Project 2 Update Western Bushveld
Joint Venture
Vancouver/Johannesburg)
Platinum Group Metals Ltd. (PTM-TSX;
PLG-AMEX) ("Platinum Group Metals") announces that a feasibility study has been
released by Wesizwe Platinum Ltd. "Wesizwe" (JSE:WEZ) covering the Project 2 area
owned 50% by the Western Bushveld Joint Venture. Referred to by Wesizwe as a
"Bankable Feasibility Study for the Frischgewaagd-Ledig Project", the study
also includes additional resources on the farm Ledig owned 100% by Wesizwe located
adjacent to the north of Project 2. �The
Western Bushveld Joint Venture is comprised of 37% for Platinum Group Metals
Ltd (operator), 37% for Anglo Platinum and 26% for Wesizwe. Platinum Group
Metals Ltd. holds an effective 18.5% interest over the Project 2 area which is
the majority of the surface area covered by the feasibility study.
The
feasibility study was completed by Wesizwe and their consultants TWP, Murray
and Roberts Cementation and the Mineral Corporation, all relevant experienced
South African independent mining contractors. The study was not completed with
reference to Canadian National Instrument 43-101 and was not completed on
behalf of or under the direction of �Platinum Group Metals Ltd.
The
company has had recent access to the information supporting the feasibility study
and is assessing, with the aid of independent advisors, its mineral inventory
disclosure for the area where the feasibility study has been disclosed. However,
the technical disclosure by Wesizwe has not been reviewed or confirmed in
sufficient detail by Platinum Group Metals or its QP's for further disclosure
at this time. Platinum Group will provide more technical information once Platinum
Group's QP's have completed their review. Platinum Group Metals, Anglo Platinum
and Wesizwe are in amicable discussions regarding the business arrangement over
the areas of shared mineral rights within the Wesizwe area covered by the
study. The Project 2 mineral rights form a logical block for consideration.
Platinum
Group Metals news release disclosure on the 781 hectare Project 2 area dated
April 30, 2007 and February 7 ,2007 provides for a total of� 8.5 million ounces of Platinum, palladium,
Rhodium and Gold in the inferred category, or 4.25 Million ounces to the WBJV
account as detailed below. Considerable drilling by Wesizwe and a 3 dimensional
seismic survey, completed co-operatively by all owners, has been completed
since this estimate. The impact of this work and the engineering analysis in
for the Project 2 area is in progress by Platinum Group Metals Ltd. and its
Qualified Persons "QP's".
�Platinum
Group Metals Ltd. Resource Disclosure (Sedar Filed Reports Dated: March 20,
2007 and June 19, 2007.
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Resource
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Cut-off
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WBJV
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Tonnes
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Grade
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Width
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Prill
Split
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WBJV
Ozs
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Project
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Reef
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Category
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cmg/t
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Interest
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in
Millions
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4E
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Metres
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Pt
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Pd
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Rh
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Au
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in
Millions
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Project
2
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RE 4
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MR
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Inferred
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100
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50%
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6.540
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5.84
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1.42
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68%
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24%
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5%
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3%
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0.614
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UG2
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Inferred
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100
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50%
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11.950
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4.63
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1.57
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59%
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29%
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11%
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1%
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0.890
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Ptn
11
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MR
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Inferred
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300
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50%
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16.100
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6.00
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1.46
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62%
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28%
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5%
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5%
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1.550
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UG2
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Inferred
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300
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50%
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16.240
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4.62
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1.23
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59%
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29%
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11%
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1%
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1.200
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Total
Proj 2
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4.254
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Rsources
do not have demonstrated economic viability.
Qualified Persons, Quality
Assurance and Control and Data Verification
Charles
Muller of Minxcon is the Independent QP for the Portion 4 report (Press Release
February 7, 2007). He is registered with the South African Council for Natural
Scientific Professions (SACNASP) (Registration No. 400201/04). Mr. Muller is an
independent consultant with 18 years experience as a geologist, and resource
evaluator. Mr. David Gray, of Snowden, is the independent QP for the resource
assessment report of Frischgewaagd 96 JQ, Portion 11, and has approved the
previous release dated April 30, 2007. He is registered with the SACNASP, the
South African Council for Natural Scientific Professions, Registration No
400018/04.� Mr. Gray has more than 17
years of relevant experience in platinum group metal resource assessments. �Samples were analyzed under Platinum Group's
previously published protocols for the project.
Mr.
Muller and Mr. Grey have visited the property and have completed sufficient
testing procedure to be satisfied that they have reasonably verified the data
for the previous resources announced.
R. Michael Jones, P. Eng is the non-independent QP
for the summary of the current technical information on the property. He is the
President of Platinum Group Metals Ltd.
The
reader is referred to the Company's filings with the SEC and Canadian
securities regulators for disclosure regarding other risk factors. There is no
certainty that any forward looking statement will come to pass and investors
should not place undue reliance upon forward-looking statements.
About Platinum Group Metals Ltd.
Platinum
Group is based in Vancouver BC,
Canada and Johannesburg, South Africa.
Platinum Group has a management team in both Canada
and South Africa,
which have successful track records of more than 20 years in exploration, mine
discovery, mine construction and mine operations. The Company was formed in
2000 and is focused on the development of platinum operations. It holds
significant mineral rights in the Northern and Western Bushveld Igneous Complex
of South Africa.
Platinum
Group is also a significant mineral rights holder in the area surrounding Canada's only primary platinum and palladium
mine near Thunder Bay, Ontario Canada.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
President and Director
- 30 -
For further information contact:
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R. Michael Jones, President
or John
Foulkes, Manager Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free:
(866) 899-5450
www.platinumgroupmetals.net
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Larry Roth
Roth Investor Relations, NJ
Tel: (732) 792-2200
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The TSX Exchange and the American Stock Exchange have not
reviewed and do not accept responsibility for the accuracy or adequacy of this
news release, which has been prepared by management.
This press release contains
forward-looking statements within the meaning of Canadian and U.S. securities laws. Such
statements include, without limitation, statements regarding the timing of
future activities by the Company, future anticipated exploration and
development programs, the review of technical information, the discovery and
delineation of mineral deposit and resources, business plans, potential mining
scenarios, business trends and future operating factors. Although the Company
believes that such statements are reasonable, it can give no assurance that
such expectations will prove to be correct. Forward-looking statements are
typically identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which, by their
nature, refer to future events. All statements that are not statements of
historical fact are forward-looking statements. The Company cautions investors
that any forward-looking statements by the Company are not guarantees of future
results or performance, and that actual results may differ materially from
those in forward looking statements as a result of various factors, including,
but not limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, the Company's ability to obtain any
necessary permits, consents or authorizations required for its activities, the
Company's ability to produce minerals from its properties successfully or
profitably, to continue its projected growth, or to be fully able to implement
its business strategies. In addition, forward-looking statements are subject to
various risks, including that data is incomplete and considerable additional work
will be required to complete further evaluation, including but not limited to
drilling, engineering and socio-economic studies and investment;� no firm quotes for costs have been received;� the legal right to mine the project discussed
has not been confirmed or applied for and the process for such application is
new in South Africa; the potential capital cost of the project is beyond the
current means of the Company and there can be no assurance that financing for
further work will be available. There are significant risks with respect to
grade estimation, metallurgical recovery and mining plans that may result in
over estimation or failure to meet targets. Availability of grid electrical
power is completely outside the company control. Any estimates, plans or
studies prepared by or on behalf of other companies with respect to the project
have not been prepared or reviewed by the Company or the Company's QPs and such
disclosure can't and should not be in any way be attributed to the Company or
the Company's QPs, independent or non-independent. Any reference to Project 2
does not imply that this is a stand alone area for any potential mine plan. The
reader is referred to the Company's filings with the SEC and Canadian
securities regulators for disclosure regarding other risk factors. There is no
certainty that any forward looking statement will come to pass and investors
should not place undue reliance upon forward-looking statements. Cautionary Note to U.S.
Investors: The U.S. Securities and Exchange Commission permits U.S.
mining companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce. We use
certain terms in this press release, such as "Measured," "Indicated," and "Inferred,"
"resources," that the SEC guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC.
U.S. investors are urged to consider closely the disclosure in our Form
40-F, File No. 0-30306,
which may be secured from us, or from the SEC's website at: http://sec.gov/edgar.shtml.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
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