2001

Initial Results From two Drill Holes at Rutledge Lake, NWT 10 Holes Completed

Platinum Group Metals Ltd., (PTG-CDNX), has received assay results for the first two holes drilled below the 55 gram per tonne platinum surface showing at its Rutledge Lake site in the North West Territories. These two holes, totaling 215 metres, intersected the target ultramafic host rock and sulphide mineralization with anomalous but not economically significant platinum values (less than 0.4 g/t). Five additional holes, totaling 508 meters, have been completed along strike from the surface showing and assays from these holes are pending.

Drilling and surface work has confirmed significant sulphide mineralization in an ultramafic intrusive that contains anomalous values of copper and nickel. The geological controls on the platinum values are not yet known. "The geological setting for the surface platinum occurrence is not fully understood" said Michael Jones, President of PTG. "There are five additional holes along strike from the surface occurrence that intersected suphide-bearing ultramafic host rocks. The surface showing of 55 grams per tonne platinum occurs in the same setting."

Hole 3 was drilled 250 meters to the north of the surface occurrence and also intersected sulphides and a mafic host rock. Hole 4 was drilled 100 m north of the platinum occurrence and holes 6 and 7 were also drilled into the target sulphide-rich ultramafic unit on the same section . Hole 5 is located 50 meters south of the surface platinum occurrence . Assay results for all of these holes should be available in during early May 2001. These holes total 508 meters of drilling.

Holes 8, 9 and 10 were drilled on separate target areas to the south. These holes intersected strong sulphide mineralization. Holes 8 and 9 and 10 total 347 meters. Assays for these holes are expected during mid to late May 2001.

The Rutledge program was executed on time and on budget. Assays will be released for each hole as results are received and compiled. The company continues to evaluate its properties in the Sudbury Basin and River Valley regions of Ontario. A program of exploration is due to commence in the Sudbury area in May 2001.

All assays received to date have been completed at Bondar Clegg Labs in Vancouver. The Rutledge Lake sampling and assay program includes the Company''s quality control procedures of blind duplicates, blanks and standards in the sample stream.

On behalf of Platinum Group Metals Ltd.
R. Michael Jones
President
For further information contact: R. Michael Jones, President 604-899-5450
www.platinumgroupmetals.net  

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