|By Marketwired .||
|November 23, 2012 05:21 PM EST||
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 11/23/12 -- Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") reports the Company's financial results for the year ended August 31, 2012. For details of the consolidated financial statements (the "Financial Statements") and Management's Discussion and Analysis for the year ended August 31, 2012 please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net. Shareholders may request a copy of the complete Financial Statements from the Company free of charge.
The Company's cash position at August 31, 2012 was $48.17 million, including $30.51 million in restricted cash. The Company holds cash in both Canadian dollars and South African Rand and changes in the exchange rate may create variance in the cash holdings reported in Canadian dollars. All amounts herein are reported in Canadian dollars unless otherwise specified.
Platinum Group has made the transition to mine construction at the Western Bushveld Joint Venture Project 1 platinum mine ("Project 1") located near Rustenburg, South Africa and has made a discovery of a second platinum deposit in South Africa at the Waterberg project located near Mokopane, South Africa.
Phase 1 construction at Project 1 is estimated for completion in late March or early April, 2013. The planned US $260 million project senior loan facility for Phase 2 construction has advanced through detailed technical, financial and legal due diligence. The loan is in the formal credit approval process at this time.
Drilling to expand the newly discovered inferred mineral resource at the Waterberg project is continuing.
-- A US $100 million Phase 1 development program is now approximately 80% complete at Project 1. A central box cut excavation has been completed. The sinking of twin declines at the central location is progressing well. Both declines are now advanced to 770 metres linear from their collar. Substantial surface infrastructure has now been constructed on site. -- Safety, in all our operations, is our number one priority, and the Company is pleased to report that onsite safety performance at Project 1 has been excellent to date with approximately 950,000 man hours worked and two minor lost time incidents. -- A south box cut excavation for a planned second twin decline system is substantially complete. Sinking of this second decline set is planned to commence under Phase 2. -- A temporary power supply of 1.5MVA has been installed on site and has been energized. Construction of a 10 MVA supply line and substation is almost complete, with switch gear currently being installed. This service is to be energized in early 2013.
-- On November 5, 2012, the Company announced new drill intercepts approximately doubling the strike length of the Waterberg discovery to a total of 5.5 kilometers up to the northern boundary of the current joint venture project. The results extended the known "F" mineralized layers for 2.7 kilometers beyond the initial resource area declared in September, 2012. Results included 24.00 meters grading 4.32 grams per tonne ("g/t") 2E (platinum ("Pt") and palladium ("Pd") collectively) + gold ("Au") with a larger intercept of 58.00 meters of 2.98 g/t 2E+Au (Hole WB027). Results also included 11.5 meters grading 7.18 g/t 2E + Au (Hole WB031) and 8.5 meters of 4.8 g/t 2E+Au (Hole WB-034). The deposit remains open. See Technical Report titled "Updated Exploration Results and Mineral Resource Estimate for the Waterberg Platinum Project, South Africa located on the Northern Limb of the Bushveld Complex", with an effective date of November 5, 2012 (the "Updated Waterberg Report") available at www.sedar.com. -- On September 11, 2012, the Company announced that Rustenburg Platinum Mines Ltd., a wholly owned subsidiary of Anglo American Platinum Limited, had exercised its first right of refusal to purchase the off- take of concentrate from Project 1. Formal agreements are in process. -- On September 4, 2012, the Company announced an initial 6.6 million ounce inferred mineral resource estimate at the Waterberg project (initial inferred mineral resource estimate of 68 million tonnes at 3.01 g/t 2E+Au, comprised of 0.94 g/t Pt, 1.71 g/t Pd, 0.37 g/t Au. See the Updated Waterberg Report. -- On July 9, 2012, the Company's board of directors approved the adoption of a shareholder rights plan (the "Plan") subject to shareholder approval. The Plan is now effective and will be set to a vote of the shareholders at the Company's annual general and special meeting scheduled for January 8, 2013. -- On May 23, 2012, the Company announced the expansion of the Waterberg discovery. Multiple layers of higher grade mineralization were intersected at depths as shallow as 122 to 122 meters from surface. -- On April 4, 2012, the Government of South Africa issued a formal Mining Right to the Company for Project 1 in terms of section 23(1) of the Mineral and Petroleum Resources Development Act, 28 of 2002, subject to environmental authorizations, water use licenses and compliance with applicable legislation on an ongoing basis.
Results For The Year Ended August 31, 2012
During the year ended August 31, 2012, the Company incurred a net loss of $10.59 million (August 31, 2011 - net loss of $8.89 million). General and administrative expenses during the period were reduced from the previous year to $5.37 million (August 31, 2011 - $6.79 million), losses on foreign exchange, due primarily to a weaker Rand at period end, were $3.59 million (August 31, 2011 -$0.12 million), while stock based compensation expense, a non-cash item, totalled $2.01 million (August 31, 2011 - $6.91 million). Finance income consisting of interest earned and property rental fees in the year amounted to $3.94 million (August 31, 2011- $3.79 million). Loss per share for the year amounted to $0.06 per share, as compared to a loss of $0.05 per share for the comparative year of fiscal 2011.
Accounts receivable at August 31, 2012 totalled $4.70 million while accounts payable and accrued liabilities amounted to $7.78 million. Accounts receivable were comprised primarily of value added taxes repayable to the Company in South Africa and amounts receivable from partners. Accounts payable included accrued professional fees, contract construction fees, drilling expenses, engineering fees and regular trade payables for ongoing exploration and development costs and administration.
Total expenditures by the Company for development and purchases of property and equipment for Project 1 during the year totaled approximately $37 million, before including the effects of foreign currency exchange rate fluctuations. Expenditures by the Company during the year for exploration on Waterberg were approximately $6.68 million, of which $3.36 million was funded by joint venture partner Japanese Oil, Gas and Metals National Corporation ("JOGMEC"). Mineral property acquisition and exploration expenditures in Canada during the year totaled $1.89 million.
The Company's objectives for the year ahead are to complete the senior loan facility and other financing and move into a safe and efficient Phase 2 construction of Project 1, to further the geological understanding of the near surface Waterberg platinum, palladium and gold deposit and to further explore the new northern portion of the Bushveld Complex discovered by the Company.
Phase 1 construction at Project 1 is expected to be completed on budget. Phase 2 development will commence once the project loan facility and additional financing from the Company are available. Phase 2 is to include a second twin decline access south of the central twin decline development, underground lateral development, a milling and concentrating facility and a tailings impoundment area.
In conjunction with ongoing cost estimation work and banking preparations, an updated project schedule for Phase 2 has been completed by the Company. Plant and facility construction and commissioning are estimated to take up to two years to complete. Full commercial production is estimated to occur after a two year ramp-up period subsequent to the commissioning of the plant. The Merensky Reef is scheduled to be mined in the first approximately 13 years of the mine life. Steady state production is modelled at an average annual rate of 275,000 4E ounces of (platinum, palladium, rhodium and gold collectively) ounces in concentrate (on average during the nine years of peak production). See the technical report titled "Updated Technical Report (Updated Feasibility Study Western Bushveld Joint Venture Project 1 (Elandsfontein and Frischgewaagd)" dated November 20, 2009 with an effective date of October 8, 2009 (the "UFS") available at www.sedar.com.
At the Waterberg project, in the newly discovered "north of the North Limb" of the Bushveld Complex region, approximately 28 holes have been drilled since the cut off for the initial inferred mineral resource. Additional assay results for many holes are pending at this time. PGE mineralization has now been intercepted in drilling for approximately 5.5 km of strike length. The "T" layers have been intercepted from 122 metres below surface to 1,375 metres deep.
A US $8.37 million 2012 drilling program at Waterberg funded by JOGMEC and the Company is nearing completion. Planning for a 2013 program by the Waterberg joint venture is in progress, including funding for an updated resource estimate and then a preliminary economic assessment. Interpretation of current drilling combined with geophysical survey data indicates that the currently granted prospecting rights allow for up to six kilometres of northeasterly strike length before the system strikes onto the adjacent permit area, which is under registered application to the Company. The up-dip extension of the deposit to the east will be drilled once that licence area, now under registered application, is granted to the Company on behalf of the Waterberg joint venture.
About Platinum Group Metals Ltd.
Platinum Group is based in Johannesburg, South Africa and Vancouver, Canada. The Company's main asset is a 74% interest in Project 1 near Rustenburg, South Africa, where a Phase 1 construction budget of US $100 million is in progress, including underground development. Project 1 has an estimated steady state production of 275,000 ounces per year of platinum group metals. Platinum Group also has active exploration programs with drilling at the Sable joint venture and Waterberg joint venture in South Africa and active exploration in Canada for platinum and palladium.
R. Michael Jones, P.Eng., the Company's President, Chief Executive Officer and a significant shareholder of the Company, is a non-independent qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for preparing the technical information contained in this news release.
On behalf of the Board of Platinum Group Metals Ltd.
Frank R. Hallam, CFO and Director
This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the Company's plans to move into full scale development, the estimated completion of Phase 1 on Project 1, the timing of any debt/financing for Project 1, the commencement of Phase 2 on Project 1, the completion of off-take negotiations, the timing of first ore production and concentrate sales, and further exploration on the Company's properties. In addition, the results of the UFS and the Updated Waterberg Report may constitute forward-looking statements to the extent that they reflect estimates of mineralization, capital and operating expenses, metal prices and other factors. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in market conditions; the nature, quality and quantity of any mineral deposits that may be locate;, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities; the Company's ability to successfully complete hedging establishment and off-take negotiations; the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in he Company's Form 40-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.
The Toronto Stock Exchange and the NYSE MKT LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
(604) 899-5450 / Toll Free: (866) 899-5450
Platinum Group Metals Ltd., Vancouver
VP, Corporate Development
(604) 899-5450 / Toll Free: (866) 899-5450
(604) 484-4710 (FAX)
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Nov. 22, 2014 10:00 PM EST Reads: 1,002
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Nov. 22, 2014 05:30 PM EST Reads: 1,360
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
Nov. 22, 2014 05:30 PM EST Reads: 1,262
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
Nov. 22, 2014 05:30 PM EST Reads: 1,049
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Nov. 22, 2014 07:00 AM EST Reads: 1,332
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Nov. 21, 2014 09:15 PM EST Reads: 1,252
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Nov. 21, 2014 08:00 PM EST Reads: 1,333
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Nov. 21, 2014 08:00 PM EST Reads: 1,269
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 21, 2014 07:00 PM EST Reads: 1,209
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
Nov. 20, 2014 09:15 PM EST Reads: 1,315
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 20, 2014 07:30 PM EST Reads: 1,499
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Nov. 20, 2014 06:00 PM EST Reads: 1,268
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
Nov. 20, 2014 04:45 PM EST Reads: 1,042
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
Nov. 20, 2014 01:00 PM EST Reads: 1,508
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Nov. 20, 2014 12:30 PM EST Reads: 1,747
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Nov. 18, 2014 09:00 PM EST Reads: 1,985
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Nov. 18, 2014 08:15 PM EST Reads: 1,560
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Nov. 18, 2014 08:15 PM EST Reads: 1,500
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Nov. 18, 2014 01:30 PM EST Reads: 1,984
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.
Nov. 13, 2014 05:00 AM EST Reads: 3,521