Platinum Group Reports 2011 Annual Financial Results

Platinum Group Metals Ltd. (TSX:PTM,NYSE:PLG) announced its financial results for the year ending August 31, 2011.

As quoted in the press release:

Highlights For The Year

• In October/November of 2010 the Company raised gross proceeds of $144 million on the issue of 70.15 million shares. Net proceeds were approximately $136 million after deducting underwriters’ fees of $8 million and expenses of the offering.

• In December 2010 the Company approved a USD $100 million Phase 1 development budget for its Project 1 Platinum Mine in South Africa (“Project 1″). The Phase 1 budget included purchase of surface rights, earth works, pad construction, lay down areas, surface infrastructure, a box cut, twin decline access and limited level development.

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