Platinum Group Metals Ltd.: Waterberg Platinum In-Fill Drilling Confirms Continuity and Includes 10.5m of 15.46g/t Platinum, Palla

Mon Dec 3, 2012 9:40am EST

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Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or
the "Company") announces that new drill intercepts have confirmed the
continuity of the Waterberg Inferred Resources area. A total of 15 new
intercepts, including hole deflections, confirm the Waterberg Resource
area and the continuity of the "T" and "F" mineralized layers. Results
released today include a T layer intercept of 10.5 meters grading 15.46
grams per tonne ("g/t") platinum, palladium plus gold ("2E+Au") and an F
layer intercept of 6 meters grading 4.52 g/t 2E+Au. Step out and infill
drilling now underway with 10 rigs continues to intercept the identified
mineralized layers at Waterberg.

    The Waterberg discovery has a current strike length totalling 5.5
kilometers and remains open along strike and up-dip. The initial inferred
mineral resource of 6.6 million ounces covers approximately 2.8 km on the
F layers and 1.8 km kilometers on the T layers. (Initial inferred mineral
resource of 68 million tonnes at 3.01 g/t 3E, comprised of 0.94 g/t Pt,
1.71 g/t Pd, 0.37 g/t Au. Refer to Technical Report titled "Updated
Exploration Results and Mineral Resource Estimate for the Waterberg
Platinum Project, South Africa" dated November 5, 2012 at

    Results previously announced expanding the Waterberg discovery also
include 11.5 meters grading 7.18 g/t 2E+Au and 58 meters grading 2.98 g/t
2E+Au as step out intercepts on the F layers. Structural modelling,
in-fill and step out drilling and detailed scientific study have
strengthened the deposit models and confirmed excellent continuity. Drill
hole WB 42 was drilled up dip of WB 34 (16.50 meters of 4.4 g/t 2E+Au,
1.32 g/t Pt, 2.87 Pd, 0.21 Au) and this intercept, which is currently out
for assay, extends the most northern edge of the deposit up dip by 400
meters. Visual interpretation and logging place the F layer in this
intercept at approximately 707 metres vertical below surface. Further
drilling up dip is pending the grant to the Joint Venture (in which
Platinum Group has a 49.9% effective interest; Japan Oil, Gas and Metals
National Corporation has a 37% and the effective balance with a BEE
company) of a prospecting permit which is in the application and approval
process at the Department of Mineral Resources. Drilling further along
strike to the northeast onto prospecting permit applications 87%
controlled by Platinum Group is also pending receipt of permit approvals.

    R. Michael Jones, P.Eng., President of Platinum Group said, "Waterberg
continues to impress our technical team in terms of grade, thickness,
continuity, shallow depths and the scale of the opportunity." 

Details - Table                                                           
Hole       FROM     TO       LENGTH   PGE    Pt    Pd    Au   Prill splits
----------------------      -----------------------------------------------
Number       (m)    (m) ZONE     (m)  g/t   g/t   g/t   g/t   Pt   Pd    Au
WB026D0  912.25 918.25    FP   6.00  4.52  1.48  2.78  0.26  33%  62%    6%
WB026D1  914.00 920.00    FP   6.00  4.17  1.53  2.42  0.22  37%  58%    5%
WB026D2  907.50 913.00    FP   5.50  3.54  1.36  2.02  0.16  38%  57%    5%
WB035D0  632.00 642.00    FP  10.00  3.45  1.12  2.18  0.15  32%  63%    4%
WB039D0  629.50 635.50    FP   6.00  3.45  1.13  2.19  0.13  33%  63%    4%
WB026D0  545.50 552.00    T1   6.50  2.99  0.86  1.31  0.82  29%  44%   27%
WB030D3  579.00 581.00    T1   2.00  3.32  1.01  1.55  0.76  30%  47%   23%
WB032D0  786.50 794.00    T1   7.50  4.21  1.27  2.41  0.53  30%  57%   13%
WB037D0  417.00 419.00    T1   2.00  2.22  0.69  1.48  0.05  31%  67%    2%
WB038D0  497.00 499.00    T1   2.00  1.56  0.54  1.00  0.02  35%  64%    1%
WB026D0  558.50 561.50    T2   3.00  1.15  0.30  0.32  0.53  26%  28%   46%
WB030D3  582.00 585.50    T2   3.50  2.41  0.67  1.15  0.59  28%  48%   24%
WB032D0  802.00 812.50    T2  10.50 15.46  4.46  7.63  3.37  29%  49%   22%
WB037D0  422.00 425.00    T2   3.00  3.95  1.21  2.18  0.56  31%  55%   14%
WB038D0  508.50 514.50    T2   6.00  4.99  1.59  2.77  0.63  32%  56%   13%

    Qualified Person, Quality Control and Assurance, Verification

    R. Michael Jones, P.Eng., is the non-independent (CEO and shareholder)
Qualified Person ("QP") for this press release. He has relevant
experience in platinum exploration for the past 10 years and precious
metals exploration and mine operations over the past 25 years. Mr. Jones
has verified the data and is satisfied that the confidence of the data,
the geological interpretation and estimates are sufficient for this
disclosure. He has visited the property and reviewed the core and
sampling on numerous occasions in 2011 and 2012. Ken Lomberg is the
Independent (as defined in National Instrument 43-101) QP for the
inferred mineral resource estimate released on September 5, 2012.

    Quality control and assurance was completed in the normal process for
Platinum Group Metals (RSA) (Pty) Ltd. Standards, duplicates and blanks
were inserted regularly in every assay batch. These assay results were
checked and any results outside of two standard deviations were
re-assayed. Strict control and documentation on the core from the drill
rig to the site and the assay samples to the lab were maintained at all
times under a chain of custody sign off system. The platinum group
elements were assayed by fire assay using a nickel sulphide collection
method at Setpoint Laboratories, Johannesburg, a SANAS accredited
laboratory. Thys Botha, a qualified geologist and resource estimator in
the full time employ of Platinum Group Metals (RSA) (Pty) Ltd., has
supervised the work and compilation of the results.

    About Platinum Group Metals Ltd.

    Platinum Group has an experienced mine building and operating team based
in Vancouver, Canada and Johannesburg, South Africa. Platinum Group is
building the WBJV Project 1 Platinum mine in the Western Limb of the
Bushveld Complex, South Africa. The WBJV Project 1 is planned to be in
production in 2014 and ramp up to 275,000 ounces per year of platinum,
palladium, rhodium and gold. The Company owns 74% of the WBJV Project 1
Mine and 26% is owned by Wesizwe which is controlled by Jinchuan of
China. The Platinum Group management team has a track record of discovery
of precious metals mines over the past 25 years. 

    Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in

    On behalf of the Board of Platinum Group Metals Ltd. 

    R. Michael Jones

    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 further
exploration on the Company's properties, the Company's permitting
efforts, the potential results of the foregoing, and the opportunity
represented by Waterberg. In addition, estimates of mineral resources
constitute forward-looking statements to the extent that they reflect
estimates of mineralization that may be encountered upon further drilling
or mining. 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 locate; the Company's ability to obtain any
necessary permits, consents or authorizations required for its
activities; the Company's ability to successfully obtain financing; 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 and, respectively. 

    Cautionary Note to U.S. Investors Regarding Estimates of Inferred Mineral

    This press release uses the term "inferred mineral resources." We advise
U.S. investors that while this term is recognized and required by
Canadian regulations, the SEC does not recognize it. "Inferred mineral
resources" have a great amount of uncertainty as to their existence, and
great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an "inferred mineral resource" will
ever be upgraded to a higher category of resource, or will ever become a
reserve. Under Canadian rules, estimates of "inferred mineral resources"
may not form the basis of a feasibility study or prefeasibility studies,
except in rare cases. The SEC normally only permits issuers to report
mineralization that does not constitute "reserves" as in-place tonnage
and grade without reference to unit measures. U.S. investors are
cautioned not to assume that any part or all of an inferred resource
exists or is economically or legally mineable.

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

Platinum Group Metals Ltd., Vancouver
R. Michael Jones
(604) 899-5450 or Toll Free: (866) 899-5450

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

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