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Platinum Group Metals Ltd.

Monday, September 10th, 2007

Platinum Group Metals Ltd. announces an updated mineral resource estimate for the Western Bushveld Joint Venture (“WBJV”) of 7.3 million ounces 4E (platinum, palladium, rhodium and gold) in the Measured and Indicated category, up 18% from 6.2 million ounces reported previously. A further 1.2 million ounces in the Inferred category are also reported here.
This resource model has been provided to the engineering teams for the completion of the ongoing Feasibility Study design, expected later this year.
The details of this resource estimate are available at In the Inferred category the resource estimate has decreased to 1.2 million ounces 4E from 2.4 million ounces 4E for the same area (now referred to as Project 1 and Project 1A) primarily as a result of the upgrading of mineral resources to the higher categories.
“The completion of the resource model for the Feasibility Study for Project 1, confirming an excellent Merensky Reef grade of 7.03 g/t 4E in the Measured and 6.78 g/t 4E in the Indicated category is an important positive milestone for the Western Bushveld Joint Venture and our Company,” said R. Michael Jones, President and CEO of Platinum Group.
“The engineering group is continuing with the mine design to best take advantage of this near surface platinum resource, with an initial focus on the Merensky Reef followed by the UG2 layer in the latter part of the mine’s life.”
The WBJV platinum project adjoins Anglo Platinum’s Bafokeng Rasimone Platinum mine, and is located 35 kilometres northwest of Rustenburg South Africa, in the heart of the region producing most of the world’s platinum.
The Western Bushveld Joint Venture partners Platinum Group Metals Ltd. (37%, operator), Anglo Platinum Ltd (37%) and Africa Wide (26%) have approved a budget for the ongoing feasibility work on Project 1 as well as a share of the costs for ongoing exploration and feasibility work on Project 2 and Project 3.
The approved budget for Project 1 (to be shared pro-rata by the partners to a completed Feasibility Study) includes design, testing and permitting work totaling 35 million Rand (approximately C$5,000,000). Technical completion of the Feasibility Study is on track for delivery to the partners in 2007, with partner review and permitting work likely to extend into 2008. A detailed update on the progress of the engineering, permitting and ongoing feasibility work on Project 1 as well as exploration work on Projects 2 and 3 will be provided shortly.
On Project 2 the WBJV holds a 50% interest with 50% held by Wesizwe Platinum Ltd. (WEZJSE). The Project 3 area is held 100% by the WBJV. A further budget of 68 million Rand (approximately C$10,000,000) has been approved for the WBJV’s share of work in Projects 2 and 3. This includes 30 million Rand for a 3D seismic survey for target and resource modeling over the Project 2 and 3 areas. This seismic work is nearing completion.
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