Platinum Group Metals Files Report on Updated Mineral Resource Estimate for the
Waterberg Platinum Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/17/13 -- Platinum
Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the
"Company") announces that further to its news release dated September
3, 2013 (the "Release") announcing an updated inferred mineral
resource estimate on the Company's Waterberg Project located in a
newly discovered extension of the Northern Limb of the Bushveld
Complex of South Africa, it has today filed the associated National
Instrument 43-101 technical report. The report, entitled "Revised and
Updated Mineral Resource Estimate for the Waterberg Platinum Project,
South Africa (Latitude 23 degrees 22' 01"S, Longitude 28 degrees 49'
42"E)" is dated effective September 2, 2013 and was prepared by
Kenneth Lomberg, B.Sc. (Hons) Geology, B. Com., M. Eng. Pr.Sci.Nat.,
MGSSA, of Coffey Mining (SA) Pty Ltd. supporting the disclosure of
the updated inferred mineral resource estimate. The technical report
is consistent in all material respects with the inferred mineral
resource estimates announced in the Release. A copy of the report can
be found at www.sedar.com and on the Company's website. The Company
controls an effective 49.9% interest in the Waterberg deposit in a
joint venture with JOGMEC, the Japanese State Company and a private
empowerment partner holding the balance.
On strike with the Waterberg deposit, exploration with 7 drill rigs
continues, targeting the potential extension of the Bushveld Complex
by drilling holes spaced 1 kilometer or more apart over approximately
20 kilometers. The Company holds an effective 87% interest in the
extension prospecting permits.
R. Michael Jones, P.Eng., the Company's 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 information contained in this news 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
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President and CEO
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
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
Platinum Group Metals Ltd.
R. Michael Jones, President
Kris Begic, VP, Corporate Development
Toll Free: (866) 899-5450
Platinum Group Metals Ltd.
VP, Corporate Development
Toll Free: (866) 899-5450
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