Platinum Group Reports 2012 Annual Results

Platinum Group Reports 2012 Annual Results 
(Marketwire) -- 11/23/12 -- Platinum Group Metals Ltd. (TSX:PTM)(NYSE
MKT:PLG) ("Platinum Group" or the "Company") reports the Company's
financial results for the year ended August 31, 2012. For details of
the consolidated financial statements (the "Financial Statements")
and Management's Discussion and Analysis for the year ended August
31, 2012 please see the Company's filings on SEDAR ( or
on EDGAR ( Shareholders are encouraged to visit the
Company's website at Shareholders may
request a copy of the complete Financial Statements from the Company
free of charge.  
The Company's cash position at August 31, 2012 was $48.17 million,
including $30.51 million in restricted cash. The Company holds cash
in both Canadian dollars and South African Rand and changes in the
exchange rate may create variance in the cash holdings reported in
Canadian dollars. All amounts herein are reported in Canadian dollars
unless otherwise specified. 
Platinum Group has made the transition to mine construction at the
Western Bushveld Joint Venture Project 1 platinum mine ("Project 1")
located near Rustenburg, South Africa and has made a discovery of a
second platinum deposit in South Africa at the Waterberg project
located near Mokopane, South Africa.  
Phase 1 construction at Project 1 is estimated for completion in late
March or early April, 2013. The planned US $260 million project
senior loan facility for Phase 2 construction has advanced through
detailed technical, financial and legal due diligence. The loan is in
the formal credit approval process at this time.  
Drilling to expand the newly discovered inferred mineral resource at
the Waterberg project is continuing. 
Recent Highlights  

--  A US $100 million Phase 1 development program is now approximately 80%
    complete at Project 1. A central box cut excavation has been completed.
    The sinking of twin declines at the central location is progressing
    well. Both declines are now advanced to 770 metres linear from their
    collar. Substantial surface infrastructure has now been constructed on
--  Safety, in all our operations, is our number one pri
ority, and the
    Company is pleased to report that onsite safety performance at Project 1
    has been excellent to date with approximately 950,000 man hours worked
    and two minor lost time incidents.
--  A south box cut excavation for a planned second twin decline system is
    substantially complete. Sinking of this second decline set is planned to
    commence under Phase 2.
--  A temporary power supply of 1.5MVA has been installed on site and has
    been energized. Construction of a 10 MVA supply line and substation is
    almost complete, with switch gear currently being installed. This
    service is to be energized in early 2013. 

Milestones Completed  

--  On November 5, 2012, the Company announced new drill intercepts
    approximately doubling the strike length of the Waterberg discovery to a
    total of 5.5 kilometers up to the northern boundary of the current joint
    venture project. The results extended the known "F" mineralized layers
    for 2.7 kilometers beyond the initial resource area declared in
    September, 2012. Results included 24.00 meters grading 4.32 grams per
    tonne ("g/t") 2E (platinum ("Pt") and palladium ("Pd") collectively) +
    gold ("Au") with a larger intercept of 58.00 meters of 2.98 g/t 2E+Au
    (Hole WB027). Results also included 11.5 meters grading 7.18 g/t 2E + Au
    (Hole WB031) and 8.5 meters of 4.8 g/t 2E+Au (Hole WB-034). The deposit
    remains open. See Technical Report titled "Updated Exploration Results
    and Mineral Resource Estimate for the Waterberg Platinum Project, South
    Africa located on the Northern Limb of the Bushveld Complex", with an
    effective date of November 5, 2012 (the "Updated Waterberg Report")
    available at
--  On September 11, 2012, the Company announced that Rustenburg Platinum
    Mines Ltd., a wholly owned subsidiary of Anglo American Platinum
    Limited, had exercised its first right of refusal to purchase the off-
    take of concentrate from Project 1. Formal agreements are in process.
--  On September 4, 2012, the Company announced an initial 6.6 million ounce
    inferred mineral resource estimate at the Waterberg project (initial
    inferred mineral resource estimate of 68 million tonnes at 3.01 g/t
    2E+Au, comprised of 0.94 g/t Pt, 1.71 g/t Pd, 0.37 g/t Au. See the
    Updated Waterberg Report.
--  On July 9, 2012, the Company's board of directors approved the adoption
    of a shareholder rights plan (the "Plan") subject to shareholder
    approval. The Plan is now effective and will be set to a vote of the
    shareholders at the Company's annual general and special meeting
    scheduled for January 8, 2013. 
--  On May 23, 2012, the Company announced the expansion of the Waterberg
    discovery. Multiple layers of higher grade mineralization were
    intersected at depths as shallow as 122 to 122 meters from surface. 
--  On April 4, 2012, the Government of South Africa issued a formal Mining
    Right to the Company for Project 1 in terms of section 23(1) of the
    Mineral and Petroleum Resources Development Act, 28 of 2002, subject to
    environmental authorizations, water use licenses and compliance with
    applicable legislation on an ongoing basis. 

Results For The Year Ended August 31, 2012 
During the year ended August 31, 2012, the Company incurred a net
loss of $10.59 million (August 31, 2011 - net loss of $8.89 million).
General and administrative expenses during the period were reduced
from the previous year to $5.37 million (August 31, 2011 - $6.79
million), losses on foreign exchange, due primarily to a weaker Rand
at period end, were $3.59 million (August 31, 2011 -$0.12 million),
while stock based compensation expense, a non-cash item, totalled
$2.01 million (August 31, 2011 - $6.91 million). Finance income
consisting of interest earned and property rental fees in the year
amounted to $3.94 million (August 31, 2011- $3.79 million). Loss per
share for the year amounted to $0.06 per share, as compared to a loss
of $0.05 per share for the comparative year of fiscal 2011.  
Accounts receivable at August 31, 2012 totalled $4.70 million while
accounts payable and accrued liabilities amounted to $7.78 million.
Accounts receivable were comprised primarily of value added taxes
repayable to the Company in South Africa and amounts receivable from
partners. Accounts payable included accrued professional fees,
contract construction fees, drilling expenses, engineering fees and
regular trade payables for ongoing exploration and development costs
and administration.  
Total expenditures by the Company for development and purchases of
property and equipment for Project 1 during the year totaled
approximately $37 million, before including the effects of foreign
currency exchange rate fluctuations. Expenditures by the Company
during the year for exploration on Waterberg were approximately $6.68
million, of which $3.36 million was funded by joint venture partner
Japanese Oil, Gas and Metals National Corporation ("JOGMEC"). Mineral
property acquisition and exploration expenditures in Canada during
the year totaled $1.89 million.  
The Company's objectives for the year ahead are to complete the
senior loan facility
 and other financing and move into a safe and
efficient Phase 2 construction of Project 1, to further the
geological understanding of the near surface Waterberg platinum,
palladium and gold deposit and to further explore the new northern
portion of the Bushveld Complex discovered by the Company.  
Phase 1 construction at Project 1 is expected to be completed on
budget. Phase 2 development will commence once the project loan
facility and additional financing from the Company are available.
Phase 2 is to include a second twin decline access south of the
central twin decline development, underground lateral development, a
milling and concentrating facility and a tailings impoundment area. 
In conjunction with ongoing cost estimation work and banking
preparations, an updated project schedule for Phase 2 has been
completed by the Company. Plant and facility construction and
commissioning are estimated to take up to two years to complete. Full
commercial production is estimated to occur after a two year ramp-up
period subsequent to the commissioning of the plant. The Merensky
Reef is scheduled to be mined in the first approximately 13 years of
the mine life. Steady state production is modelled at an average
annual rate of 275,000 4E ounces of (platinum, palladium, rhodium and
gold collectively) ounces in concentrate (on average during the nine
years of peak production). See the technical report titled "Updated
Technical Report (Updated Feasibility Study Western Bushveld Joint
Venture Project 1 (Elandsfontein and Frischgewaagd)" dated November
20, 2009 with an effective date of October 8, 2009 (the "UFS")
available at  
At the Waterberg project, in the newly discovered "north of the North
Limb" of the Bushveld Complex region, approximately 28 holes have
been drilled since the cut off for the initial inferred mineral
resource. Additional assay results for many holes are pending at this
time. PGE mineralization has now been intercepted in drilling for
approximately 5.5 km of strike length. The "T" layers have been
intercepted from 122 metres below surface to 1,375 metres deep.  
A US $8.37 million 2012 drilling program at Waterberg funded by
JOGMEC and the Company is nearing completion. Planning for a 2013
program by the Waterberg joint venture is in progress, including
funding for an updated resource estimate and then a preliminary
economic assessment. Interpretation of current drilling combined with
geophysical survey data indicates that the currently granted
prospecting rights allow for up to six kilometres of northeasterly
strike length before the system strikes onto the adjacent permit
area, which is under registered application to the Company. The
up-dip extension of the deposit to the east will be drilled once that
licence area, now under registered application, is granted to the
Company on behalf of the Waterberg joint venture. 
About Platinum Group Metals Ltd. 
Platinum Group is based in Johannesburg, South Africa and Vancouver,
Canada. The Company's main asset is a 74% interest in Project 1 near
Rustenburg, South Africa, where a Phase 1 construction budget of US
$100 million is in progress, including underground development.
Project 1 has an estimated steady state production of 275,000 ounces
per year of platinum group metals. Platinum Group also has active
exploration programs with drilling at the Sable joint venture and
Waterberg joint venture in South Africa and active exploration in
Canada for platinum and palladium. 
Qualified Person 
R. Michael Jones, P.Eng., the Company's President, Chief Executive
Officer and a significant shareholder of the Company, is a
non-independent qualified person as defined in National Instrument
43-101 Standards of Disclosure for Mineral Projects and is
responsible for preparing the technical information contained in this
news release. 
On behalf of the Board of Platinum Group Metals Ltd.  
Frank R. Hallam, CFO and Director 
This press release contains forward-looking information within the
meaning of Canadian securities laws and forward-looking statements
within the meaning of U.S. securities laws (collectively
"forward-looking statements"). Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, 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. Forward-looking statements in this press release include,
without limitation, statements regarding the Company's plans to move
into full scale development, the estimated completion of Phase 1 on
Project 1, the timing of any debt/financing for Project 1, the
commencement of Phase 2 on Project 1, the completion of off-take
negotiations, the timing of first ore production and concentrate
sales, and further exploration on the Company's properties. In
addition, the results of the UFS and the Updated Waterberg Report may
constitute forward-looking statements to the extent that they reflect
estimates of mineralization, capital and operating expenses, metal
prices and other factors. Although the Company believes the
forward-looking statements in this press release are reasonable, it
can give no assurance that the expectations and assumptions in such
statements will prove to be correct. 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 market
conditions; the nature, quality and quantity of any mineral deposits
that may be locate;, the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities; the
Company's ability to successfully complete hedging establishment and
off-take negotiations; 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 and
other risk factors described in he Company's Form 40-F annual report,
annual information form and other filings with the SEC and Canadian
securities regulators, which may be viewed at and, respectively. 
The Toronto Stock Exchange and the NYSE MKT LLC have not reviewed and
do not accept responsibility for the accuracy or adequacy of this
news release, which has been prepared by management. 
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
(604) 899-5450 / Toll Free: (866) 899-5450 
Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
(604) 899-5450 / Toll Free: (866) 899-5450
(604) 484-4710 (FAX)
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