October 08, 2009
Updated Feasibility Study Project 1 Platinum Mine

July 15, 2009
Platinum Group Reports Third Quarter Financial Results

June 26, 2009
Platinum Group Metals Ltd. Company Update

June 16, 2009
Platinum Group Announces Closing for C$35 Million

May 30, 2009
Platinum Group Increases the Size of the Previously Announced Offering

May 29, 2009
Platinum Group Announces Pricing of Offering

May 27, 2009
Platinum Group Announces C$35 Million Offering

updated Feasibility Study Project 1 platinum mine:

- Reserves & Production rate INCREASED

- CapITal cost DECREASED

(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-AMEX) announces results from the Independent Update to the Feasibility Study for the Project 1 Platinum mine of the Western Bushveld Joint Venture ("WBJV") in South Africa. Platinum Group Metals Ltd holds a 74% interest in the WBJV and Wesizwe Platinum (WEZ-JSE) holds a 26% interest.

Summary

• Measured and Indicated Mineral Resources increased by 0.924Moz due to additional drilling in Project 1 & 1A areas on Merensky and UG2 Platinum bearing layers or reefs.
• Reserves increased 7.35 % as a result of optimized extraction on the UG2 Reef.
• Ounces produced in concentrate at steady state increased to 275,000 ozs per year 4E (platinum, palladium, rhodium and gold) from 250,000 ozs per year as a result of improvements to the mine design and higher plant throughput.
• Revised mine plan calls for production of ore from underground in 2011 and first concentrate sales first quarter of 2013.
• Peak funding for 100% of the Project reduced by US$ 64m to US$ 443m.
• Life of Mine Capital cost estimate, over 22 years reduced by US$ 89m to US$ 595m as a result of change in design to use mostly grid power rather than self generated power and improvements in mine design compared to July 2008 original feasibility
• At a platinum price of US$ 1,343 per oz (3 year trailing average, 8 South African Rand to US$, no escalation), the Project IRR is 24% pre tax and the Project NPV of Platinum Group's 74% share pre tax is US$ 726 m (5% discount rate NPV5) and US$ 352 m (10% discount rate NPV10) Post tax, including secondary tax, Platinum Group's share is NPV5 US$ 431m and NPV10 US$ 188m.
• The Minister of Mineral Resources has approved the majority of the title transfers of all of  the prospecting permits related to the transaction whereby Platinum Group Metals will hold a 74% right of Projects 1 and 3 of the WBJV (26% Wesizwe)

R. Michael Jones, President of Platinum Group Metals Ltd. states "The WBJV Project 1 stands out as one of the best undeveloped platinum projects in the world due to its shallow depth and high grade. We see great opportunity ahead as the demand for platinum is increasing with the recovery of the auto sector in the west and from strong new demand growth in China and India. Jewelry demand in China is also now strong once again and was reported 81% higher just a few days ago. Supply on the other hand continues to struggle to maintain current rates of production".

"Our Project is ready to move ahead with capital requirements lower than deeper alternatives. Safety, power and labour will continue to be a challenge in South Africa and we are very competitive within the world's only true platinum field. The Updated Feasibility Study provides a basis from which management and shareholders can test which path will bring the best rewards. We are evaluating several different alternatives right now."

To read full release click HERE