Platinum Group Metals Incurs $12.07-million Net Loss for 2013

Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) released its financial results for the year ended August 31, 2013, commenting that it incurred a net loss of $12.07 million, higher than its loss of $10.2 million in the year-ago period. Its general and administrative expenses came to $6.94 million.

As quoted in the press release:

The Company’s cash position at August 31, 2013 was $121.94 million, including $10.15 million in restricted cash.  At present the Company holds approximately $83.0 million in cash with none being restricted.  The Company holds cash in both Canadian dollars and South African Rand, and changes in the exchange rate may create variance in the cash holdings reported in Canadian dollars.  All amounts herein are reported in Canadian dollars unless otherwise specified.

Platinum Group has made the transition from exploration and engineering to mine construction at the Western Bushveld Joint Venture Project 1 platinum mine (‘Project 1′) located near Rustenburg, South Africa.  The Company is also focused on the exploration and initial engineering on the newly discovered Waterberg platinum deposit located near Mokopane, South Africa where the Company is the operator of the Waterberg joint venture project (the ‘Waterberg JV Project’) with the Japanese Oil, Gas and Metals National Corporation (‘JOGMEC’) and Mnombo Wethu Consultants (Pty) Ltd. (‘Mnombo’) and has also expanded its exploration on to the prospecting rights covering 530 square kilometers immediately adjacent and north of the Waterberg JV Project property (the ‘Waterberg Extension Project’).

Click here to read the full Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) press release.