Agnew Lake Joint Venture Update
December 15, 2003
Platinum Group Metals Ltd. (TSX: PTM) announces that the Agnew Lake Joint Venture Management Committee has approved a Fall\\Winter 2003 exploration program for Platinum Group Metals Ltd.''s ("PTM") Agnew Lake Pt-Pd Property to be funded by partner Anglo American Platinum Corporation Limited. The approved program will include surface mapping and geophysical surveys designed to investigate two strong electromagnetic conductors detected by a recent SPECTREM airborne geophysical survey of the Agnew Lake Property. SPECTREM is a proprietary high-resolution airborne geophysical system developed by the Anglo American group of companies. The Agnew Lake Property hosts the Agnew (Shakespeare-Dunlop) Intrusion and is located 70 kilometers west of Sudbury, Ontario. The Agnew Intrusion is part of an Archean mafic intrusive suite, which includes the River Valley Intrusion located 60 kilometers east of Sudbury. Anglo Platinum is also exploring the River Valley Intrusion in a separate joint venture with Pacific North West Capital Corp. (TSX: PFN).
Available geological mapping in the vicinity of the recently identified conductors indicate they are located at or near the contact of the Agnew Intrusion, in an area not previously explored by the joint venture. A number of younger mafic dykes are also present in close proximity to the two conductors, which are both overburden covered. The stronger of the two conductors is located 400 metres northwest of a known Pt-Pd showing which has returned grades of up to 15.6 g/T Pt+Pd hosted within one of the younger (Nipissing) dykes. This showing has never been drill tested. The Nipissing intrusive suite is known to host significant Ni-Cu-PGE mineralization and is the target of several exploration programs in the Agnew Lake area.
The mapping and ground geophysical program, which is currently underway, will provide the necessary information to prepare the two targets for drilling testing. A drilling budget to test the two features will be prepared and presented to the Joint Venture Management Committee once the results of the current program have been received and interpreted with a goal of drill testing the two conductors in early 2004. Initial follow-up prospecting by PTM has resulted in the discovery of a narrow high-grade zone of Au-Ag mineralization located in close proximity to a one of the two EM conductors. Grab samples from the discovery showing of the new "V" zone returned Gold values ranging from 156 parts per billion (ppb) to 76.2 grams per tonne (2.45 ounces Au per tonne) and 0.7 to 206 grams per tonne Silver (6.62 ounces Ag per tonne). The precious metal mineralization is associated with a sulphide-bearing quartz vein system located along the contact between a gabbro dyke and argillaceous sediments 140 metres from the interpreted center of the Spectrum Airborne EM anomaly.
Anglo Platinum can earn a 50% interest in the Agnew Lake Property by funding $ 6,000,000 in exploration and can increase their interest to 60% by completing a feasibility study and providing production financing. PFN is the operator of the Agnew Joint Venture. PTM and PFN will each retain a 19.5% interest in the project should Anglo Platinum complete it''s earn-in obligations.
To date Anglo Platinum has funded approximately C $2,500,000 in exploration on the Agnew Lake Property. PTM and PFN have agreed to extend Anglo Platinum''s requirement to fund a cumulative total of C $4,000,000 in exploration on the project until December 2004. Exploration activities at Agnew Lake in 2003 included drilling, mapping, prospecting, and airborne geophysics.
Qualified Person and Quality Control and Assurance
PTM Exploration Manager, Mr. Darin Wagner, M.Sc., P.Geo, has acted as the qualified person for this release. The sample results from the V Zone were obtained from samples collected and transported by Mr. Wagner to ALS-Chemex''s preparation facilities in Thunder Bay, Ontario. Initial results from the V Zone discovery were obtained by fire assay with an ICP-MS finish for Au and by ICP-MS for Ag. Repeat analysis by fire assay with a gravimetric finish for Au and by standard aqua regia digestion and atomic absorption analysis for Ag confirmed the high-grade nature of the mineralization. The reported Pt-Pd results were assayed by standard fire assay by XRAL labs of Don Mills, Ontario. These samples were collected by BP Canada and relied on the lab''s standard quality control procedures. The results were found to be repeatable in duplicate sampling by a third party and are believed to be reliable.
PTM is based in Vancouver BC, Canada and has active exploration programs in Canada and South Africa. PTM, as the name suggests, is focused on platinum, palladium, and other platinum group elements. The Company sees both platinum and palladium as important in its vision and mission. The Company''s large portfolio of PGE projects across Canada and in South Africa distinguishes the Company from its competitors.
PTM holds significant mineral rights in the northern and western Bushveld Complex of South Africa and is continuing to acquire additional mineral rights in this district. PTM has recently started drilling on the Northern Limb of the Bushveld Complex on its Tweespalk Platinum Project. Surface results are being compiled on the War Springs Platinum Project, also in the Northern Limb.
PTM is also the largest mineral rights holder in the area surrounding Canada''s only primary platinum and palladium mine near Thunder Bay, Ontario. In this area the Company has recently completed a 3,000 metre diamond drill program on its Lac des Iles Project and results are pending. Diamond drilling is also now underway on PTM''s newly acquired Lakemount Ni-Cu-PGE Property near Wawa, Ontario.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
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For further information contact:
R. Michael Jones, President
or John Foulkes, Manager Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
Roth Investor Relations, NYC
Tel: (732) 792-2200
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-30306, available at our office: Suite 800 -- 409 Granville Street, Vancouver BC, Canada, V6C 1T2 or from the SEC: 1(800) SEC-0330.