Platinum Group Metals Ltd. (TSX:PTM,NYSE MKT:PLG) has reported that it was already granted a 1,600 hectare expansion of the prospecting permit by the South African Department of Mineral Resources, thereby enabling the drilling on a portion of the Waterberg deposit to start.
As quoted in the press release:
R. Michael Jones, President and CEO of Platinum Group Metals, said, “The expansion of the Waterberg property by grant of this new permit is very timely. Our equity financing for $180 million, which closed on January 4, 2013, included plans for a $10.0 million exploration program for the Waterberg Joint Venture. We are now able to focus a considerable drilling effort with 10 rigs. If the efforts on the new permit are successful on extending the deposit near to surface, additional drill rigs will be added. We are very excited about the potential at Waterberg.