Waterberg Joint Venture Establishes Pre-Construction Readiness Program For Waterberg PGM Project

VANCOUVER - Platinum Group Metals Ltd. reported that Waterberg JV Resources (Pty) Ltd. has approved in principle a Rand 380 million (approx. US $21.0 million) pre-construction work program for the Waterberg Project, focused on early infrastructure, de-risking and project optimization. An initial budget for the first R 45 million (approx. US $2.5 million) of the Work Program has been unanimously approved by the board of directors of Waterberg JV Co., which is owned by the Company, Japan Oil, Gas and Metals National Corporation (JOGMEC), Hanwa Co. Ltd., Impala Platinum Holdings Ltd., and Mnombo Wethu Consultants (Pty) Ltd. ("Mnombo").

"The Waterberg JV co-owners are pleased to collaborate on and fund this important and substantial Work Program, which will advance the Waterberg Project," said Platinum Group President and CEO Frank Hallam. "Waterberg JV Co. has laid out an early infrastructure plan intended to significantly de-risk the future construction of the project. While the Work Program is being executed, we plan to continue seeking a third-party concentrate offtake agreement for Waterberg JV Co. and, as a possible alternative, PTM plans to assess the potential establishment of a new smelter and base metal refinery business, jointly with third party investors, capable of processing Waterberg concentrate."