Platinum Group Metals Ltd. Hosts Webcast for WBJV Platinum Project Update

VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH
AFRICA, Sep 02 (MARKET WIRE) --
Platinum Group Metals Ltd. (TSX: PTM)(AMEX: PLG) will conduct a
teleconference in conjunction with today's announcement. The
teleconference begins at 12:00PM Eastern Standard Time today, Tuesday,
September 2nd, 2008. Members of the news media, investors and the general
public are invited to access a live webcast of the conference call via a
link on the Platinum Group Metals Ltd.'s website at
www.platinumgroupmetals.net. The event will be archived and available for
replay through to September 2nd, 2009.

Platinum Group Metals Ltd. has agreed to a term sheet with Anglo Platinum
Limited and Wesizwe Platinum Limited to consolidate and rationalize the
Western Bushveld Joint Venture. Under the terms Platinum Group will
control 74% of the WBJV Projects 1 and 3. As a result of the proposed
transaction, Platinum Group pays no new cash or shares until up to six
months after closing.

About Platinum Group Metals Ltd.

Platinum Group Metals Ltd. is based in Vancouver BC, Canada and
Johannesburg, South Africa. The Company has a management team in both
Canada and South Africa, which have successful track records of more than
20 years in exploration, mine discovery, mine construction and mine
operations. The Company was formed in 2000 and is focused on the
development of platinum operations. Platinum Group Metals Ltd. trades on
the Toronto Stock Exchange under the symbol PTM and on the AMEX in New
York under the symbol PLG.

On behalf of the Board of Platinum Group Metals Ltd.

R. Michael Jones, President and Director

This press release contains forward-looking statements within the meaning
of Canadian and U.S. securities laws. Such statements include, without
limitation, statements regarding the timing of future activities by the
Company, future anticipated exploration and development programs, the
review of technical information, the discovery and delineation of mineral
deposit and resources, business plans, potential mining scenarios,
business trends and future operating factors. Although the Company
believes that such statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, 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. 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 the nature, quality and quantity of any
mineral deposits that may be located, the Company's ability to obtain any
necessary permits, consents or authorizations required for its
activities, 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. In addition,
forward-looking statements are subject to various risks, including that
data is incomplete and considerable additional work will be required to
complete further evaluation, including but not limited to drilling,
engineering and socio-economic studies and investment; no firm quotes for
costs have been received; the legal right to mine the project discussed
has not been confirmed or applied for and the process for such
application is new in South Africa; the potential capital cost of the
project is beyond the current means of the Company and there can be no
assurance that financing for further work will be available.

There are significant risks with respect to grade estimation,
metallurgical recovery and mining plans that may result in over
estimation or failure to meet targets. Availability of grid electrical
power is completely outside the company control. Any estimates, plans or
studies prepared by or on behalf of other companies with respect to the
project have not been prepared or reviewed by the Company or the
Company's QPs and such disclosure can't and should not be in any way be
attributed to the Company or the Company's QPs, independent or
non-independent. Any reference to Project 2 does not imply that this is a
stand alone area for any potential mine plan. The reader is referred to
the Company's filings with the SEC and Canadian securities regulators for
disclosure regarding other risk factors. There is no certainty that any
forward looking statement will come to pass and investors should not
place undue reliance upon forward-looking statements. Cautionary Note to
U.S. Investors: The U.S. Securities and Exchange Commission permits U.S.
mining companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or
produce. We use certain terms in this press release, such as "Measured",
"Indicated", and "Inferred", "resources", that the SEC guidelines
strictly prohibit U.S. registered companies from including in their
filings with the SEC.

U.S. investors are urged to consider closely the disclosure in our Form
40-F, File No. 0-30306, which may be secured from us, or from the SEC's
website at: http://sec.gov/edgar.shtml. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.

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

Contacts:
Platinum Group Metals Ltd.
R. Michael Jones
President
(604) 899-5450 or Toll Free: 1-866-899-5450

Platinum Group Metals Ltd.
John Foulkes
Manager Corporate Development
(604) 899-5450 or Toll Free: 1-866-899-5450
(604) 484-4710 (FAX)
Website: www.platinumgroupmetals.net

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