|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)
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
Jul. 24, 2016 12:00 PM EDT Reads: 1,845
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jul. 24, 2016 12:00 PM EDT Reads: 1,870
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Jul. 24, 2016 11:00 AM EDT Reads: 1,289
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
Jul. 24, 2016 11:00 AM EDT Reads: 1,089
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jul. 24, 2016 11:00 AM EDT Reads: 1,785
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
Jul. 24, 2016 11:00 AM EDT Reads: 2,006
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 24, 2016 09:30 AM EDT Reads: 1,059
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Jul. 24, 2016 08:45 AM EDT Reads: 886
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 24, 2016 08:30 AM EDT Reads: 2,057
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 24, 2016 08:30 AM EDT Reads: 1,462
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 08:15 AM EDT Reads: 1,814
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 24, 2016 08:15 AM EDT Reads: 1,055
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 24, 2016 08:15 AM EDT Reads: 1,170
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Jul. 24, 2016 08:00 AM EDT Reads: 895
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 24, 2016 07:45 AM EDT Reads: 751
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 24, 2016 07:00 AM EDT Reads: 1,417
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 24, 2016 05:30 AM EDT Reads: 1,316
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 24, 2016 04:45 AM EDT Reads: 1,886
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jul. 24, 2016 04:45 AM EDT Reads: 1,980
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 24, 2016 01:30 AM EDT Reads: 1,155