Platinum Group Metals and Japanese Partner Consolidate Waterberg PGM District - Seite 2

"Today's agreement enhances our long-standing strategy of advancing shallow, high-grade, low cost projects to create significant and sustainable value for our shareholders," said Platinum Group Metals CEO R. Michael Jones. "The consolidation of the Waterberg Project eliminates project boundaries; reduces development, administration and infrastructure costs; creates strong efficiencies; and enables the most economic development of the deposit. The unified ownership structure also allows for superior mine planning and scheduling focused on the early exploitation of higher grade tonnes of Super F mineralization, which may be planned with lower-cost mechanized processes in the ongoing Pre-feasibility Study."

Details

JOGMEC will fund the entire US $8.0 million budget planned for the period ending March 31, 2016 and will then fund the first US $6.0 million of all planned programs in each of the next two years ending March 31, 2017 and 2018. A budget in excess of US $6.0 million may be proposed by PTM for pro-rata participation, following the JOGMEC funding in years 2 and 3 of the agreement.

All Waterberg prospecting rights and applications will now be contributed into a new operating corporation, Waterberg JV Resources (Pty) Limited, to be owned 45.65% by the Company, 28.35% by JOGMEC and 26% by Mnombo. (PTM holds 49.9% of Mnombo). The ownership of the new operating company will be governed under a participating shareholders agreement.

Updated Resource Estimate and Pre-Feasibility Study Continuing

The Waterberg deposit was discovered by the Joint Venture in a newly identified section of the Bushveld Complex. The deposit has the key features of being near surface, at 140 meter deep to the shallowest edge, and having thickness from 3 meters to 60 meters. This is in contrast to the conventional Bushveld deposits, many of which are in excess of 1000 meters deep and 1 meter thick. The Waterberg deposit has been divided into the Waterberg I, II, and III domains. Each domain represents approximately 5 kilometers of strike length. The June 2014 Waterberg resource estimate is 29.07 million inferred ounces over approximately the first 10 kilometers of strike length (100% basis, Inferred 287 million tonnes grading 3.15 g/t 4E (0.94g/t Pt, 1.92 g/t Pd, 0.04 g/t Rh, 0.25 g/t Au, 30%, 61%, 1%, 8%, respectively)). See Technical Report on SEDAR filed December 19, 2014. Of these resources approximately 22.3 million ounces are hosted on the old Waterberg Joint Venture area while the balance of 6.8 million ounces reside on the old Waterberg Extension area.