Platinum Group's Waterberg Permit Expansion Granted; Drills Moved to Shallow Deposit Edge

Tue Jan 22, 2013 4:00pm EST

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Marketwire

Platinum Group Metals Ltd.

January 22, 2013 - 04:00:00 PM

Platinum Group's Waterberg Permit Expansion Granted; Drills Moved to Shallow
Deposit Edge

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwire - Jan.
22, 2013) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum
Group" or the "Company") reports that the South African Department of Mineral
Resources has granted a 1,600 hectare (16 square kilometer) expansion of the
prospecting permit covering the Waterberg discovery on the North Limb of the
Bushveld Complex allowing anticipated drilling on the up dip portion of the
Waterberg deposit to commence.

Newly discovered in 2012, the Waterberg deposit is believed to continue up dip
eastward towards surface, based on structural modeling, geophysics and
satellite imagery. Previous drilling at Waterberg, on the boundary with the
new permit, intersected the "T" layers at approximately 130 meters from
surface and the "F" layers at approximately 300 meters deep. Ten drill rigs
are now being moved eastward onto the new permit. Given the expected shallow
nature of the deposit heading up dip, the Company expects that multiple
boreholes will be completed quickly.

The Waterberg deposit has an initial resource of 6.6 million ounces 4E,
(platinum, palladium, rhodium and gold, see details below). A resource update
is in progress and is expected in Q1 of calendar 2013.

Waterberg was named "Global Exploration Discovery of the Year" at the
prestigious Mining Journal Outstanding Achievement Awards in December 2012,
part of the Mines and Money conference in London.

R. Michael Jones, President and CEO of Platinum Group Metals, said, "The
expansion of the Waterberg property by grant of this new permit is very
timely. Our equity financing for $180 million, which closed on January 4,
2013, included plans for a $10.0 million exploration program for the Waterberg
Joint Venture. We are now able to focus a considerable drilling effort with 10
rigs. If the efforts on the new permit are successful on extending the deposit
near to surface, additional drill rigs will be added. We are very excited
about the potential at Waterberg."

The Waterberg deposit is in a newly discovered part of the Bushveld Complex.
The deposit is unusual in that it has thick layers coming near to surface,
potentially amenable to mechanized mining. Recent announcements of mine
closures based on declining Merensky layer availability, labour cost increases
and depths are juxtaposed against the characteristics of the new open
Waterberg discovery.

Platinum Group Metals has a 49.9% effective interest in the Waterberg Joint
Venture and Japan Oil, Gas and Metals National Corporation ("JOGMEC") has a
37% interest with the effective balance held by a BEE company. Platinum Group
holds an effective 87% interest in further pending Prospecting Permit
Applications over ground immediately to the north of the joint venture
prospecting permits. Recent drill results include an intercept on the "F"
layer of 16.5 meters grading 4.4 g/t 3E (1.32 g/t Pt, 2.87 g/t Pd and 0.21 g/t
Au) at the northern joint venture boundary. The on strike extension
prospecting permit applications are expected to be granted shortly. Results
from the pending resource calculation update on the joint venture ground,
combined with the current drilling, will allow for the planning of an
additional exploration program northward along strike on the 87% owned
permits.



Initial Resource Detail Waterberg Project (September 2012)

---------------------------------------------------------------------------
                 Thick-                                                    
        Tonnage   ness    Pt    Pd    Au 2PGE+Au Pt:Pd:Au 2PGE+Au   Cu   Ni
Layer       (Mt)    (m) (g/t) (g/t) (g/t)   (g/t)      (%)   (Koz)  (%)  (%)
---------------------------------------------------------------------------
T1        10.49   2.85  0.77  1.27  0.51    2.55 30:50:20     863 0.17 0.10
---------------------------------------------------------------------------
T2        16.25   3.46  1.10  1.82  0.92    3.84 29:47:24   2 001 0.18 0.09
---------------------------------------------------------------------------
Total                                                                      
T-layer   26.74   3.19                      3.33            2 864          
---------------------------------------------------------------------------
FH        18.10   4.63  0.80  1.48  0.09    2.37  34:62:4   1 379 0.03 0.12
---------------------------------------------------------------------------
FP        23.20   5.91  1.01  2.00  0.13    3.14  32:64:4   2 345 0.04 0.11
---------------------------------------------------------------------------
Total                                                                      
F-layer   41.30   5.27                      2.80            3 721          
---------------------------------------------------------------------------
Total                                                                      
Project   68.04                                             6 586          
---------------------------------------------------------------------------

Ken Lomberg, QP - see Report on www.sedar.com dated October 10, 2012 for
detail.



About Platinum Group Metals Ltd.

Platinum Group is based in Johannesburg, South Africa and Vancouver, Canada
with an experienced management team in precious metals discovery, mine
development and operations. The Company's main asset is a 74% interest in
Project 1 near Rustenburg, South Africa, where a Phase 1 construction budget
of US $100 million is nearing completion and Phase 2 full construction is
commencing. WBJV Project 1 has an estimated steady state production of 275,000
ounces per year of platinum group metals. Platinum Group also has active
exploration programs in Canada and South Africa.

Qualified Person

R. Michael Jones, P.Eng., the Company's President, Chief Executive Officer and
a significant shareholder of the Company, is a non-independent qualified
person as defined in National Instrument 43-101 Standards of Disclosure for
Mineral Projects and is responsible for preparing the technical information
contained in this news release. He has satisfactorily verified the data
supplied from the project team of qualified technical personnel, by property
visits and interaction with the Independent Qualified Person for the resources
at Waterberg. Quality assurance and control information is as reported
previously.

On behalf of the Board of Platinum Group Metals Ltd.

R. Michael Jones, President and CEO

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 the Company's plans to commence full scale development at
Project 1, estimates of steady state production at Project 1 and possible
increased drilling, completion of boreholes and further exploration on the
Company's properties. 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 complete hedging establishment and off-take negotiations; 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 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 www.sec.gov and
www.sedar.com, respectively.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Platinum Group Metals Ltd.
R. Michael Jones
President
604-899-5450 or Toll Free: 1-866-899-5450


Platinum Group Metals Ltd.
Kris Begic
VP, Corporate Development
604-899-5450 or Toll Free: 1-866-899-5450
604-484-4710 (FAX)




        

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