PTM waves the flag for Western Bushveld JV

[miningmx.com] — TSX-listed Platinum Group Metals (PTM) has
confirmed it is proceeding with its plans to finance and complete the Western
Bushveld JV platinum mine, as well as expanding its Waterberg discovery.

“We have a high-grade competitive platinum deposit at the Western Bushveld JV and
the construction and banking plans for project finance are progressing well,’ said
company President, Michael Jones.

“The mine is near surface and has excellent grade. The competitive nature of this
project is highlighted at this time of increasing costs and mine closures. At
Waterberg, we have extraordinary grade thickness, located near surface and eight
drill rigs continue to expand this new discovery. We have solid confidence in the
platinum market in the medium and long term, and confidence in our position in that
market as we drive towards first production in mid-2014.’

The first phase was budgeted at $100m for the acquisition of surface rights,
completion of declines into the ore body and construction of surface infrastructure.

This work is funded, now over halfway complete and on budget, PTM said. The final
steps for the completion of project finance banking and the execution of off-take
arrangements with a smelter are expected in the weeks ahead, in line with previous
guidance.

The company said the sinking of the twin central declines is progressing safely and
efficiently at the project. Although the declines are a few weeks behind in planned
linear completion to date, the teams are improving the rate of face advance weekly
for a projected on-time completion.

“Phase 1 surface infrastructure is now essentially complete. Construction of Eskom
substations and design work for water connections in preparation for Phase 2 are
underway, within the Phase 1 budget, as a result savings and efficiencies to date,’
PTM said. “Also as a result of savings on the Phase 1 programme, the construction of
a second, southern twin decline access into the ore body is underway.’