Platinum Group Metals Announces New Intercepts at Waterberg
February 4, 2013
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) announces that drilling along two section lines east and up-dip of the Waterberg Deposit have intersected mineralized layers that are interpreted by the Company's project geologists and non-independent qualified person as the F layer.
There are fifteen drill rigs operating on the property. Eight drill rigs are drilling on two section lines east of the Waterberg platinum, palladium and gold resource. One section line is near the south end of the deposit and the other section line is near the north end of the current deposit.
If these layers are confirmed by assay to be the F mineralization, the northern section line on the deposit would expand by approximately 750 meters eastward and be brought up dip from 1000 meters vertical depth to about 280 meters deep. At the north end of the deposit the over lying Waterberg sediments are thinning to the east. Drilling is continuing to the east with shallower target depths.
The drilling area is in the joint venture with the Japan Oil, Gas and Metals National Corporation (“JOGMEC”). Platinum Group, with a 49.9% direct and indirect interest in the Waterberg property, made the discovery in partnership with JOGMEC. JOGMEC holds a direct 37% interest in the Waterberg property with a balance of approximately 13.1% of the project being held by black empowerment interests. Platinum Group is the operator of the project.
The non-independent qualified person for this release is R. Michael Jones P.Eng. He is the company CEO and has more than 20 years of relevant experience. He is a significant shareholder of the Company. He has satisfactorily verified the data by hiring qualified professional staff, insisting on a strict quality control program and he has visited the property and core personally.
About Platinum Group Metals Ltd.
Platinum Group has an experienced mine building and operating team based in Vancouver, Canada and Johannesburg, South Africa. 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 Wesizwe which is controlled by Jinchuan of China. The Platinum Group management team has a track record of discovery of precious metals mines over the past 20 years. Platinum Group recently completed a $ 180 million equity funding and a credit approval for $ 260m for the WBJV Project 1 mine and exploration at Waterberg.
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”
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For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450