Platinum Group Metals Ltd.

Platinum Group Metals Ltd.

March 21, 2005 12:37 ET

Platinum Group Metals Ltd.: C$6,500,000 Brokered Private Placement



OTC Bulletin Board SYMBOL: PTMQF

MARCH 21, 2005 - 12:37 ET

Platinum Group Metals Ltd.: C$6,500,000 Brokered
Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2005) - Platinum


Platinum Group Metals Ltd. announces the engagement of J.F. Mackie &
Company Ltd., Raymond James Ltd. (Canada), and Pacific International
Securities Inc. for the private placement of up to 5,000,000 non
flow-through units ("Units") at a price of C$1.20 per Unit and 333,334
flow through shares at a price of C$1.50 per share, to raise gross
proceeds of up to C$6,500,000. J.F. Mackie & Company Ltd. will serve as
lead agent. Each Unit consists of one common share and one-half of one
common share purchase warrant. Each whole warrant is exercisable to
purchase an additional common share for a period of 18 months from the
date of closing at a price of C$1.50 per share. The securities issued in
this private placement will be subject to a four month hold period after
closing in compliance with NI 45-102.

The Company will pay a commission of 7.0% of the gross proceeds of the
offering to the Agents. The Agents will also receive Broker Warrants
equal in number to 10% of the aggregate number of Units and flow through
shares sold. Each Broker Warrant will be exercisable into one common
share at a price of C$1.50 for a period of 18 months from the date of
closing. The placement is subject to execution of formal documentation
and acceptance for filing by the TSX Venture Exchange and is expected to
close promptly following such acceptance being received.

The proceeds from this financing will be used to fund exploration
activities on the Company's projects in Canada and South Africa, for
property acquisition costs and working capital purposes. The Company's
projects are briefly summarized below. Detailed information on these
projects can be found on the Company's web site at


PTM is based in Vancouver BC, Canada and is focused on the exploration
and development of platinum and palladium projects in Canada and South
Africa. PTM is exploring and developing significant mineral rights in
the northern and western Bushveld Platinum Complex of South Africa
including the large scale Western Bushveld Joint Venture with Anglo
Platinum Corporation Limited north of Rustenburg, South Africa. Results
are pending from PTM drilling programs now underway on the Northern Limb
of the Bushveld at the War Springs Project (one drill rig operating) and
from the Western Bushveld Joint Venture (three drill rigs operating).

PTM is the largest mineral rights holder in the area surrounding
Canada's only primary platinum and palladium mine near Thunder Bay,
Ontario. Results are pending from PTM drilling now underway at its
Seagull project northeast of Thunder Bay where significant platinum and
palladium mineralization was recently discovered within the Seagull
layered intrusion. The Company has a separate active joint venture with
Anglo Platinum at Agnew Lake near Sudbury, Ontario.

On behalf of the Board of Platinum Group Metals Ltd.

R. Michael Jones, President and Director

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.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available.

SEC Form 20F, File No. 0-30306


Contact Information

    Platinum Group Metals Ltd., Vancouver
    R. Michael Jones
    (604) 899-5450 or Toll Free: (866) 899-5450
    (604) 484-4710 (FAX)
    Platinum Group Metals Ltd., Vancouver
    John Foulkes
    Manager Corporate Development
    (604) 899-5450 or Toll Free: (866) 899-5450
    (604) 484-4710 (FAX)
    Roth Investor Relations, NYC
    Larry Roth
    (732) 792-2200
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the accuracy or adequacy of this news release, which
    has been prepared by management.