Platinum Group Metals Reports First Quarter 2017 Results and Operational Update

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwired - Jan. 13, 2017) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") reports the Company's operating and financial results for the three months ended November 30, 2016 and provides an operational update and outlook. For details of the consolidated interim financial statements (the "Financial Statements") and Management's Discussion and Analysis for the three months ended November 30, 2016, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net. Shareholders may receive a hard copy of the complete Financial Statements from the Company free of charge upon request.

All amounts herein are reported in United States dollars unless otherwise specified.

Operations at Maseve Mine

The Company is currently focused on development and stoping in the best grade thickness areas in Block 11 of the Maseve Mine, which was accessed and opened for mining late in calendar 2016. Block 11 is modelled to be flat dipping with good grade and thickness and is the most important block to the near-term mine plan.

Redpath Mining South Africa Pty Limited, a subsidiary of Canadian headquartered Redpath Mining Contractors and Engineers ("Redpath"), recently won the tender to provide bord and pillar mining, hybrid mechanized mining and ore transport from Block 11. Since June 2016 Redpath has been providing efficient long hole mining services in Blocks 9 and 12 of the Maseve Mine. The changeover to Redpath as the principal mining contractor at the Maseve Mine was undertaken with affected parties during the latter part of the first fiscal quarter ended November 30, 2016 and into early January 2017. The operational and administrative changeover is now well advanced.

Redpath has also entered into a letter of intent whereby they will install, operate and maintain a 1.0 km conveyor towards Block 11, linking into underground silos and the existing 1.4 km conveyor to surface and 1.7 km conveyor system into the mill. Cost for the conveyor installation to be borne by Redpath is estimated at Rand 25.0 million (approximately US $1.8 million) and Redpath will recoup their investment by way of a per tonne charge now being negotiated. Redpath has also added four units to the trucking fleet on a rental basis to ensure efficient ore transport.