Platinum Group Metals Announces that 26% WBJV Project 1 Shareholder Africa Wide Has Today Elected Not to Fund an Initial Cash

Platinum Group Metals Announces that 26% WBJV Project 1 Shareholder Africa Wide 
Has Today Elected Not to Fund an Initial Cash Call 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/18/13 -- Platinum
Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the
"Company") announces that at a meeting of the shareholders of Maseve
Investments 11 Pty Ltd ("Maseve"), the operating company of the WBJV
Project 1 Platinum Mine (the "Project"), Platinum Group
representatives were informed by a representative of Africa Wide
Mineral Prospecting and Exploration (Pty) Ltd ("Africa Wide") that
Africa Wide, a subsidiary of Wesizwe Platinum Ltd. ("Wesizwe"), would
not be funding a 213 million Rand (approximately US $ 21.8 million)
cash call for their 26% share of a 6 month forward budget for the
Project. There was no indication from Wesizwe or Africa Wide until
late today in Johannesburg that they would not fund their pro-rata
share of the Project. The cash call to Africa Wide for the Project
had been timed to coincide with the final expenditure of funds held
in escrow by Maseve for Africa Wide. 
Under an agreement between the shareholders of Maseve, any further
expenditures by Maseve funded by Platinum Group alone would result in
the dilution of Africa Wide's equity interest in Maseve. Wesizwe had
previously indicated that they would be a funding participant through
Africa Wide and that they supported the proposed project loan in
respect of the Project. 
As a result of the potential changes in the structure of ownership in
Maseve, and potential changes in funding arrangements for Maseve and
the Project, there may be substantial delays or a stop in
construction and production plans for the Project. The currently
proposed project loan structure for the Project is unlikely to
proceed in its current form. The Project construction may be stopped
with significant cost to Maseve. 
Platinum Group will evaluate its options and course of action over
the next few days and provide an update on its plans. The Company
holds approximately $ 90 million in cash at present which is
sufficient to cover the costs of any stoppage at the Project. 
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 potential changes in the structure,
ownership timing and funding of Maseve and the Project, the potential
loss of project financing and potential work stoppages and related
costs, potential changes to the Company's construction and production
plans for the Project. 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 metal
prices, costs and stock market conditions; the inadequacy and
uncertainty of financing; the requirement to comply with black
economic empowerment laws in South Africa; 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 raise equity
and debt financing; the Company's ability to ensure the Project
complies with applicable regulatory requirements; the Company's
ability to successfully complete loan 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.
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
(604) 899-5450 / Toll Free: (866) 899-5450 
Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
(604) 899-5450 / Toll Free: (866) 899-5450
(604) 484-4710 (FAX)
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