dated effective June 12, 2014 and was prepared by Kenneth Lomberg, B.Sc. (Hons) Geology, B. Com., M. Eng. Pr.Sci.Nat. and Alan Goldschmidt, Pr.Sci.Nat., of Coffey Mining (SA) Pty Ltd. supporting the disclosure of the updated inferred mineral resource estimate. The technical report is consistent in all material respects with the inferred mineral resource estimates announced in the Release. A copy of the report can be found at www.sedar.com and on the Company's website.
The previously announced total Inferred resource on the Waterberg Joint Venture and the Waterberg Extension in the "T" and "F" layers are estimated at 29 million ounces 4E, 287 million tonnes grading 3.15 g/t 4E (0.94 g/t Pt, 1.92 g/t Pd, 0.04 g/t Rh, 0.25 g/t Au, 30%, 61%, 1%, 8% respectively).
Exploration at the Waterberg Joint Venture and the Waterberg Extension continues with 24 drill rigs, focused on in-fill drilling with the objective of converting the majority of Waterberg Platinum deposit on the Waterberg Joint Venture to Indicated as well as expanding the open deposit.
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 June 2014.
Ken Lomberg of Coffey Mining South Africa Pty Ltd is the independent qualified person for the Mineral Resources on the Waterberg Deposit and he has reviewed the references to resources and ongoing work in this press release. It is planned that Coffey will prepare an update on the Mineral Resource for the prefeasibility study based on the current in-fill drilling.
About the Waterberg Joint Venture and Waterberg Extension
The Japan Oil, Gas and Metals National Corporation ("JOGMEC"), a state owned mining company from Japan, is an active participant in the Waterberg Joint Venture along with Platinum Group Metals Ltd. and South African empowerment partner Mnombo Wethu Consultants (Pty) Ltd. The Waterberg deposit was discovered in late 2011 by the joint venture partners and has grown dramatically over the past few years to be a globally significant deposit. The deposit is near surface and in an independently engineered PEA, a mine design for the Waterberg Joint Venture project area estimates 655,000 ounces of 3E production at steady state to be accessed by ramp declines, utilizing fully mechanized mining methods. See National Instrument 43-101 technical report at www.sedar.com entitled "Waterberg Mineral Project Preliminary Economic Assessment" filed March 13, 2014. (The economic analysis is based on Inferred Resources and is preliminary in nature. Inferred Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized).
The Waterberg Extension is owned 87% by Platinum Group Metals directly and indirectly and is located adjacent to the north of the Waterberg Joint Venture within a regional scale set of Prospecting Rights granted to the Company.
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. The Waterberg discovery was made by the Company stemming from a successful scientific exploration focus in the Company's founding origins.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President and CEO