Waiting Patiently to Load My Boat!
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News this week?
Looking prime for some late day action!
Platinum Group Metals Added to S&P/TSX Global Mining Index
March 15, 2013
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) is pleased to announce that it has been added to the S&P/TSX Global Mining Index effective at the market open on Monday, March 18, 2013.
The S&P/TSX Global Mining Index is an investable index that provides investors with a broadly representative benchmark for global mining portfolios and a basis for innovative, index-linked investment vehicles.
About Platinum Group Metals Ltd.
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 Africa Wide Prospecting and Exploration (Pty) Limited, a wholly owned subsidiary of Wesizwe Platinum Ltd. Platinum Group is also currently drilling with 15 machines at the Waterberg Project in partnership with JOGMEC, a Japanese state company and a private empowerment company. Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto.
About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies is the world’s largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial AverageSM, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of institutional and retail investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of assets classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.
On behalf of the Board of
Platinum Group Metals Ltd.
“R. Michael Jones”
For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / 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.
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 www.sec.govand www.sedar.com, respectively.
This is going to run again very soon..runs have been on avg about 50% of PPS so next stop should be $2.25-$2.00. 50DMA is catching up to current PPS and Bollinger Bands are starting to get tight and pinch.
Yea, She is holding nice. Wont expect much real action until next year. Then we will have to hold on tight as she goes into production and starts to bring in revenue.
Platinum Group Metals Announces WBJV Project 1 Resumes Work
March 5, 2013
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) reports that today, in South Africa, the Notice under Section 54 of the Mine Health and Safety Act (1996) requiring it to stop its operations at WBJV Project 1 (Maseve) site has been uplifted by the Principal Inspector of mines.
The Company has resumed mine building operations and underground development with diligent attention to the instructions of the Department of Mineral Resources Inspectors.
Safety has been the number one priority of the Company since commencement of the construction of the WBJV Project 1 (Maseve) mine. A thorough investigation of the recent incident is continuing with the objectives of finding all of the causes of the incident and improving safety going forward.
About Platinum Group Metals Ltd.
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 Africa Wide Prospecting and Exploration (Pty) Limited, a wholly owned subsidiary of Wesizwe Platinum Ltd. Platinum Group is also currently drilling with 15 machines at the Waterberg Project in partnership with JOGMEC, a Japanese state company and a private empowerment company. 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”
For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / 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.
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 www.sec.gov and www.sedar.com, respectively.
Holding strong!
Another day to the upside..$10-$20 potential once mining begins and fins pop. Throw in a nice P/E ratio and PLG is a solid winner!
Surprise Surprise..Nice Up Day Today!
1.5 million in volume today with slight uptick. Still tracking mid $1.30's. May start to see a cup form here soon on the chart. Nice volume for beginning of week...nice accumulation all week in this range. PPS appears to be holding on the 20 SMA.
Nice EOD trades..strong bullish pattern forming.
Still trading mid $1.30's..this is the trading range for the next two weeks! IMHO
After hours trade if $1.42 on Friday..This has buyers all day long!!!
The loss of the employee is definitely a sad occurrence..but in regards to how the incident occurred by contact with an operation vehicle on the surface of the mine should without a doubt be handled quickly with minor changes occurring in how operators are trained and awareness training given to new employees. This w/o a doubt will serve as a lesson to all employees at the mine who work there now and will only heighten the level of safety concern between employees in the future.
WBJV Project 1 (Maseve) Surface Worker Fatality
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) reports with great regret that Moshiko Molepo, an employee of a surface earth works contractor, was involved in an incident on surface at the WBJV Project 1 (Maseve) mine site and subsequently died while under medical care. Our deepest condolences are passed on to Moshiko’s family, friends and co-workers.
It is reported that a truck made contact with the employee. The relevant authorities have been contacted and senior management of the Company and the contractor are on site and are investigating. Surface work by the contractor was stopped immediately pending the investigation. The Company is providing full co-operation with the authorities and the investigation and discussion with the Department of Mineral Resources inspectors is ongoing at this time.
Safety has been the number one priority of the Company since commencement of the construction of the WBJV Project 1 (Maseve) mine. A thorough investigation of the incident will be completed with the objectives of finding the causes of the incident and improving safety going forward.
About Platinum Group Metals Ltd.
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.
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”
For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / 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.
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.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 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.
MHS ACT Section 54
(1) If an inspector has reason to believe that any occurrence, practice or condition at a mine endangers or may endanger the health or safety of any person at the mine, the inspector may give any instruction necessary to protect the health or safety of persons at the mine, including but not limited to an instruction that -
(a) operations at the mine or a part of the mine be halted;
(b) the performance of any act or practice at the mine or a part of the mine be suspended or halted, and may place conditions on the performance of that act or practice;
(c) the employer must take the steps set out in the instruction, within the specified period, to rectify the occurrence, practice or condition; or
(d) all affected persons, other than those who are required to assist in taking steps referred to in paragraph (c), be moved to safety.
(2) An instruction under subsection (1) must be given to the employer or a person designated by the employer or, in their absence, the most senior employee available at the mine to whom the instruction can be issued.
(3) An inspector may issue an instruction under subsection (1) either orally or in writing. If it is issued orally, the inspector must confirm it in writing and give it to the person concerned at the earliest opportunity.
(4) If an instruction issued under subsection (1) is not issued to the employer, the inspector must give a copy of the instruction to the employer at the earliest opportunity.
(5) Any instruction issued under subsection (1)(a) must either be confirmed, varied or set aside by the Chief Inspector of Mines as soon as practicable.
(6) Any instruction issued under subsection (1)(a) is effective from the time fixed by the inspector and remains in force until set aside by the Chief Inspector of Mines or until the inspector's instructions have been complied with.
(7) Before giving any instruction under subsection (1)(a) the inspector must allow the employer or the employer's representative and the representatives of employees a reasonable opportunity to make representations.
(8) For the purposes of subsection (7), the representatives of the employees are -
(a) representatives designated in accordance with a collective agreement concluded in terms of section 26;
(b) if paragraph (a) does not apply, full-time health and safety representatives responsible for the mine or part of the mine which will be affected by the instruction;
(c) if paragraphs (a) and (b) do not apply, the health and safety representatives responsible for the working places which will be affected by the instruction; or
(d) if paragraphs (a), (b) and (c) do not apply, the employees who will be affected by the instruction or an employee or employees nominated or elected by them.
(9) If an inspector has reason to believe that the delay caused by allowing representations could endanger the health or safety of any person, the inspector is not required to allow representations before issuing an instruction under subsection (1)(a).
(10) Before giving any instruction under subsection (1)(b) to (d), the inspector must allow such opportunity to make representations as may be prescribed.
I wonder if Mr. Soros is picking up another 15 million shares since the company up'd the O/S in December? Could explain some of the unusual high volume the last 2 weeks. Well that and the constant good news into going forward with current events and mining operations about to begin. If PLG is on his radar it must have the potential to be a break out big boy! He doesn't normally invest to draw small profits! The man broke England's banks for Christ sake and is the 14th richest man in the world!
We are Golden!
Golden Cross today/tomorrow..chart is very bullish! 4 million shares traded in this range..good support. Company is undervalued for what the have proven as to reserve and investments! This is the one you don't want to be sitting on the sidelines for IMHO.
Lets see what today has to offer. My guess is trade sideways but keeping my fingers crossed for a nice pop!
Looks like a sideways week..consolidation in the mid $1.30 range will start to form another pennant. Plenty of upside to this and still an excellent entry point.
Expecting another great week! PLG...To Da Moon!
Waterberg is growing as we speak. Awesome find for PLG!
It's looking really good here...hit up the tsx.com site. Low projection 1.70, medium projection 1.77 and high projection 1.90. This is short term or course. Once production starts and sale of the 4E products commences look out. This could shoot thru the roof but a safe bet would be to say 3-5 by end of 2014 on the low side.
Nice after hours trades up to $1.47
Price of Platinum is up $25 dollars (1.5%) so for today. Gold is up $4.50 and Palladium is down $3 but still above record highs and Rhodium is up over 2% an increase of $25 per oz.
$1.38 and climbing...Maybe $2 by EOM!
Steady she goes! Looking very good.
Nice and steady gains over the last couple weeks..this is not going to stop. It will run like a banshee once eoy approaches and production begins.
NICE NICE NICE..LOOKING GOOD!
Another uptick on the charts..good consolidation in the $1.25 range. Should see $1.50 by EOM.
Looks like we will be moving along nicely over the next several months. When revenue starts to come in from production next year we should see a very nice increase in PPS. Share structure will allow for this to run very high!
Should see some nice upside this week. This ones on the move!
Read my recent post..tell me what you think?
Additional drills are now being added to expand drilling on the Waterberg project. With the $10 million dollar drilling program for 2013 gearing up quickly and reports of large quantities of 3E discovered with the expansion Waterberg should prove to be top class discovery and platinum prject that will last for decades.
**NEWS**10 MILLION OUNCE PLATINUM, PALLADIUM AND GOLD INFERRED UPDATED MINERAL RESOURCE AT WATERBERG
February 1, 2013
http://www.platinumgroupmetals.net/news_releases/index.php?&content_id=372
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“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 focussed on the up-dip potential of the deposit
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.
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 2013.
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 2013.
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 Toronto.
On behalf of the Board of
Platinum Group Metals Ltd.
“R. Michael Jones”
- 30 -
For further information contact:
R. Michael Jones, President
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / 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.
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 www.sec.gov and www.sedar.com, respectively.
Cautionary Note to U.S. Investors Regarding Estimates of Inferred Mineral Resources
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.
**NEWS** EXPANDED DRILLING WATERBERG January 22, 2013
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“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.
http://platinumgroupmetals.net/news_releases/index.php?&content_id=370
Looks like a nice pennant flag forming on the chart. We shall see..consolidation and accumulation currently taking place. Could see a move up again in the next couple of weeks. PLG LOOKING GOOD!
Picked up another 10k shares today @ 1.07 PLG projected to outperform sector with 1.75 target on PPS. Production to commence 2014 and have secured loan from major lenders to commence phase 2 mining. Well on its way to a benchmark in the companies history. Waterberg is now commenced additional drilling with 10 rigs working the shallow North end of the concession. Potential exist for PPS to reach $5PPS IN 2014 and much greater in the following years. Do your research on this one! LOOKS REAL GOOD TO ME.
Holding in the mid teens..3 year plan says 2013 is the year to watch. Expect large growth once things get rolling! LONG AND STRONG.