Platinum Group Metals Ltd. Company Update

VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH
AFRICA, Jun 26 (MARKET WIRE) --
Platinum Group Metals Ltd. (TSX: PTM)(NYSE Amex: PLG) ("Platinum Group"
or the "Company") provides the following corporate and project update,
including key milestones for the months ahead.

On June 16th, 2009 the Company completed a $35M unit offering with solid
support from existing and new institutional shareholders. The Company is
now in a strong position to achieve its key objectives and maximize the
value of its projects, including an optimized Feasibility Study for its
Western Bushveld Platinum Mine. The Company's current working capital
position is approximately C$37M.

Since the publication of its Definitive Feasibility Study on Project 1 in
July 2008 several key parameters have changed including contractor, raw
material and other input costs. As a result an Optimized Feasibility
Study ("OFS") has commenced with Turnberry Projects, Wardrop (A Tetra
Tech Company), and Grinaker LTA retained to enhance and independently
evaluate engineering work completed by the Company over the past several
months.

The OFS is expected to result in improved project economics from various
factors, including:

- lower pre-production capital expenditure estimates;

- increased mineral reserves; and

- updated operating and power availability assumptions.

The target date for completion of the OFS is Q3 2009. Limited drilling
will be undertaken in the area of Projects 1 and 3 with an objective to
increase known mineral reserves and resources for inclusion in the
project mine plan for the OFS. Areas in the inferred category not
included in the July 2008 project mine plan and areas that were excluded
for other technical reasons will be considered for potential production
rate increases.

During the OFS process the Company will prepare a detailed implementation
plan including scheduling with the key contractors and potential
suppliers of the initial underground development, water and power. These
preparations will be aimed at shortening project lead times while at the
same time increasing confidence levels prior to a formal construction
decision.

While work progresses on the OFS, the Company will also work on the
establishment of farm out arrangements with funding partners on its early
stage projects. In March 2009 the Company entered into one such agreement
with the Japan Oil, Gas and Metals National Corporation ("JOGMEC")
whereby JOGMEC may earn a 35% interest in the Company's War Springs
Project for an optional US$10 million in exploration work over a 5 year
term. Work funded by JOGMEC is currently underway at War Springs.

Strategic Alternatives:

The Company is considering several strategic and financial alternatives
in order to maximize shareholder value from its key projects in South
Africa. The Company has several alternatives in active discussions and
work related to the OFS will assist in these strategic discussions and
decisions.

About Platinum Group Metals Ltd.

Platinum Group is based in Vancouver, BC, Canada and Johannesburg, South
Africa. Platinum Group has a management team in both Canada and South
Africa with successful track records spanning more than 20 years in
exploration, mine discovery, mine construction and mine operations. The
Company holds a 74% stake in the Western Bushveld Joint Venture, WBJV of
South Africa. Platinum Group Metals is operator of the WBJV and has moved
the project from exploration territory to a large scale resource with a
Definitive Feasibility Study for a 250,000 ounce per year mine. The team
includes exploration geologists, mine designers and professional
engineers in Canada and South Africa. The founders of Platinum Group are
also founders of MAG Silver Corp. (MAG-TSX; MVG-NYSE Amex) and of West
Timmins Mining Inc. (WTM-TSX).

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 completion of the proposed
transaction, the timing of related events, and statements regarding
planned or potential future activities of the Company and third parties.
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, the risk that conditions precedent for the
proposed transaction will not be satisfied or that regulatory or other
required approvals for the proposed transaction will not be obtained, the
need for additional financing for the Company to be able to satisfy its
cash obligations under the proposed transaction and to fulfill its other
obligations and plans, metal price volatility, 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, and the other risk factors set forth in the
Company's most recent annual filings with the Canadian securities
regulators and the U.S. Securities and Exchange Commission, which are
available at www.sedar.com and www.sec.gov.

The Toronto Stock
Exchange and the NYSE Amex 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., Vancouver
R. Michael Jones
President
(604) 899-5450 or Toll Free: (866) 899-5450

Platinum Group Metals Ltd., Vancouver
Kris Begic
Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
(604) 484-4710 (FAX)
www.platinumgroupmetals.net

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