Platinum Group Metals Announces New Intercepts at Waterberg

Mon Feb 4, 2013 9:28am EST

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Platinum Group Metals Ltd.

February 4, 2013 - 09:28:09 AM

Platinum Group Metals Announces New Intercepts at Waterberg

4, 2013) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum
Group" or the "Company") announces that drilling along two section lines east
and up-dip of the Waterberg Deposit have intersected mineralized layers that
are interpreted by the Company's project geologists and non-independent
qualified person as the F layer.

There are fifteen drill rigs operating on the property. Eight drill rigs are
drilling on two section lines east of the Waterberg platinum, palladium and
gold resource. One section line is near the south end of the deposit and the
other section line is near the north end of the current deposit.

If these layers are confirmed by assay to be the F mineralization, the
northern section line on the deposit would expand by approximately 750 meters
eastward and be brought up dip from 1000 meters vertical depth to about 280
meters deep. At the north end of the deposit the over lying Waterberg
sediments are thinning to the east. Drilling is continuing to the east with
shallower target depths.

The drilling area is in the joint venture with the Japan Oil, Gas and Metals
National Corporation ("JOGMEC"). Platinum Group, with a 49.9% direct and
indirect interest in the Waterberg property, made the discovery in partnership
with 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.

The non-independent qualified person for this release is R. Michael Jones
P.Eng. He is the company CEO and has more than 20 years of relevant
experience. He is a significant shareholder of the Company. He has
satisfactorily verified the data by hiring qualified professional staff,
insisting on a strict quality control program and he has visited the property
and core personally.

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 mines 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 Toronto.

On behalf of the Board of Platinum Group Metals Ltd. 

R. Michael Jones, President

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.

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


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.
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