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War Springs Resource Increased to 1.7 Million
Ounces
Vancouver/Johannesburg)
Platinum Group Metals Ltd.
(PTM-TSX; PLG-AMEX) ("Platinum Group Metals") announces the
results of an updated Mineral Resource calculation for its 70% owned War
Springs Platinum Project on the Northern Limb of the Bushveld
Complex. The first resource assessment for War Springs was
completed October 19, 2005. Follow-up drilling, recent metal price
increases and the potential for shallow ounces have motivated Platinum
Group Metals to re-evaluate the War Springs Project. The company intends
to continue with internal scoping level engineering work and complete
additional drilling in the year ahead. The distinct layered
characteristics of the reefs, with a thickness of 6 to 7 metres, and
their surface outcrop position, make the project potentially amenable to
bulk mining techniques.
War Springs
Project map:
http://www.platinumgroupmetals.net/userfiles/file/wsmar2008.jpg
"The completion
of a feasibility study on Project 1 of the Western Bushveld Joint Venture
in the near term continues to be our main focus for shallow higher grade
platinum ounces. We are also working to finish an initial resource
calculation for Project 3 of the WBJV in the weeks ahead. At the
same time we are updating our exploration model, resource and preliminary
engineering work at War Springs" says R. Michael Jones, President of
Platinum Group.
Recent upward
movements in the price of platinum, combined with other exploration work
in the region, have motivated the re-consideration of the potential of
the War Springs project. The results of the updated estimation is an
Inferred Resource of 47.0 Mt at an average grade of 1.11 g/t 2PGE+Au and
thus a metal content of 1.7 million ounces for the B and C Reefs
combined, using a 2PGE+Au cut-off of 300 cmg/t. See details in the table
below:
|
Reef
|
Cut-off 3E
|
Tonnage
|
3E
|
Ni
|
Cu
|
Channel
Width
|
|
|
cmg/t
|
t
|
g/t
|
g
|
Moz
|
%
|
t
|
%
|
t
|
cm
|
|
B
Reef
|
300
|
20,934,894
|
0.95
|
19,947,131
|
0.641
|
0.18
|
35,870
|
0.14
|
27,863
|
657
|
|
C
Reef
|
300
|
26,030,561
|
1.24
|
32,192,522
|
1.035
|
0.08
|
25,812
|
0.06
|
19,388
|
875
|
|
Total
|
300
|
46,965,455
|
1.11
|
52,139,652
|
1.676
|
0.13
|
64965
|
0.1
|
49,868
|
734
|
|
Reef
|
Prill Splits
|
|
Pt
|
Pd
|
Au
|
|
g/t
|
%
|
g/t
|
%
|
g/t
|
%
|
|
B
Reef
|
0.32
|
34
|
0.55
|
58
|
0.08
|
8
|
|
C
Reef
|
0.2
|
16
|
0.97
|
78
|
0.07
|
6
|
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. Power availability is a risk to the project plans.
The War Springs
Mineral Resource is characterised by two distinct reef layers, termed the
"B" and "C" reefs. Both reefs are typically greater
than 6m thick. The reefs outcrop on surface and extend down dip in
parallel sheets at a 65 degree angle to a depth of 400 metres, remaining
open at depth. A 5% geological loss has been applied.
During the initial
drilling in 2004 and 2005, relatively thick PGE mineralised layers were
confirmed to occur. Eighteen holes had been completed by the end of May
2005, relating to 7,433m of drilling. A total of 8,188 samples were
collected for the determination of elements Platinum, Palladium, Gold,
Copper and Nickel. Test pit and trench sampling was carried out during
October 2005 across anomalous areas, indicated by a 2005 soil sampling
programme.
Four additional
boreholes were drilled (1,646m) during the period November 2005 to early
February 2006, on high priority soil targets (Phase 2 Drilling Program).
An additional 1,738 samples were collected for analysis. Of the 22
boreholes drilled, 15 boreholes intersected the "B" Reef and 8
boreholes intersected the "C" Reef. Drilling results from
Phase 1 and 2 covering approximately 2,200 metres of strike length on a
250 metre spacing, combined with a review of the cut-off, form the basis
of the updated Inferred Mineral Resource estimation to be reported in a
NI43-101 document, compiled by Minxcon (Pty) Ltd, dated March, 2008.
Black Economic
Empowerment groups Wesizwe Platinum Ltd. (JSE:WEZ) and Taung Minerals
(Pty) Ltd. (a subsidiary of Platmin Ltd. - TSX:PPN) each have a 15%
interest in the War Springs project carried to bankable feasibility.
The Company retains a net 70% project interest.
Qualified
Person, Quality Assurance and Control and Data Verification
Charles Muller of
Minxcon is the Qualified Person ("QP") for this report. 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. Samples were analyzed under Platinum Group's
previously published protocols for the project including insertion of
blanks, duplicates and certified reference materials in the assay stream
once in every 24 or fewer samples. This is in addition to internal
quality control measures undertaken by the contracted certified
analytical facilities. Assays were completed by standard fire assay
procedures with preparation at the Setpoint facility at Mokopane and
final assays at Genalysis Laboratories Services Pty Ltd in Perth
Australia or Anglo Research Laboratories. Mr Muller has visited the
property and has completed sufficient testing procedure to be satisfied
that he has reasonably verified the data.
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
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
www.platinumgroupmetals.net
info@platinumgroupmetals.net
Larry Roth
Roth Investor Relations, NJ
Tel: (732) 792-2200
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's 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.
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