Platinum Group Metals Second Quarter Results and Update

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwired - April 12, 2016) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") reports the Company's financial results for the second quarter ended February 29, 2016 and provides recent highlights and outlook. For details of the consolidated financial statements and Management's Discussion and Analysis for the six months ended February 29, 2016, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).

All amounts herein are reported in United States dollars unless otherwise stated. The Company holds cash in Canadian dollars, United States dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings reported in United States dollars.

Recent Highlights

• The Maseve Mine surface milling facility is now complete. Hot commissioning and final checks and testing of the mill were completed in February and March, 2016.
  
  
• The Maseve Mine mill ran for 20 days during hot commissioning in February, 2016. A total of 66,231 tonnes of low grade development material were milled from which 1,049 4E ozs in concentrate were produced and shipped. Commissioning was smooth and mill recoveries and performance has been good.
  
  
• Grade reconciliation from underground sampling to the deposit block model has been good. Underground development has accessed the Merensky Reef in more than 15 headings. Underground development is fully staffed and equipped but is behind schedule.
  
  
• On March 17, 2016 the Company reported new high grade T zone drilling results from the Waterberg deposit including;
  
  
  • Hole WB195 - 13.91 g/t 3E over 11.87 meters (or 15.03 g/t 3E over 8.68 meters, from 898.32 meters to 907.00 meters).
  • Hole WB186 - 5.84 g/t 3E over 19.00 meters from 812.00 meters to 831.00 meters (this hole first announced December 4, 2015).
  • Hole WB200 - 5.92 g/t 3E over 7.56 meters from 938.44 meters to 946.00 meters.
    
    
• On January 12, 2016 the Company announced an expanded diamond drilling program at Waterberg, located on the Northern Limb of the Bushveld Igneous Complex, South Africa, to delineate and upgrade shallow mineral resources. Pre-feasibility work at Waterberg continues at present.
  
  
• On November 20, 2015 the Company announced the draw-down of both a $40 million Senior Secured Loan Facility from the Sprott Resource Lending Partnership and a $40 million Loan Facility from Liberty Metals & Mining Holdings, LLC, a subsidiary of Boston based Liberty Mutual Insurance and the Company's largest shareholder.

Results for the Six Months Ended February 29, 2016