Platinum Group Metals Ltd.: 10 Million Ounce Platinum, Palladium and Gold Inferred Updated Mineral Resource at Waterberg

Platinum Group Metals Ltd.: 10 Million Ounce Platinum, Palladium and Gold 
Inferred Updated Mineral Resource at Waterberg 
(Marketwire) -- 02/01/13 -- Platinum Group Metals Ltd. (TSX:PTM)(NYSE
MKT:PLG)(NYSE Amex:PLG) ("Platinum Group" or the "Company") announces
an updated 10 million ounce 3E (Platinum, Palladium and Gold)
inferred mineral resource estimate for the Waterberg joint venture
property. The current resource covers only 250m of influence up dip
and eastward into a new permit granted in January 2013. The deposit
remains open along strike onto permits under application as well as
up-dip. Drilling continues and has been ramped up from 10 to 15 drill
rigs, largely focused on the up-dip potential of the deposit. 
Overall with drilling in late 2012 the estimated resource has been
expanded by 51%. The total deposit grade has increased slightly and
the average thickness has increased from 4.1 meters to 4.6 meters
thick on the four layers in the resource estimate. The metal ratios
of platinum, palladium and gold have remained generally consistent
with initial resource estimate in 2012.  
The total resource contains 10.12 million ounces platinum, palladium
and gold (3E) in 92.93 million tonnes with the shallowest part of the
deposit in the T zone at 124 meters deep and the deposit cut off at
1000m deep as a preliminary economic cut off. The updated inferred
mineral resource estimate covers the first 2.8 kilometres of T-zone
and 5.4 kilometres of F-zone strike length.  

                          Mineral Resource Estimate                         
                              01 February 2013                              
                      Stratigraphic   Tonnage     Pt     Pd     Au   2PGE+Au
                          Thickness        Mt  (g/t)  (g/t)  (g/t)     (g/t)
T1                             2.58      4.33   0.91   1.37   0.52      2.80
T2                             4.08     25.46   1.07   1.87   0.78      3.72
T Total                        3.76     29.78   1.05   1.79   0.75      3.59
FH                             4.02      7.19   1.09   2.37   0.20      3.66
FP                             5.46     55.95   1.01   2.10   0.14      3.25
F Total                        5.24     63.15   1.02   2.13   0.15      3.29
Combined Total                 4.63     92.93   1.03   2.02   0.34      3.39
Content (koz)                                  3,071  6,040  1,009          
                          Mineral Resource Estimate                         
                              01 February 2013                              
                       Pt:Pd:Au       (koz) Cu (%) Ni (%)    Cu (t)   Ni (t)
T1                     32:49:19         390   0.21   0.11     9,200    4,900
T2                     29:50:21       3,045   0.17   0.09    44,000   22,600
T Total                29:50:21       3,435   0.18   0.09    53,200   27,500
FH                      30:65:6         847   0.10   0.22     6,900   15,500
FP                      31:65:4       5,838   0.06   0.16    33,400   91,600
F Total                 31:65:4       6,685   0.06   0.17    40,300  107,100
Combined Total         30:60:10      10,120                                 
Content (koz)                                                               

Inferred Mineral Resource, Dated February 01, 2013, Ken Lomberg,
Coffey Mining, Independent Qualified Person 
Based on drilling to date, an interpreted erosional feature of the
Waterberg sediments into the newly discovered lobe of the Bushveld
complex limits part of the eastern T zone extension near surface.
Additional T zone potential is open to the west and north of the
current area of drilling. "F" zone exploration drilling from
approximately 300 meters deep up-dip towards surface is ongoing. 
The inferred mineral resource estimate includes two "T" and two "F"
mineralized layers. The most important layers are the 4.1 meter thick
"T2" and 5.5 meter thick "FP" layers. The T layers are very well
correlated in terms of geochemical markers and lithology and have a
characteristic metal split of approximately 50% Palladium, 29%
Platinum and 21% Gold. The F layers are approximately 5.2 metres
thick on average, having an approximate metal split of 65% Palladium
and 31% Platinum and 4% Gold.  
The Waterberg deposit has excellent potential to be mined by highly
efficient mechanized methods and the initial deposit depth are
amenable to a decline ramp rather than vertical shafts. 
For the initial and the current resource models the T and the F
layers have been modelled to a cut-off depth of 1,000 metres below
surface. Mineralization below this depth has not been included in the
current resource estimate. Significant mineralized intercepts have
been returned below this depth, up to 1,300 meters deep. The 1,000
metre cut-off depth will be re-evaluated during a preliminary
economic assessment planned for 2013.  
Platinum Group, with a 49.9% direct and indirect interest in the
Waterberg property, made the discovery in partnership with the Japan
Oil, Gas and Metals National Corporation ("JOGMEC"). JOGMEC holds a
direct 37% interest in the Waterberg property with a balance of
approximately 13.1% of the project being held by black empowerment
interests. Platinum Group is the operator of the project. JOGMEC has
now approved their participation in an initial USD $10.0 million
exploration program for 2013.  
R. Michael Jones, President and CEO of Platinum Group, said "The
Waterberg discovery of near surface, thick platinum is very opportune
at a time of shrinking global production of platinum from the
conventional mines. As we continue to drill for resource expansion we
will commence a preliminary economic assessment on the initial 10
million ounces. Our teams have now completed the design of the WBJV
Project 1 mine now in construction, and are excited to begin their
work on initial mine designs for Waterberg".  
Inferred Mineral Resource Estimate Details 
The mineral resource estimate was completed by Ken Lomberg (SACNAPS
400038/01) of Coffey Mining. Coffey Mining is a well-established
international Mining consultancy with offices in Australia, Africa,
North America and South America. 
The inferred mineral resource estimate was prepared using an inverse
distance squared approach and a seam model for each layer. Some 20
boreholes and a total of 106 intersections on the different layers
for the T zone and 30 Boreholes and a total of 101 intersections on
the F zone were used in calculating the inferred mineral resource
The basis of the estimates are the identified cuts of the layers. The
layers were initially defined based on their geochemical signatures
and checked against the core to ensure continuity especially between
deflections of the same boreholes. The cuts were also defined based
on the geology and marginal cut-off grade of 0.1g/t PGM, 3E and a
minimum thickness of 2 meters.  
A cut-off grade of 2.0g/t was applied to the block model for the T1
and FH Layers. Note: Totals may not sum exactly due to rounding 
Qualified Person, Quality Control and Assurance, Verification 
Ken Lomberg is the Independent (as defined in NI-43-101) Qualified
Person ("QP") for the inferred mineral resource estimate presented
here and he has approved this disclosure. He is based in South Africa
and has 27 years of relevant experience in resource estimation and
mining project evaluations in many platinum projects and mines. He
has verified the data by visiting the project site, reviewing the
core, checking the assay data, checking resource model cuts on the
core, viewing the assay certificates on a test basis and assisting
with the geology interpretation, and reviewing the 3-D deposit model
generated in Datamine by Thys Botha, the non-independent qualified
resource estimation geologist and Exploration Manager for Platinum
Group Metals RSA Pty Ltd. Mr. Lomberg is satisfied that the
confidence of the data, the geological interpretation and estimate
are sufficient for the calculation of an inferred mineral resource
Quality control and assurance was completed in the normal process for
Platinum Group Metals RSA Pty Ltd. Standards, duplicates and blanks
were inserted regularly in every assay batch. These assay results
were checked and any results outside of two standard deviations were
re-assayed. Strict control and documentation on the core from the
drill rig to the site and the assay samples to the lab were
maintained at all times under a chain of custody sign off system. The
platinum group elements were assayed by fire assay using a nickel
sulphide collection method at Setpoint Laboratories, Johannesburg, a
SANAS accredited laboratory.  
Inferred mineral resource estimates, under the CIM guidelines, do not
have demonstrated economic viability and may never achieve the
confidence to be mineral reserve estimates or to be mined. An
inferred resource has reasonably assumed continuity based on limited
sampling but the geological and grade continuity has not been
verified. The property is held under a Prospecting Right with the
exclusive right to convert that right to a Mining Right. There can be
no assurance that a Mining Right will be granted with-out extensive
further work and an Application to the Department of Mineral
Resources of South Africa. 
About Platinum Group Metals Ltd. 
Platinum Group has an experienced mine building and operating team
based in Vancouver, Canada and Johannesburg, South Africa. Platinum
Group is building the WBJV Project 1 Platinum mine in the Western
Limb of the Bushveld Complex, South Africa. The Company owns 74% of
the WBJV Project 1 Mine and 26% is owned by Wesizwe which is
controlled by Jinchuan of China. The Platinum Group management team
has a track record of discovery of precious metals mine over the past
20 years. Platinum Group recently completed a $ 180 million equity
funding and a credit approval for $ 260m for the WBJV Project 1 mine
and exploration at Waterberg.  
Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in
On behalf of the Board of Platinum Group Metals Ltd.  
R. Michael Jones  
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 ("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
Waterberg ahead with exploration and engineering work. In addition,
the results of the UFS 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
the 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. 
Cautionary Note to U.S. Investors Regarding Estimates of Inferred
Mineral Resources  
This press release uses the terms "inferred mineral resources." We
advise U.S. investors that while these terms are recognized and
required by Canadian regulations, the SEC does not recognize them.
"Inferred mineral resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimates of "inferred mineral
resources" may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. U.S. investors are cautioned not to assume that any part or
all of an inferred resource exists or is economically or legally
The Toronto Stock Exchange and the NYSE MKT 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
Tel: (604) 899-5450 / Toll Free: (866) 899-5450 
Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
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