Platinum Group Metals Provides WBJV Project 1 Update

Platinum Group Metals Provides WBJV Project 1 Update 
(Marketwired) -- 06/14/13 -- Platinum Group Metals Ltd.
(TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") reports
that development on the WBJV Project 1 platinum mine is progressing
well. The north mine twin declines are now developed to a length of
approximately 1,220 metres. An underground drive along the strike of
the deposit has now advanced on the Merensky reef for approximately
130 metres with no major offsets. The 1st raise position into the
Merensky Reef panel has been reached and the raise will commence
shortly. The declines themselves are continuing and turns into
development headings targeting mine blocks below the current
development level are now underway. Crews are currently achieving the
planned advance rates at the north mine. 
A second set of twin declines at the south mine are being developed
into the ore body 1.8 kilometers south of the north mine portal.
Advance to date of south mine declines is approximately 60 metres.
The development of these declines is progressing slower than
anticipated due to poorer ground conditions than expected in the
first 50 metres vertical from surface. The south declines are
expected to move out of poor near surface conditions in the next
month and development rates will improve. As a result of the slower
development rates in the south mine and a one month project delay as
a result of Section 54 safety work stoppages, the targeted start date
for first concentrate production has been adjusted by six months to
mid-2015. The ramp-up profile for production from this date forward
over the following two years is similar to previous projections.  
Surface development is on track. Surface earthworks and lay down
areas are well advanced. Major mill components have been ordered.
Expected deliveries for all major components remain on schedule.
Power and water requirements are expected to be provided as required.
Eskom is currently installing transformers for the initial 10MVA
service to site. The Company and Eskom are working on a plan to
provide the site with a further 10MVA for commissioning and early
production requirements, which will be sufficient for all mining and
milling operations until the full 40 MVA service is delivered. The
operation does not require more than 20 MVA for several years. 
The Company is seeing escalation in Rand terms at Project 1 in areas
such as labour, diesel fuel, power and certain supplies. These
escalations have been consistent with those seen in the South African
mining industry in general over the last 18 months. The Company's
original cost estimates were modelled at 8 Rand to the US Dollar.
With the Rand currently at or near 10 Rand to the dollar these cost
escalations are substantially offset in dollar terms and the net
effect of escalation and project delays at present is estimated at
less than a 10% increase from previous cost estimates. Major service
contracts and equipment purchase contracts are collectively in
keeping with previous cost estimates.  
Qualified Person, Quality Control and Assurance, Verification 
R. Michael Jones, P.Eng, (CEO and shareholder), is the
non-independent Qualified Person for this press release. He has
relevant experience in the platinum industry for the past 12 years
and precious metals exploration and mine operations over the past 25
years. Mr. Jones has reviewed the mine plans and the development
schedules of the Company and has determined the estimates contained
therein are sufficient for this disclosure. He has visited the
property on numerous occasions. 
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 11 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
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 for full scale
development, the timing of first ore production and concentrate
sales, and further exploration on the Company's properties. In
addition, the information discussed in this press release 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.  
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.
R. Michael Jones
(604) 899-5450 / Toll Free: (866) 899-5450 
Platinum Group Metals Ltd.
Kris Begic
VP, Corporate Development
(604) 899-5450 / Toll Free: (866) 899-5450
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