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Project 2 Resources Increase
Western Bushveld
Joint Venture
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX;
PLG-AMEX) ("Platinum Group" or the "Company") announces updated resources for
the Project 2 area of the Western Bushveld Joint Venture ("WBJV"). Platinum
Group holds an effective 18.5% interest over the Project 2 area. The measured
and indicated resource categories have increased by 5 million ounces platinum,
palladium, rhodium, and gold. The initial estimate by the Company was of 8.5
million ounces in the inferred category (see news release April 1, 2008). The
overall ounces have increased as well. The good grades and strong platinum
ratios of the platinum group elements have been confirmed in the increased
confidence estimate. The resources outlined below form part of the feasibility
study released by Wesizwe Platinum Ltd. ("Wesizwe") on March 31, 2008
(Frichgewaagd-Ledig Project) conducted by TWP. D. R. Young, the qualified
person for the mineral resource estimates, under the direction of Wesizwe has
provided the current estimate for Platinum Group.
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Project 1 of the WBJV is adjacent
to Project 2 and is the subject of an ongoing separate mine feasibility study
at the direction of Platinum Group. Both Project 1 and Project 2 are located
north of Rustenburg South Africa in the heart
of the world's platinum producing district. An initial resource calculation for
Project 3 adjacent to Project 2 is expected shortly.
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The WBJV holds a 50% interest in
Project 2 and is comprised of Platinum Group (37%), Anglo Platinum (AMS-JSE) (37%),
and Wesizwe Platinum (WEZ-JSE) (26%). Wesizwe also holds the remaining 50%
interest directly in the Project 2 area. The Project 2 area represents
approximately 70% of the area over which the feasibility study has been
completed and released by Wesizwe. The Company plans to file a report in
accordance with Canadian National Instrument 43-101 on the resources in due
course.
The mining cuts were evaluated
based on a minimum width of 100cm, the application of a geological cut as
applicable to the various facies of the Merensky Reef and UG2 Chromitite Layer
and a 1g/t 3PGE+Au marginal cut-off. Kriging and declustered means were used
for the calculations.
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Effective date of the estimate: October
2007.
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The feasibility study of Wesizwe
also includes additional resources on the farm Ledig owned 100% by Wesizwe and located
adjacent to and the north of Project 2. This study was completed by Wesizwe and
their consultants TWP and Murray and Roberts Cementation. The Mineral
Corporation completed the mineral resource estimate, which formed the basis of
the feasibility study, for Wesizwe. All consultants are relevant experienced
South African independent mining consultants. 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.
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More technical information will be
provided once Platinum Group's QP's have completed their review of the
engineering work and the details of the business arrangements have been concluded
for the Project 2 area. The current updated estimate is based on 123 holes of drilling
by Wesizwe and a 3 dimensional seismic survey, completed co-operatively by all
owners in the area. A total of 519 intersections on the reef plane have been
completed and assayed for platinum, palladium, rhodium, and gold. A 25%
geological loss was applied. The resources are calculated in accordance with
the SAMREC code and the reconciliation of SAMREC to CIM categories is that they
are effectively the same.
Qualified Persons, Quality Assurance and Control and Data Verification
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Mr. David Young -The Mineral Corporation
Mr. Young of The Mineral
Corporation is the independent QP for mineral resource estimation for
Friscgewaagd Portions 4 and 11 and takes responsibility for it. He is
registered with the South African Council for Natural Scientific Professions ("SACNASP")
(Registration No. 400989/83) and Fellow of the Australasian Institute of Mining
and Metallurgy. Mr. Young is an independent consultant with 33 years experience
as a geologist, and resource evaluator and has visited the property.
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Mr. Ken Lomberg - RSG
Global/Coffey Mining
Mr. Lomberg of RSG Global/Coffey
Mining acting as an independent QP, has reviewed the mineral resource estimate
undertaken by Mr. Young. Mr. Lomberg is registered with the SACNASP (Registration
No 400038/01) and has some 22 years of relevant experience in platinum group
metal resource assessments. Mr. Lomberg visited the property and has completed
sufficient testing to be satisfied that he has reasonably verified the data for
the resources announced here.
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Samples
were analyzed under Wesizwe's care, custody and quality control process for the
project including insertion of blanks, duplicates and certified reference
materials in the assay stream. This is in addition to internal quality control
measures undertaken by the contracted certified analytical facilities. Assays
were completed by Mintek and SGS Lakefield,Johannesburgand check
assays by Setpoint and Genalysis, Johannesburg.
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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. Resources do not have demonstrated
economic viability.
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About Platinum Group Metals Ltd.
Platinum Group Metals Ltd. 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. Project 1 adjacent to Project 2 is the subject of an ongoing
feasibility study by Platinum Group and its advisors.
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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.
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On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
President and Director
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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
info@platinumgroupmetals.net/ www.platinumgroupmetals.net_______________________________________ 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.
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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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