Platinum Group Metals Announces the Start of New Exploration on the Waterberg Extension Prospecting Rights

Platinum Group Metals Announces the Start of New Exploration on the Waterberg 
Extension Prospecting Rights 
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA --
(Marketwired) -- 10/02/13 -- Platinum Group Metals Ltd.
(TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") announces
that today the Department of Mineral Resources of South Africa (the
"DMR") has granted Prospecting Rights and consent for prospecting to
commence on the Waterberg Extension Rights covering approximately 530
square kilometers immediately adjacent and north of the newly
discovered 17.5 million inferred ounce Waterberg Platinum and
Palladium deposit (167 Million tonnes grading 3.26 grams per tonne of
platinum, palladium and gold announced September 3, 2013 and detailed
below).  
A total of 7 drills have been mobilized today to commence drilling
targeting the potential extension of the Bushveld Complex and the
Waterberg Platinum deposit by drilling holes spaced 1 kilometer or
more apart over approximately 20 kilometers. 
The Company holds an effective 87% interest in the Waterberg
Extension Prospecting Rights. The Extension Rights adjoin immediately
to the north of the Waterberg Joint Venture where the Company holds
an effective 49.9% interest with JOGMEC, the Japanese State Company,
and a private empowerment partner holding the balance.  
Recent detailed airborne gravity and magnetic surveys completed by
the Company over the known deposit and the Extension Permits provide
signatures that clearly correlate to the shallow edge of the
Waterberg deposit and provide obvious shallow targets along strike
from the current northern edge of the drilled off deposit.  
Background 
A new portion of the Bushveld Complex was discovered in November 2011
off the north end of the known Complex by the Company and their joint
venture partners including JOGMEC. The initial deposit contains new
mineralized layers within the named the "T" and "F" Zones that are
shallow, tabular and cover 5.5 kilometres of strike length. The
deposit was not previously found as a result of a thin layer of cover
rock covering the deposit area.  
The initial deposit is limited to the north by the joint venture
boundary. Through successful drilling of approximately 130,000 meters
of core in 111 boreholes, the deposit has grown from September 2012:
6.2M ozs (3E) inferred to February 2013: 10.1M ozs (3E) inferred to
September 2013: 17.52M ozs (3E) inferred. (See details in the Sept 3,
2013 Press Release and reports at www.sedar.com including risk
factors and caution to all investors on Inferred resources). 
A preliminary economic assessment on the Waterberg Platinum deposit
is underway by Worley Parson TWP, an experienced South African mine
development and engineering firm, with the results expected in
December 2013. The shallowest edge of the Waterberg deposit is at
130m deep.  
In early 2012, the Company recognized the potential regional
significance of the new discovery and applied for a large area of
potential strike extension on its own, with its private South African
empowerment partner. In addition to the exploration drilling to date
at Waterberg, considerable academic work with the assistance of the
University of the Witwatersrand has been completed and this work has
confirmed the initial interpretation that the Waterberg deposit is
hosted in in a new part of the Bushveld Complex in a new deposit
setting, under shallow cover rock.  
Detailed airborne differential gravity and magnetic surveys along
with ground follow-up calibrated on the known Waterberg deposit are
being used to target the drilling on the Extension Permits.
Additional Prospecting Permits outside of the currently targeted
strike line are in process. 
Technical Details 


 
Inferred 2PGE+Au Resource Estimate, September 2, 2013                       
Prill Spilt and Base Metal Details - Ken Lomberg, Independent QP            
-------------------------------------------------------------------------
              Thickness                                           2PGE+Au
                      M  TonnesMt  Pt (g/t)  Pd (g/t)  Au (g/t)     (g/t)
-------------------------------------------------------------------------
T1                 2.30      8.50      1.04      1.55      0.47      3.06
-------------------------------------------------------------------------
T2                 3.77     39.16      1.16      2.04      0.84      4.04
-------------------------------------------------------------------------
T Total            3.38     47.66      1.14      1.95      0.77      3.86
-------------------------------------------------------------------------
F Total     3.0 to 30.0    119.05      0.91      1.98      0.13      3.02
-------------------------------------------------------------------------
Total                      166.71      0.98      1.97      0.32      3.26
-------------------------------------------------------------------------
 
--------------------------------------------------------------------
                       2PGE+Au                                      
            Pt:Pd:Au     (koz)   Cu (%)   Ni (%)    Cu (t)    Ni (t)
--------------------------------------------------------------------
T1          34:51:15       842     0.17     0.10    14,500     8,400
--------------------------------------------------------------------
T2          29:50:21     5,107     0.18     0.10    69,400    37,600
--------------------------------------------------------------------
T Total     30:50:20     5,948     0.18     0.10    83,900    46,000
--------------------------------------------------------------------
F Total      30:65:5    11,575     0.07     0.17    78,800   202,200
--------------------------------------------------------------------
Total       30:60:10    17,523     0.10     0.15   162,700   248,200
--------------------------------------------------------------------
----------------------------------------------------------------------------
Note: The T1 and F layers are reported with a 2g/t 2PGE+Au cut-off          
    The T2 layer is reported based on the selection of a mining cut of a    
    minimum of 2m consistently across all deflections                       
----------------------------------------------------------------------------

 
Qualified Person, Quality Control and Assurance 
The non-independent qualified person for this Press Release is R.
Michael Jones, P.Eng. He has relevant experience in precious metals
and PGM evaluations and has verified the data by reviewing the
detailed assay and geological information on the Waterberg deposit
and visiting the site and core yard many times since 2011 including
in September 2013. 
Base metals and other major elements were determined by multi acid
digestion with ICP finish and PGE's were determined by conventional
fire assay and ICP finish. Setpoint Laboratories is an experienced
ISO 17025 SANAS accredited laboratory in assaying and have utilized a
standard quality control system including the use of standards. 
Ken Lomberg is the independent qualified person for the resource
estimation on the Waterberg deposit and he has reviewed the
references to resources and ongoing work in this press release.  
About Platinum Group Metals Ltd. 
In addition to its exploration at Waterberg, 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. The Company is working towards finalizing a previously
announced project financing banking arrangement and has approximately
1,000 persons on site in mine construction at the WBJV Project 1
Platinum Mine with a target of production in mid-2015.  
To view the Waterberg Map, please visit the following link:
http://media3.marketwire.com/docs/WaterbergMap.jpg.  
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  
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.  
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, the timing of any
debt/financing for Project 1, the completion of account structuring
the timing of first ore production and concentrate sales, and further
exploration on the Company's properties. 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 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.
Contacts:
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
President
(604) 899-5450 or Toll Free: (866) 899-5450 
Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
 
 
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