Platinum Group Metals Continues to Significantly Expand Waterberg Platinum Discovery

Platinum Group Metals Continues to Significantly Expand Waterberg Platinum 
Discovery 
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA --
(Marketwired) -- 04/23/13 -- Platinum Group Metals Ltd.
(TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") announces
that results from shallow step out holes up-dip and in-fill holes
within the 10.1 million ounce platinum, palladium and gold inferred
resource continue to significantly expand and confirm the discovery.
The F layer has now been confirmed on sections up dip to within 200
meters of surface and earlier drilling has found the T layers to
within 130 meters of surface. 15 drill rigs continue to operate at
Waterberg and the deposit is open.  
New intercepts reported include WB 046 at 22 meters thick grading
4.54 g/t platinum, palladium and gold ("3E") and WB 053 at 8 meters
thick grading 4.23 g/t 3E. The average F layer thickness based on
just the 27 new FH and FP intercepts reported herein is 5.04 meters
and the weighted average grade of these intercepts is 3.45 g/t 3E.
This new average thickness is remarkably consistent with the
published inferred resource F layer average of 5.24 meters with an
average grade of 3.29 g/t 3E. (10.1 M ounces, 92.93 Mt at 3.39 g/t
3E, Technical Report, Ken Lomberg QP, Filed March 18, 2013,
www.sedar.com). Of the 15 new holes and 27 new intercepts drilled
along 5 kilometers of strike length and reported below, only 4 FP
intercepts were not well developed, indicating very good continuity.  
Metallurgical test work on the T2 and F-zones is in progress and
results are expected soon. A preliminary economic assessment of the
Waterberg deposit is in process with a fully mechanized mine design.  
Drilling along the north edge of the current deposit confirms the
potential to the north on to prospecting permit applications, 87 %
held by the Company. Initial data from the recently completed 3,200
line kilometer airborne differential gravity and magnetic survey
correlates well with the known deposit and indicates excellent
potential along strike. The filing of the environmental management
plans for drilling on the accepted extension prospecting permit
applications has been completed and final approvals are expected
soon. Drilling on the extension Prospecting Permit applications is
planned for calendar Q2 or Q3 2013. 


 
DETAILS
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                                Miner-  Thick-                              
                                alized    ness   Pt   Pd   Au  PGE   Cu   Ni
BHID    Farm        From    To    zone  Meters  g/t  g/t  g/t  g/t    %    %
----------------------------------------------------------------------------
WB045D0 Ketting    745.5   754      FH    8.50 0.61 1.19 0.06 1.86 0.02 0.18
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WB046D0 Ketting    799.5 821.5      FH   22.00 1.36 3.00 0.18 4.54 0.07 0.17
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WB047D0 Ketting      869 872.5      FH    3.50 0.45 0.75 0.01 1.21 0.00 0.16
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WB048D0 Ketting    960.5 963.5      FH    3.00 0.12 0.13 0.01 0.25 0.00 0.14
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WB049D0 Ketting      895   906      FH   11.00 1.00 2.36 0.17 3.53 0.13 0.24
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WB051D0 Goedetrouw   309   311      FH    2.00 0.73 0.85 0.09 1.67 0.02 0.15
----------------------------------------------------------------------------
WB052D0 Goedetrouw   434   436      FH    2.00 1.15 2.20 0.13 3.49 0.02 0.07
----------------------------------------------------------------------------
WB053D0 Goedetrouw   799 809.5      FH   10.50 1.20 2.54 0.21 3.95 0.17 0.28
----------------------------------------------------------------------------
WB058D0 Goedetrouw   418   420      FH    2.00 1.04 2.32 0.02 3.38 0.01 0.16
----------------------------------------------------------------------------
WB055D0 Goedetrouw   560   562      FH    2.00 0.22 0.24 0.02 0.48          
----------------------------------------------------------------------------
WB060D0 Goedetrouw 207.5   210      FH    2.50 0.96 2.06 0.18 3.19 0.19 0.32
----------------------------------------------------------------------------
WB061D0 Goedetrouw   395   398      FH    3.00 0.91 1.58 0.14 2.62 0.06 0.19
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WB062D0 Goedetrouw   564 570.5      FH    6.50 1.27 2.47 0.18 3.92    -    -
----------------------------------------------------------------------------
WB069D0 Goedetrouw 567.5   572      FH    4.50 2.71 4.23 0.20 7.15    -    -
----------------------------------------------------------------------------
WB072D0 Goedetrouw   264   266      FH    2.00 1.75 1.02 0.01 2.77    -    -
----------------------------------------------------------------------------
                                                                            
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WB045D0 Ketting    798.5 802.5      FP    4.00 0.76 1.46 0.11 2.32 0.08 0.20
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WB046D0 Ketting      845   857      FP   12.00 1.15 2.64 0.18 3.98 0.07 0.22
----------------------------------------------------------------------------
WB047D0 Ketting      990   994      FP    4.00 0.92 1.88 0.11 2.90 0.07 0.17
----------------------------------------------------------------------------
WB048D0 Ketting    984.5 987.5      FP    3.00 0.26 0.60 0.02 0.89 0.02 0.14
----------------------------------------------------------------------------
WB049D0 Ketting      921 926.5      FP    5.50 1.55 3.81 0.22 5.57 0.14 0.28
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WB051D0 Goedetrouw   331 333.5      FP    2.50 1.13 1.91 0.04 3.08 0.04 0.10
----------------------------------------------------------------------------
WB052D0 Goedetrouw   459   461      FP    2.00 1.33 1.36 0.05 2.74 0.01 0.10
----------------------------------------------------------------------------
WB053D0 Goedetrouw 820.5 828.5      FP    8.00 1.29 2.74 0.21 4.23 0.18 0.29
----------------------------------------------------------------------------
WB055D0 Goedetrouw 576.5 578.5      FP    2.00 0.23 0.39 0.02 0.64          
----------------------------------------------------------------------------
WB058D0 Goedetrouw 483.5 486.5      FP    3.00 0.48 1.12 0.07 1.67 0.09 0.14
----------------------------------------------------------------------------
WB060D0 Goedetrouw   231 233.5      FP    2.50 0.91 2.26 0.20 3.38 0.17 0.25
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WB061D0 Goedetrouw                    Not Developed                         
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WB062D0 Goedetrouw                    Not Developed                         
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WB063D0 Goedetrouw                    Not Developed                         
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WB064D0 Goedetrouw 268.5   271      FP    2.50 0.89 2.05 0.25 3.19    -    -
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                            Average                  Average
                                           PGE(g/t)            Thickness (m)
----------------------------------------------------------------------------
FH                                             3.51                     5.67
----------------------------------------------------------------------------
FP                                             3.37                     4.25
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Total                                          3.45                     5.04
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Platinum Group, with a 49.9% direct and indirect interest in the
Waterberg Joint Venture 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 Joint Venture
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 is participating in an initial USD $10.0
million exploration program for 2013. 
Qualified Person, Quality Control, Assurance, Verification, Inferred
Resources 
The non-independent qualified person for the intercepts reported in
this release is R. Michael Jones, P. Eng the Company President. He
has more than 20 years of relevant experience and he has verified the
data by ensuring that qualified geologists are involved in collection
and compilation of the data, and that a system of quality control and
chain of custody records are maintained and he has visited the
property several times and reviewed the detailed data. He is
satisfied with the verification of the data.  
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 to demonstrate 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 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 Africa Wide
Prospecting and Exploration (Pty) Limited, a wholly owned subsidiary
of Wesizwe Platinum Ltd. Platinum Group is also currently drilling
with 15 machines at the Waterberg Project in partnership with JOGMEC,
a Japanese state company and a private empowerment company. Platinum
Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto. 
On behalf of the Board of Platinum Group Metals Ltd.  
R. Michael Jones, President  
To view an image of the Waterberg Drilling Status, please visit the
following link: http://media3.marketwire.com/docs/ptm423i.jpg.  
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 into
full scale development in the months ahead. 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 www.sec.gov and www.sedar.com , 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
mineable. 
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. 
Contacts:
Platinum Group Metals Ltd.
R. Michael Jones
President
(604) 899-5450 or Toll Free: (866) 899-5450 
Platinum Group Metals Ltd.
Kris Begic
VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
www.platinumgroupmetals.net