Welcome To The Platinum Group Metals HUB On AGORACOM

A place for investors to share information on PTM

Message: Platinum Group Metals Ltd.: First Project 3 Resource Adds 1.9M oz to WBJV

Platinum Group Metals Ltd.: First Project 3 Resource Adds 1.9M oz to WBJV

posted on Apr 26, 2008 05:34AM
Press Release Source: Platinum Group Metals Ltd.

Platinum Group Metals Ltd.: First Project 3 Resource Adds 1.9 Million Ounces to the Western Bushveld Joint Venture

Friday April 25, 9:09 am ET

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(MARKET WIRE)--Apr 25, 2008 -- Platinum Group Metals Ltd. (Toronto:PTM.TO - News)(AMEX:PLG - News) ("Platinum Group" or the "Company") announces a first resource estimate on the Project 3 area adding 1.9 million ounces platinum, palladium, rhodium and gold, "4E", inferred to the Western Bushveld Joint Venture ("WBJV"). Platinum Group holds a 37% interest in the WBJV including the Project 3 area.

The good grades and strong platinum ratios on Project 3 are similar to the ratios of the Project 1 and Project 2 resources, located on the same layers or "reefs". The Project 3 resources are at a depth of approximately 450 to 500 meters. Drilling is continuing in the Project 3 area.

Western Bushveld Joint Venture Project Summary

Project 1 Final Feasibility due June 2008, Platinum Group 37%, and Operator

Project 2 Measured and Indicated Resources announced April 22, 2008, mine plan in review by Qualified Persons, Platinum Group 18.5%, Wesizwe Platinum is the Operator

Project 3 Inferred Resources, Platinum Group 37% and Operator

R. Michael Jones President and CEO of Platinum Group said "We now have Project 1, 2 and 3 of the WBJV with defined resources in logical mining blocks. We have final engineering and exploration to complete on the WBJV over the next few months. The next phase of our work will focus around ensuring the marketplace understands our value and growing from there".

A compiled summary update of all of the company resources and engineering plans by Project will be released shortly.

The Company, as operator of the WBJV, has started scoping level engineering for accessing the Project 3 resources from either the proposed Project 1 or Project 2 mining areas or on its own with a ramp. The area has potential to add to either of Project 1 or 2 which are both at an advanced engineering stage or be a separate mine area on its own. Project 3 will be on its own engineering path over the next few months.

The Western Bushveld Joint Venture is comprised of Platinum Group (37%), Anglo Platinum (JSE: AMS) (37%) and Wesizwe Platinum (JSE: WEZ) (26%). The Company plans to file a report in accordance with Canadian National Instrument 43-101 on the resources in due course.


Project 3 Inferred Resource Estimate100% Interest
Potential Million
Grade Mining Tonnes Ounces
Cut-Off Million g/t Width PGM PGMs
(cm g/t) Tonnes (4E) (metre) (4E) (4E)
Project3 MR (1) 100 4.040 6.26 112 25.307 0.814
Project3 UG2 (2) 100 6.129 5.51 122 33.781 1.086
Total Inferred 100 10.169 5.81 59.088 1.900

Pt Pd Rh Au
Prill Splits Pt g/t Pd g/t Rh g/t Au g/t
Project3 MR (1) 64% 4.01 27% 1.69 4% 0.25 5% 0.31
Project3 UG2 (2) 62% 3.42 28% 1.54 9% 0.50 1% 0.06
(1) MR: Merensky Reef
(2) UG2: Upper Group Seam Number 2 Chromitite

Effective date of the estimate: April 2008

Project 3 Resource Calculation Detail

A 14% geological loss for the Merensky Reef and UG2 Reef respectively was applied to the area to accommodate for areas of potentially un-mineable structural and geological conditions. This geological loss considers losses for faults, dykes, potholes and areas of iron replacement pegmatite. Structural loss estimates are based on drilling, field mapping and remote sense data which includes a high resolution aeromagnetic survey and a 3D seismic survey.

The Merensky mineral resource estimate is based on 24 boreholes with 27 intercepts and the UG2 is based on 15 intercepts within the 224.28 hectare area. The prill split has been calculated by weighted averages as a proportion of the total 4E and the grades have been estimated with a more rigorous statistical process of Simple Kriging. (The prill splits and 4E estimates have been tested for reasonableness by kriging on the individual elements).

Copper and nickel as well as the minor platinum group elements have also been estimated with a statistical process of Simple kriging. Absent values for copper, nickel and the minor platinum group elements have been derived from regressed values. The cut-off was determined on a practical mining width and the known costs and mining methods regionally. Platinum Group's independent consulting Qualified Person has provided the mineral resource estimate according to the SAMREC code. The reconciliation to the CIM codes is that the categories are the same. The resources are located on new order prospecting permits that provide for the right to be converted to mining rights.

Qualified Person, Quality Assurance and Control and Data Verification

Charles Muller of Minxcon is the Qualified Person ("QP") for this report. He is registered with the South African Council for Natural Scientific Professions ("SACNASP") (Registration No. 400201/04). Mr. Muller is an independent consultant with 18 years experience as a geologist, and resource evaluator. Samples were analyzed under Platinum Group's and Anglo Platinum's protocols previously published for the project including insertion of blanks, duplicates and certified reference materials in the assay stream once in every 24 or fewer samples. This is in addition to internal quality control measures undertaken by the contracted analytical facilities. Mr. Muller has visited the property on numerous occasions and has completed sufficient testing procedure to be satisfied that he has reasonably verified the data. A report will be filed on SEDAR within the time required. The QP has reviewed and approved of this release. R. Michael Jones, P.Eng is the non independent QP for the general project update compiled from Independent QP reports and ongoing work.

The reader is referred to the Company's filings with the SEC and Canadian Securities Regulators for disclosure regarding other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements. Mineral Resources do not have demonstrated economic viability.

Project 2 resources are detailed in a press release dated April 22, 2008 and April 1, 2008 and Project 1 is detailed in a report on www.sedar.com dated October 30, 2007 and in press releases on April 14, 2008, October 16, 2007 and September 7, 2007.

New Message
Please login to post a reply