Platinum Group Metals Ltd.
OTC Bulletin Board : PTMQF

Platinum Group Metals Ltd.

April 02, 2007 09:00 ET

Platinum Group Metals Ltd.: $ 7.0 Million Received From Warrant Exercises



Platinum Group Metals Ltd. (TSX:PTM)(OTCBB:PTMQF) announced today that it has received a total of C$7,022,750 from the exercise of 3,453,000 share purchase warrants. A total of 2,800,000 warrants at $2.10 expiring on March 31, 2007, 653,000 warrants at $1.75 expiring April 13, 2007 have been exercised since December 1, 2006. The exercise of these warrants brings the company's current cash position to approximately C$15 million.

"Our institutional and other shareholders continue to support PTM as we drive towards a Final Feasibility Study on Project 1 on the Western Bushveld Joint Venture," said R. Michael Jones, President of Platinum Group Metals Ltd. "Our strong working capital position allows us to pursue our objectives, together with our partners, across our large mineral rights position in the Western Bushveld Complex, South Africa and look for further growth opportunities."

Following the exercise of the warrants PTM has 60,201,247 shares issued and outstanding and 65,334,122 shares fully diluted. Full share structure:

About Platinum Group Metals Ltd.

PTM is based in Vancouver BC, Canada and Johannesburg, South Africa. PTM has a management team in both Canada and South Africa with successful track records of more than 20 years in exploration, mine discovery, mine construction and mine operations. The Company was formed in 2000 and is focused on the development of platinum operations. PTM holds significant mineral rights in the Northern and Western Bushveld Igneous Complex of South Africa.

PTM is also a significant mineral rights holder in the area surrounding Canada's only primary platinum and palladium mine near Thunder Bay, Ontario Canada.

On behalf of the Board of Platinum Group Metals Ltd.

R. Michael Jones, President and Director

There can be no assurance that any of the assumptions in the resource estimates or any reference to potential mine plans will be supported by a Pre-feasibility or Feasibility Study or that any forward looking event will come to pass. The data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. No firm quotes for costs have been received. The legal right to mine the project has not been confirmed or applied for and the process for such application is new in the Republic of South Africa. The potential capital cost of the project is beyond the current means of the Company and there can be no assurance that financing for further working capital will be available.

Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-30306, available at our office: Suite 328-550 Burrard Street, Vancouver BC, Canada, V6C 2B5 or from the SEC: 1(800) SEC-0330. The Company may access safe harbour rules.

The TSX Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Contact Information

  • Platinum Group Metals Ltd., Vancouver
    R. Michael Jones
    (604) 899-5450 or Toll Free: 1-866-899-5450
    Platinum Group Metals Ltd., Vancouver
    John Foulkes
    (604) 899-5450 or Toll Free: 1-866-899-5450
    (604) 484-4710 (FAX)
    Roth Investor Relations, NJ
    Larry Roth
    (732) 792-2200