The Department of Mineral Resources of South Africa has granted prospecting rights and consent for the start of new exploration on the Waterberg Extension.

The Waterberg Extension Rights cover approximately 530 square kilometers immediately adjacent and north of the newly discovered 17.5 million inferred ounce Waterberg platinum and palladium deposit (167 Million tonnes grading 3.26 grams per tonne of platinum, palladium and gold announced September 3, 2013 and detailed below).

A total of 7 drills have been mobilized today to commence drilling targeting the potential extension of the Bushveld Complex and the Waterberg Platinum deposit by drilling holes spaced 1 kilometer or more apart over approximately 20 kilometers.

Platinum Group Metals, the TSX– and NYSE-listed company, holds an effective 87% interest in the Waterberg Extension prospecting rights. The extension rights adjoin immediately to the north of the Waterberg joint venture where Platinum Group Metals holds an effective 49.9% interest with JOGMEC, the Japanese State Company, and a private empowerment partner holding the balance.

Recent detailed airborne gravity and magnetic surveys completed by Platinum Group Metals over the known deposit and the extension permits provide signatures that clearly correlate to the shallow edge of the Waterberg deposit and provide obvious shallow targets along strike from the current northern edge of the drilled off deposit.

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