Platinum Group Metals Increases Project Budget For Waterberg

Platinum Group Metals (TSX:PTM) has expanded its budget for the Waterberg Project from US$8 million to US$8.5 million for the year ended March 2016.
As quoted in the press release:

The budget is fully funded by joint venture partner the Japan Oil, Gas and Metals National Corporation (“JOGMEC”). Expenditures to date in the annual period at Waterberg are approximately US $6.0 million. Platinum Group holds a direct and indirect interest of 58.62% in Waterberg and is the project operator.
The current budget has been expanded by moving funding forward from the next budget period. This provides for immediate new drilling targeted to expand recently identified shallow areas of F Zone mineralization of greater than 10 meters in thickness. The objective is to delineate indicated category resources with the best grade thickness that are accessible early in the project from decline ramps. Twelve drill rigs are being mobilized to the Waterberg site. The expanded drill program is to be completed byMarch 31, 2016, followed shortly by an updated resource calculation, which will be incorporated into a pre-feasibility study already in progress for the project.

Click here for the full press release.