Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) (“Platinum Group Metals” or the “Company”) reports that the Waterberg Platinum and Palladium project (the “Waterberg Project”) is advancing to the preparation of a Feasibility Study (“FS”), with the Japan Oil, Gas and Metals National Corporation (“JOGMEC”). An Independent Pre-Feasibility Study (“PFS”) announced by the Company on October 19, 2016 for the Waterberg Project modelled a 744,000 ounce per year platinum, palladium, gold and rhodium (“PGM” or “4E”) mine with an 18-year life. On a 100% project basis, using a 2.5 gram per tonne (“g/t”) cut-off grade, the PFS estimated 12.32 million 4E ounces of probable reserves at Waterberg (102.7 million tonnes at 3.73 4E g/t, consisting of 1.11 g/t Pt, 2.29 g/t Pd, 0.29 g/t Au and 0.04 g/t Rh). For details see the “Independent Technical Report on the Waterberg Project Including Mineral Resource Update and Pre-Feasibility Study” dated October 19, 2016 (the “Waterberg Technical Report”).
As quoted in the press release:
R. Michael Jones, CEO of Platinum Group Metals, said “The PFS has modelled the Waterberg Project in a strong, globally competitive position as one of the very few large scale, primary palladium mines at a time when the market for palladium is very strong. Waterberg reserves are comprised of 61.4% palladium and are well suited to the current growth pattern in auto sales, which is moving predominantly to vehicles utilizing auto catalysts with a PGM metal mix rich in palladium.”