Platinum Group Metals Ltd.
TSX VENTURE : PTM
OTC Bulletin Board : PTMQF

Platinum Group Metals Ltd.

June 06, 2005 16:58 ET

PTM Graduates to TSX; Company Focused on Core Assets in the Platinum Fields of South Africa

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2005) - Platinum Group Metals Ltd. (TSX VENTURE:PTM)(OTCBB:PTMQF) announced today that effective June 8, 2005 the Company's shares will begin trading on the Toronto Stock Exchange (TSX) under the symbol "PTM". The Toronto Stock Exchange is a world-leading platform for access to capital for mining projects, ranking number one in mining financings worth approximately US$4.2 billion in 2004. The Company also released its 2001-2005 Report Card and 2005-2008 Business Outlook, which can be found on the Company's website (http://www.platinumgroupmetals.net).

"We are pleased to be recognized and to take this next important step in the Company's development. We met our targets from 2001 to 2005, in the acquisition phase, by acquiring prime platinum properties, and developing an experienced team capable of leading PTM from exploration to development," said R. Michael Jones, President of Platinum Group Metals Ltd. "Now, the Company is focusing efforts and resources on our core assets in the platinum fields of South Africa and driving those projects towards development."

Platinum Group Metals is now drilling with three machines in the Western Bushveld and will be releasing updated drilling information shortly. The initial inferred resource to date on just 15% of the property amounts to 4.74 million ounces, including 15 million tonnes at 7.92 grams per tonne of platinum, palladium, rhodium, and gold on the highly desirable Merensky Reef. The high platinum ratio and the track record of mining in the Western Bushveld area make this part of the Bushveld Complex the most desirable.

PTM through its joint venture with Anglo-Platinum and Black Economic Empowerment partner Africa Wide acquired eleven kilometres of strike length on the prime 150 kilometres of the Western Limb of the Bushveld Complex platinum fields. The area in total accounts for 70% of the world's platinum production and is the location of some of the world's most profitable platinum mines. PTM is the operator of the Western Bushveld Joint Venture covering 67 square kilometres of mineral rights. Once PTM has spent approximately US$5.6 million to earn in, the joint venture partners are to develop the project on a pro-rata basis.

South Africa's new mining policy and Black Economic Empowerment initiatives are providing new opportunities for Canadian mining investors in the formerly tightly held Western Bushveld platinum fields. The Western Limb of the Bushveld Complex has dominated world production of platinum for decades.

About PTM

PTM is based in Vancouver B.C., Canada and Johannesburg, South Africa and is focused on the development of platinum projects, primarily in 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 and Africa Wide Mining north of Rustenburg. As the Operator of the Western Bushveld Joint Venture, PTM is directing the majority of its efforts upon the advancement of the project towards the near-term completion of scoping and feasibility studies. The Company also holds several properties in Canada, including an active joint venture funded by Anglo Platinum 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.

SEC Form 20F, File No. 0-30306

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.

Contact Information

  • Platinum Group Metals Ltd., Vancouver
    R. Michael Jones
    President
    (604) 899-5450 or Toll Free: (866) 899-5450
    or
    Platinum Group Metals Ltd., Vancouver
    John Foulkes
    Manager Corporate Development
    (604) 899-5450 or Toll Free: (866) 899-5450
    (604) 484-4710 (FAX)
    info@platinumgroupmetals.net
    http://www.platinumgroupmetals.net
    or
    Roth Investor Relations, NJ
    Larry Roth
    (732) 792-2200