Platinum Group Metals (TSX:PTM)(NYSE American:PLG)(NYSE MKT:PLG) (“Platinum Group” or the “Company”) announces that the transfer of all Waterberg Prospecting Rights held by the Company to a dedicated joint venture corporation, Waterberg JV Resources (Pty) Ltd, has been approved by the South African Department of Mineral Resources (“DMR”).
Platinum Group Metals RSA Pty Ltd (100% owned by the Company) owns a 45.65% direct interest in the Waterberg Project. The Japan Oil, Gas and Metals National Corporation (“JOGMEC”) holds a 28.35% direct interest in the project and BEE partner Mnombo Wethu Consultants (Pty) Ltd (“Mnombo”) holds a direct 26.0% interest. The Company currently holds a 49.0% interest in Mnombo.
R. Michael Jones, CEO of Platinum Group Metals said:
“We are very pleased that the DMR has approved the transfer of the ownership structure to our dedicated joint venture company at this time.
The transfer allows us to prepare to file a mining right application and work on specific financing alternatives and strategic transactions. Interest in the Northern Limb and palladium have increased recently.”