Platinum Group Metals Ltd., Anglo Platinum, and Africa Wide Platinum Exploration Joint Venture Underway
January 26, 2005
Platinum Group Metals Ltd. (PTM-TSXV), announces today the completion of all the conditions for the commencement of the Joint Venture ("JV") with, Anglo American Platinum Corporation Limited ("Anglo Platinum") (AMS-JSE) and Africa Wide Mineral Prospecting and Exploration (Pty) Limited. The Joint Venture will pursue platinum exploration and development on combined mineral rights covering 67 square kilometres on the platinum-rich Western Bushveld Complex of South Africa.
The Joint Venture was originally announced October 27, 2004 and was conditional on Toronto Stock Exchange (TSXV), the JSE Securities Exchange South Africa ("JSE") and other approvals all of which have been satisfied. PTM is the operator of the Joint Venture. PTM plans to start a drilling program in February 2005 with the objectives of expanding the known resources along strike and improving the drill density and confidence interval within the initial resource area. Detailed budgets for these programs will be available with the completion of the resource update.
An independent qualified person review of the inferred resources is expected to be completed by the end of February 2005. The updated geological mapping and drilling databases from both the PTM and Anglo Platinum contributed properties have been compiled for the updated independent resource assessment. Initial resources reported by Anglo Platinum, total 3.72 million ounces platinum, palladium, rhodium and gold. (9.1 million tonnes grading 5.69 g/t 4 E''s platinum, palladium, rhodium, gold on the Merensky Reef and 15.0 million tonnes grading 4.25 g/t 4E, on the UG2 reef, SAMREC Code, Anglo Platinum Annual report 2003). This reported resource is located on approximately 15% of the total Joint Venture mineral rights area.
PTM and Anglo Platinum will each own an initial 37% working interest in the Joint Venture and Africa Wide, a black economic empowerment company, will own an initial 26% working interest. Detailed terms of the agreement were announced on October 27, 2004 and can be found at www.platinumgroupmetals.net
PTM is based in Vancouver, B.C., Canada and has active exploration programs in Canada and South Africa. PTM holds significant mineral rights in the Northern and Western Bushveld Complex of South Africa. PTM is supportive of the initiatives of the government of South Africa in the Mineral Resources and Petroleum Development Act and Mining Charter.
PTM is the largest mineral rights holders in the area surrounding Canada''s only primary platinum and palladium mine near Thunder Bay, Ontario. PTM announced a significant platinum palladium new discovery in layers or "reefs" of the Seagull intrusion near Thunder Bay in January 2005. PTM also has a separate active joint venture with Anglo Platinum at Agnew Lake, near Sudbury, Ontario, Canada.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
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Manager, Corporate Development
Platinum Group Metals Ltd.
toll free (866) 899-5450
phone (604) 899-5450
Erin Airton/Terry Foster
James Hoggan and Associates
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 328 -- 550 Burrard Street, Vancouver BC, Canada, V6C 2B5 or from the SEC: 1(800) SEC-0330.