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Platinum Group Metals Ltd. (TSE:PTM,NYSE:PLG) reports its Western Bushveld Joint Venture project is advancing on budget and within three weeks of the schedule.
Platinum Group Metals Ltd. (TSX:PTM,NYSE:PLG) reports its Western Bushveld Joint Venture project is advancing on budget and within three weeks of the schedule.
The press release is quoted as saying,
JIC Mining Services (“JIC”) of Johannesburg, South Africa has been awarded the contract to develop twin 1,200 meter underground decline tunnels into the centre of the WBJV Project 1 platinum deposit. JIC is operating as one of the underground mining contractor at the producing Bafokeng Rasimone Platinum Mine (BRPM) immediately adjacent to the WBJV Project 1 and currently operates as underground mining contractor on another six platinum mines, two chrome mines and one uranium mine in South Africa, employing 7,400 people. Underground development of the Project 1 declines will progress under a bulk sample permit granted by the Department of Mineral Resources.
Platinum Group’s President says,
We have been able to utilize the actual contract pricing for primary decline development, power and water delivery and initial civil site work to add confidence to our feasibility model for banking discussions. As a result of the positive PGM outlook, attractive margins of the project and the ongoing project implementation, banking interest has been strong
For the complete press release, click here.
