Platinum Group Metals (Platinum Group) has announced a total of 52 successful new platinum, palladium and gold intercepts at the Waterberg Joint Venture. 

The relevant data will be included in a resource update planned for release in August.

R. Michael Jones, P.Eng, CEO, Platinum Group said:  “The Waterberg deposit has been significantly expanded with this new drilling beyond the previous resource estimate of 10 million ounces. The thickness and continuity of the F and T layers combined with the consistent setting, structural contours and metal ratios all confirm a new important platinum deposit at Waterberg”.

Planned drilling and deposit definition work on the Joint Venture property is nearing completion. All drilling data will be used in a resource estimation update from the independent qualified person team at the international firm of Coffey Mining. A total of 111 holes totalling 129 000m of core with approximately 350 mineralised layer intercepts and 85 000 assay results are being compiled for the resource update.

The Waterberg deposit on the Joint Venture property covers approximately 5.5km of strike length. The shallowest edge of the deposit thus far is on the T layer at about 140m from surface.

An engagement to complete the detailed work for a Preliminary Economic Assessment of the Waterberg deposit has been awarded to engineering firm WorleyParsonsTWP, who have extensive mechanised underground mining experience. The planned August resource update will be utilised for this work. The PEA work on the Joint Venture property is on target for completion at the end of 2013.

Platinum Group holds a 49.9% effective interest in the Waterberg Joint Venture with the Japan Oil, Gas and Metals National Corporation (JOGMEC) holding 37% and the balance being owned by a private empowerment company in South Africa.

Waterberg Extension Permits

Platinum Group holds an 87% effective interest in accepted prospecting permit applications covering approximately a further 611 square km targeted at the newly found part of the Bushveld Complex at Waterberg.The current Waterberg deposit has been drilled for approximately 5.5km to the northern boundary of the Waterberg Joint Venture.

The Waterberg Extension Permits cover an estimated 25km of potential Bushveld Complex further to the north. As soon as final government approval of a submitted Environmental Management Plan has been received for the extensions the company plans to immediately start with an exploration and drilling programme to extend the mineralised F and T layers.

Qualified Person, Quality Control and Assurance

The non-independent qualified person for this Press Release is R. Michael Jones P.Eng. 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 utilised a standard quality control system including the use of standards. Ken Lomberg is the independent qualified person for the resource estimation on Waterberg Deposit and he has reviewed the references to resources and on-going work in this press release.

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