Platinum Group Metals to Advance Project 1 Platinum Mine in 2015

Platinum Group Metals Ltd. (TSX:PTM,NYSEMKT:PLG) released its financial results for the six months ended February 28, 2015, noting that during the period it incurred a net loss of $1.3 million. At the end of the period its cash balance sat at $145.1 million.

Other highlights from those six months include:

• The Company continues to achieve solid performance into 2015, with a good safety record. Project 1 is approximately 78% complete and is scheduled for first production in calendar Q4 2015.
• The pre-feasibility study for the Waterberg Joint Venture project as a potential large scale, fully mechanized, decline accessible mine is in progress. A resource update for Waterberg is expected in mid-2015.
• On December 31, 2014, with the strong support of its major shareholders, the Company closed a bought deal financing for gross proceeds of US$114 million ($132 million) on the issuance of 214.8 million common shares of the Company, including the partial exercise of an over-allotment by the Agents. Net proceeds were approximately US$106 million ($124 million) after fees, commissions and other costs.
• On December 5, 2014, the Company announced that a new high grade intercept on the Waterberg Extension had confirmed the strike continuation of the F Zone for 1.9 kilometers north of the known Waterberg deposit. Hole WE046 D1 returned assays of 6.03 g/t 3E over 4.52 meters (4.15 g/t palladium, 1.46 g/t platinum and 0.42 g/t gold). The extent of the F Zone in the area of WE046 now remains open in all directions.
• On October 21, 2014 the Company announced the completion of 71,000 meters of vertical core drilling at the Waterberg projects, successfully expanding and detailing the Waterberg T, F and Super F Zones. Intercepts included hole WB123 on the Waterberg JV returning an 80 meter thickness intercept of 4.80 g/t 3E (1.41 g/t platinum, 3.18 g/t palladium, 0.21 g/t gold, 0.10% Cu and 0.23% Ni) from 370 to 450 meters.

The company’s 2015 plans are as follows:

The Company’s key business objective and focus for calendar 2015 will be to continue with underground development and mine construction at Project 1 and to achieve first production in calendar Q4 2015.

The Company also plans to advance both the Waterberg JV Project and the Waterberg Extension Projectthrough project and infrastructure engineering as well as modest confirmation drilling and exploration activities.

The Company has been speaking with its partners and other third parties interested to become involved at Waterberg. The Company will consider transactions with the potential to provide funding for additional work whist maintaining overall Waterberg project control. The Company is working with Macquarie Bank in South Africa to identify financing alternatives for our Black Economic Empowerment partners so that the empowerment interest may become fully funded at both Project 1 and at Waterberg.

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