Platinum Group Metals Ltd.: 10 Million Ounce Platinum, Palladium and Gold Inferred Updated Mineral Resource at Waterberg

Fri Feb 1, 2013 9:16am EST

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Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG)(NYSE Amex:PLG)
("Platinum Group" or the "Company") announces an updated 10 million ounce
3E (Platinum, Palladium and Gold) inferred mineral resource estimate for
the Waterberg joint venture property. The current resource covers only
250m of influence up dip and eastward into a new permit granted in
January 2013. The deposit remains open along strike onto permits under
application as well as up-dip. Drilling continues and has been ramped up
from 10 to 15 drill rigs, largely focused on the up-dip potential of the

    Overall with drilling in late 2012 the estimated resource has been
expanded by 51%. The total deposit grade has increased slightly and the
average thickness has increased from 4.1 meters to 4.6 meters thick on
the four layers in the resource estimate. The metal ratios of platinum,
palladium and gold have remained generally consistent with initial
resource estimate in 2012. 

    The total resource contains 10.12 million ounces platinum, palladium and
gold (3E) in 92.93 million tonnes with the shallowest part of the deposit
in the T zone at 124 meters deep and the deposit cut off at 1000m deep as
a preliminary economic cut off. The updated inferred mineral resource
estimate covers the first 2.8 kilometres of T-zone and 5.4 kilometres of
F-zone strike length. 

                          Mineral Resource Estimate                         
                              01 February 2013                              
                      Stratigraphic   Tonnage     Pt     Pd     Au   2PGE+Au
                          Thickness        Mt  (g/t)  (g/t)  (g/t)     (g/t)
T1                             2.58      4.33   0.91   1.37   0.52      2.80
T2                             4.08     25.46   1.07   1.87   0.78      3.72
T Total                        3.76     29.78   1.05   1.79   0.75      3.59
FH                             4.02      7.19   1.09   2.37   0.20      3.66
FP                             5.46     55.95   1.01   2.10   0.14      3.25
F Total                        5.24     63.15   1.02   2.13   0.15      3.29
Combined Total                 4.63     92.93   1.03   2.02   0.34      3.39
Content (koz)                                  3,071  6,040  1,009          

                          Mineral Resource Estimate                         
                              01 February 2013                              
                       Pt:Pd:Au       (koz) Cu (%) Ni (%)    Cu (t)   Ni (t)
T1                     32:49:19         390   0.21   0.11     9,200    4,900
T2                     29:50:21       3,045   0.17   0.09    44,000   22,600
T Total                29:50:21       3,435   0.18   0.09    53,200   27,500
FH                      30:65:6         847   0.10   0.22     6,900   15,500
FP                      31:65:4       5,838   0.06   0.16    33,400   91,600
F Total                 31:65:4       6,685   0.06   0.17    40,300  107,100
Combined Total         30:60:10      10,120                                 
Content (koz)                                                               

    Inferred Mineral Resource, Dated February 01, 2013, Ken Lomberg, Coffey
Mining, Independent Qualified Person

    Based on drilling to date, an interpreted erosional feature of the
Waterberg sediments into the newly discovered lobe of the Bushveld
complex limits part of the eastern T zone extension near surface.
Additional T zone potential is open to the west and north of the current
area of drilling. "F" zone exploration drilling from approximately 300
meters deep up-dip towards surface is ongoing.

    The inferred mineral resource estimate includes two "T" and two "F"
mineralized layers. The most important layers are the 4.1 meter thick
"T2" and 5.5 meter thick "FP" layers. The T layers are very well
correlated in terms of geochemical markers and lithology and have a
characteristic metal split of approximately 50% Palladium, 29% Platinum
and 21% Gold. The F layers are approximately 5.2 metres thick on average,
having an approximate metal split of 65% Palladium and 31% Platinum and
4% Gold. 

    The Waterberg deposit has excellent potential to be mined by highly
efficient mechanized methods and the initial deposit depth are amenable
to a decline ramp rather than vertical shafts.

    For the initial and the current resource models the T and the F layers
have been modelled to a cut-off depth of 1,000 metres below surface.
Mineralization below this depth has not been included in the current
resource estimate. Significant mineralized intercepts have been returned
below this depth, up to 1,300 meters deep. The 1,000 metre cut-off depth
will be re-evaluated during a preliminary economic assessment planned for

    Platinum Group, with a 49.9% direct and indirect interest in the
Waterberg property, made the discovery in partnership with the Japan Oil,
Gas and Metals National Corporation ("JOGMEC"). JOGMEC holds a direct 37%
interest in the Waterberg property with a balance of approximately 13.1%
of the project being held by black empowerment interests. Platinum Group
is the operator of the project. JOGMEC has now approved their
participation in an initial USD $10.0 million exploration program for

    R. Michael Jones, President and CEO of Platinum Group, said "The
Waterberg discovery of near surface, thick platinum is very opportune at
a time of shrinking global production of platinum from the conventional
mines. As we continue to drill for resource expansion we will commence a
preliminary economic assessment on the initial 10 million ounces. Our
teams have now completed the design of the WBJV Project 1 mine now in
construction, and are excited to begin their work on initial mine designs
for Waterberg". 

    Inferred Mineral Resource Estimate Details

    The mineral resource estimate was completed by Ken Lomberg (SACNAPS
400038/01) of Coffey Mining. Coffey Mining is a well-established
international Mining consultancy with offices in Australia, Africa, North
America and South America.

    The inferred mineral resource estimate was prepared using an inverse
distance squared approach and a seam model for each layer. Some 20
boreholes and a total of 106 intersections on the different layers for
the T zone and 30 Boreholes and a total of 101 intersections on the F
zone were used in calculating the inferred mineral resource estimate. 

    The basis of the estimates are the identified cuts of the layers. The
layers were initially defined based on their geochemical signatures and
checked against the core to ensure continuity especially between
deflections of the same boreholes. The cuts were also defined based on
the geology and marginal cut-off grade of 0.1g/t PGM, 3E and a minimum
thickness of 2 meters. 

    A cut-off grade of 2.0g/t was applied to the block model for the T1 and
FH Layers. Note: Totals may not sum exactly due to rounding

    Qualified Person, Quality Control and Assurance, Verification

    Ken Lomberg is the Independent (as defined in NI-43-101) Qualified Person
("QP") for the inferred mineral resource estimate presented here and he
has approved this disclosure. He is based in South Africa and has 27
years of relevant experience in resource estimation and mining project
evaluations in many platinum projects and mines. He has verified the data
by visiting the project site, reviewing the core, checking the assay
data, checking resource model cuts on the core, viewing the assay
certificates on a test basis and assisting with the geology
interpretation, and reviewing the 3-D deposit model generated in Datamine
by Thys Botha, the non-independent qualified resource estimation
geologist and Exploration Manager for Platinum Group Metals RSA Pty Ltd.
Mr. Lomberg is satisfied that the confidence of the data, the geological
interpretation and estimate are sufficient for the calculation of an
inferred mineral resource estimate. 

    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. 

    Inferred mineral resource estimates, under the CIM guidelines, do not
have demonstrated economic viability and may never achieve the confidence
to be mineral reserve estimates or to be mined. An inferred resource has
reasonably assumed continuity based on limited sampling but the
geological and grade continuity has not been verified. The property is
held under a Prospecting Right with the exclusive right to convert that
right to a Mining Right. There can be no assurance that a Mining Right
will be granted with-out extensive further work and an Application to the
Department of Mineral Resources of South Africa.

    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 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 mine over the past 20 years. Platinum Group recently
completed a $ 180 million equity funding and a credit approval for $ 260m
for the WBJV Project 1 mine and exploration at Waterberg. 

    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 the Company's
plans to move Waterberg ahead with exploration and engineering work. In
addition, the results of the UFS may constitute forward-looking
statements to the extent that they reflect estimates of mineralization,
capital and operating expenses, metal prices and other factors. 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 and, respectively.

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

    This press release uses the terms "inferred mineral resources." We advise
U.S. investors that while these terms are recognized and required by
Canadian regulations, the SEC does not recognize them. "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. 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
Tel: (604) 899-5450 / Toll Free: (866) 899-5450

Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
Tel: (604) 899-5450 / Toll Free: (866) 899-5450

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