Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) announces that work on a Definitive Feasibility Study being completed by Waterberg JV Resources (Pty) Ltd. with the Company serving as operator, and with input from Impala Platinum Holdings Ltd. and Japan Oil, Gas and Metals National Corporation is proceeding according to plan. The latest phase of 38,000 meters of infill drilling has been completed safely and on budget, bringing the total drill testing completed on the project to approximately 346,000 meters. The Company plans to publish an updated resource model and technical report for the Waterberg Project, including results from the latest drilling, in calendar Q3 2018. This new resource model will form the basis for mine planning and reserve estimation in the DFS. The DFS remains on-track for completion at the end of calendar Q1 2019. Independent engineering for the DFS is underway as planned by the jointly appointed engineering firms Stantec Consulting International LLC and DRA Projects SA (Proprietary) Limited along with input from technical specialists from each of the joint venture partners.
Recent infill drilling as described above has intersected areas of 40 to 100 meters of vertical thickness with palladium, platinum, gold and rhodium mineralization as anticipated in the “Super F” areas of the current resource model. The recent intercepts compare favorably to the mine plan in an independent Pre-Feasibility Study1 for the project published in October, 2016. Assay results from the latest drilling continue to be received.
Current Platinum Group Element probable reserves at the Waterberg Project (100%)1 are 12.3 million ounces, consisting of 61% palladium, 30% platinum, 8% gold and 1% rhodium plus 191 million and 333 million pounds of copper and nickel respectively. At a 2.5 gram per tonne (“g/t”) cut-off grade, probable reserves are comprised of 102.7 million tonnes at 3.73 4E g/t, consisting of 2.29 g/t Pd, 1.11 g/t Pt, 0.29 g/t Au, 0.04 g/t Rh, 0.08% Cu and 0.15% Ni. Much of the Waterberg Project area still remains to be drilled and assessed. The Waterberg deposit remains open down dip and along strike. The reserves are a subset of a larger indicated resource.
Platinum Group currently holds an effective 50.02% interest in the Waterberg Project. Implats owns a 15% interest and Mnombo Wethu Consultants (Pty) Ltd. (“Mnombo”), a black empowerment company, holds a 26% interest. The Company owns a 49.9% interest in Mnombo. JOGMEC holds a 21.95% interest in the Waterberg Project and is planning to transfer a 9.755% interest to their partner Hanwa Co., Ltd. Hosken Consolidated Investments Limited, a South African black empowerment investment holding company listed on the JSE with a US$1.1 billion market capitalization, recently purchased a 14.11% stake in Platinum Group. All partners are active in the oversight of the project. Implats holds an option to increase their stake to 50.01%.
NYSE American Noncompliance Notice
On May 23, 2018 the Company received a letter from NYSE American LLC (“NYSE American”) stating that it is not in compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”) due to the low selling price of the Company’s common shares. In order to maintain its listing, the Company must demonstrate sustained price improvement within a reasonable period of time, which the NYSE American has determined to be no later than November 23, 2018, or the Company must effect a reverse stock split of the Company’s common shares by November 23, 2018.
About Platinum Group Metals Ltd.
Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable underground deposit in northern South Africa. Waterberg was discovered by the Company.
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