Platinum Group Metals Files Waterberg Project Technical Report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 29, 2016) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group Metals" or the "Company") reports that further to its news release dated April 19, 2016 announcing an updated independent resource estimate on the Company's 58.62% interest in the Waterberg Project located in the Bushveld Igneous Complex, South Africa, it has today filed the associated National Instrument 43-101 technical report.

The report is on a 100% Project basis resource estimate. The report, entitled "Mineral Resource Update on the Waterberg Project Located in the Bushveld Igneous Complex, South Africa" is dated April 29, 2016 and was prepared by Charles J Muller (B. Sc. (Hons) Geology) Pri. Sci. Nat., of CJM Consulting (Pty) Ltd., supporting the disclosure of the independent mineral resource estimate effective April 18, 2016. A copy of the report can be found at www.sedar.com and on the Company's website.

The Waterberg deposit is open for expansion and drill results continue to be compiled on the shallow F zones and the deeper parts of the T zone. Pre-feasibility engineering is continuing as planned with completion scheduled for the end of July 2016. Drilling and engineering work is being funded 100% at this time by the Japan Oil, Gas and Metals National Corporation ("JOGMEC") under a US$ 20 million firm commitment to the Joint Venture.

On behalf of the Board of

Platinum Group Metals Ltd.

R. Michael Jones, CEO and Co-founder

Disclosure

The Toronto Stock Exchange and the NYSE MKT LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Forward-Looking Statements

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 all technical details of the updated mineral resources. A shortage of working capital may materially affect the Company ability to complete its plans. 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 located; metal prices; other prices and costs; currency exchange rates; the Company's ability to obtain any necessary permits, consents or authorizations required for its activities; the Company's ability to access further funding and 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.