Platinum Group Metals So Far Unaffected by NUMSA Strike

Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) released its financial and operating results for the nine months ended May 31, 2014, commenting that during that time it experienced a net loss of $7.6 million, less than the $10.7 million it lost in the year-ago period. Its cash position at the period’s end date was $161 million.

The current National Union of Metalworkers of South Africa (NUMSA) strike has not impacted the schedule for the company’s project; however, a “prolonged the strike may cause work on Project 1 to be delayed or potentially stopped for lack of supplies, equipment and consumables.”

The company’s goals for the next 12 months are:

• to build the WBJV Project 1 platinum mine safely and in accordance with the planned schedule and budget;
• to close a planned US $195 million new project loan facility or an alternate financing for Project 1 by the end of 2014 in order to secure all funding required for the completion of Project 1, including mill, underground development and the establishment of sustained operations;
• the completion of a pre-feasibility study on the initial Waterberg Joint Venture deposit during calendar in early 2015; and
• to continue exploration and definition drilling on the Waterberg Joint Venture and Waterberg Extension with eight or more drill rigs during 2014.

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