Feasibility Model For Platinum Group Metals' Project 1 Delivered
to Partners by Independent
Engineering Team on Time
Publication Expected July 7 2008
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX;
PLG-AMEX) announces the model for the Bankable Feasibility Study
("BFS") for the Project 1 platinum mine of the Western Bushveld
Joint Venture ("WBJV") in South Africa., has been delivered by
the independent engineering team to the partners of the WBJV. The
partners in the WBJV are Platinum Group Metals Ltd. 37% (operator), Anglo
Platinum (AMS-JSE), 37% (the world's largest producer of platinum), and
Wesizwe Platinum (WEZ-JSE), 26%.
The WBJV Project 1 is located in the heart of the Western Bushveld
area of South Africa where 70% of the world's platinum is produced from
the Merensky and UG2 Platinum Reefs; the same two horizons to be mined in
the BFS.
Disclosure of the details of the BFS are being prepared and confirmed
by Platinum Group Metals Ltd. and the Independent Engineers. The BFS
model provided by Platinum Group Metals Ltd. is currently being reviewed
by the partners. The results of the BFS are expected to be published July
7, 2008. A webcast conference call by Platinum Group Metals Ltd. will be
available on the Company website www.platinumgroupmetals.net.
A Technical Report in compliance with National Instrument 43-101 in
Canada will be filed within 45 days of the publication date. About
Platinum Group Metals Ltd.
Platinum Group Metals Ltd. is based in Vancouver BC, Canada and
Johannesburg, South Africa. The Company 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. Platinum Group Metals Ltd. trades on
the Toronto Stock Exchange under the symbol PTM and on the AMEX in New
York under the symbol PLG.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
President and Director
For further information contact:
R. Michael Jones, President
or John Foulkes, Manager Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450
Toll Free: (866) 899-5450
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. 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 our disclosure, 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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