Platinum Group Reports Q1 2011 Financial Results

Platinum Group Metals (TSX:PTM,NYSE:PLG) announced their Q1 results.

The press release is quoted as saying:

An initial Construction Budget of $100M for the Project 1 Platinum Mine of the Western Bushveld Joint Venture was determined during the quarter and announced by the Company on December 15, 2010. The Company also appointed DRA Mining Pty Ltd. for Engineering, Procurement and Construction Management, for the surface infrastructure and underground development. The EPCM contract with DRA will provide approximately 30 full time professionals to oversee the planning and oversight of the execution of the development of surface infrastructure, power and water delivery, civil works and excavations and the development of underground tunnels to access ore. Engineering other than mine design, cost and schedule control will also be part of the DRA scope of work and this work is underway. DRA is a global engineering firm that has managed more than 55 platinum mine developments and operations in South Africa. DRA will work closely with Thys Uys, the WBJV Project 1 Project Manager and owners representative.

 To access the full release, click here.