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TSX-listed Platinum Group Metals has revealed that results at its 49% owned Waterberg Joint Venture property, in Limpopo, from shallow step out holes up-dip and in-fill holes within the 10.1 million oz of platinum, palladium and gold inferred resource continue to significantly expand and confirm the discovery.

The company said that the F layer has now been confirmed on sections up dip to within 200 m of surface and earlier drilling has found the T layers to within 130 m of surface. 15 drill rigs continue to operate at Waterberg and the deposit is open.

New intercepts reported include WB 046 at 22 m thick grading 4.54 g/t platinum, palladium and gold (3E) and WB 053 at 8 meters thick grading 4.23 g/t 3E. The average F layer thickness based on just the 27 new FH and FP intercepts reported herein is 5.04 meters and the weighted average grade of these intercepts is 3.45 g/t 3E.

Drilling along the north edge of the current deposit confirms the potential to the north on to prospecting permit applications, 87 % held by the company. Initial data from the recently completed 3 200 Km line airborne differential gravity and magnetic survey correlates well with the known deposit and indicates potential along the strike.

Further, the company noted that filing of the environmental management plans for drilling on the accepted extension prospecting permit applications has been completed and final approvals are expected soon. Drilling on the extension prospecting permit applications is planned for Q2 or Q3 2013.

Meanwhile, Platinum Group Metals said that metallurgical test work on the T2 and F-zones is in progress and results are expected soon, while a preliminary economic assessment of the Waterberg deposit is in process with a fully mechanized mine design.

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