Platinum Group Metals Ltd. (TSX:PTM,NYSE:PLG) announced the planned $260 million project senior loan facility for the construction of the WBJV Project 1 platinum mine has been approved.
As quoted in the press release:
At the WBJV Project 1 Platinum Mine on the Western Limb, the Company is successfully executing a USD $100 million Phase 1 development program to complete surface and infrastructure requirements and sink twin declines into the ore body. Work has been progressing steadily and well. An average rate of advance in excess of 100 metres per month is now being achieved in each of the twin declines currently in process. There are approximately 325 people on site and the Project has completed 880,000 man hours with a single minor lost time incident. The declines plus ramp are now over 750 metres linear into the underground. A second box cut excavation south of the existing central decline system is nearing completion and is ready for the commencement of a second set of twin declines. Construction power and water are connected to the grid and existing pipelines.