Welcome!

.NET Authors: Pat Romanski, Srinivasan Sundara Rajan, ChandraShekar Dattatreya, Jayaram Krishnaswamy, Jim Kaskade

News Feed Item

Platinum Group Metals Ltd.: 10 Million Ounce Platinum, Palladium and Gold Inferred Updated Mineral Resource at Waterberg

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 02/01/13 -- Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG)(NYSE Amex:PLG) ("Platinum Group" or the "Company") announces an updated 10 million ounce 3E (Platinum, Palladium and Gold) inferred mineral resource estimate for the Waterberg joint venture property. The current resource covers only 250m of influence up dip and eastward into a new permit granted in January 2013. The deposit remains open along strike onto permits under application as well as up-dip. Drilling continues and has been ramped up from 10 to 15 drill rigs, largely focused on the up-dip potential of the deposit.

Overall with drilling in late 2012 the estimated resource has been expanded by 51%. The total deposit grade has increased slightly and the average thickness has increased from 4.1 meters to 4.6 meters thick on the four layers in the resource estimate. The metal ratios of platinum, palladium and gold have remained generally consistent with initial resource estimate in 2012.

The total resource contains 10.12 million ounces platinum, palladium and gold (3E) in 92.93 million tonnes with the shallowest part of the deposit in the T zone at 124 meters deep and the deposit cut off at 1000m deep as a preliminary economic cut off. The updated inferred mineral resource estimate covers the first 2.8 kilometres of T-zone and 5.4 kilometres of F-zone strike length.


----------------------------------------------------------------------------
                          Mineral Resource Estimate                         
                              01 February 2013                              
----------------------------------------------------------------------------
                      Stratigraphic   Tonnage     Pt     Pd     Au   2PGE+Au
                          Thickness        Mt  (g/t)  (g/t)  (g/t)     (g/t)
----------------------------------------------------------------------------
T1                             2.58      4.33   0.91   1.37   0.52      2.80
----------------------------------------------------------------------------
T2                             4.08     25.46   1.07   1.87   0.78      3.72
----------------------------------------------------------------------------
T Total                        3.76     29.78   1.05   1.79   0.75      3.59
----------------------------------------------------------------------------
FH                             4.02      7.19   1.09   2.37   0.20      3.66
----------------------------------------------------------------------------
FP                             5.46     55.95   1.01   2.10   0.14      3.25
----------------------------------------------------------------------------
F Total                        5.24     63.15   1.02   2.13   0.15      3.29
----------------------------------------------------------------------------
Combined Total                 4.63     92.93   1.03   2.02   0.34      3.39
----------------------------------------------------------------------------
Content (koz)                                  3,071  6,040  1,009          
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                          Mineral Resource Estimate                         
                              01 February 2013                              
----------------------------------------------------------------------------
                                    2PGE+Au                                 
                       Pt:Pd:Au       (koz) Cu (%) Ni (%)    Cu (t)   Ni (t)
----------------------------------------------------------------------------
T1                     32:49:19         390   0.21   0.11     9,200    4,900
----------------------------------------------------------------------------
T2                     29:50:21       3,045   0.17   0.09    44,000   22,600
----------------------------------------------------------------------------
T Total                29:50:21       3,435   0.18   0.09    53,200   27,500
----------------------------------------------------------------------------
FH                      30:65:6         847   0.10   0.22     6,900   15,500
----------------------------------------------------------------------------
FP                      31:65:4       5,838   0.06   0.16    33,400   91,600
----------------------------------------------------------------------------
F Total                 31:65:4       6,685   0.06   0.17    40,300  107,100
----------------------------------------------------------------------------
Combined Total         30:60:10      10,120                                 
--------------------------------------------------                          
Content (koz)                                                               
----------------------------------------------------------------------------

Inferred Mineral Resource, Dated February 01, 2013, Ken Lomberg, Coffey Mining, Independent Qualified Person

Based on drilling to date, an interpreted erosional feature of the Waterberg sediments into the newly discovered lobe of the Bushveld complex limits part of the eastern T zone extension near surface. Additional T zone potential is open to the west and north of the current area of drilling. "F" zone exploration drilling from approximately 300 meters deep up-dip towards surface is ongoing.

The inferred mineral resource estimate includes two "T" and two "F" mineralized layers. The most important layers are the 4.1 meter thick "T2" and 5.5 meter thick "FP" layers. The T layers are very well correlated in terms of geochemical markers and lithology and have a characteristic metal split of approximately 50% Palladium, 29% Platinum and 21% Gold. The F layers are approximately 5.2 metres thick on average, having an approximate metal split of 65% Palladium and 31% Platinum and 4% Gold.

The Waterberg deposit has excellent potential to be mined by highly efficient mechanized methods and the initial deposit depth are amenable to a decline ramp rather than vertical shafts.

For the initial and the current resource models the T and the F layers have been modelled to a cut-off depth of 1,000 metres below surface. Mineralization below this depth has not been included in the current resource estimate. Significant mineralized intercepts have been returned below this depth, up to 1,300 meters deep. The 1,000 metre cut-off depth will be re-evaluated during a preliminary economic assessment planned for 2013.

Platinum Group, with a 49.9% direct and indirect interest in the Waterberg property, made the discovery in partnership with the Japan Oil, Gas and Metals National Corporation ("JOGMEC"). JOGMEC holds a direct 37% interest in the Waterberg property with a balance of approximately 13.1% of the project being held by black empowerment interests. Platinum Group is the operator of the project. JOGMEC has now approved their participation in an initial USD $10.0 million exploration program for 2013.

R. Michael Jones, President and CEO of Platinum Group, said "The Waterberg discovery of near surface, thick platinum is very opportune at a time of shrinking global production of platinum from the conventional mines. As we continue to drill for resource expansion we will commence a preliminary economic assessment on the initial 10 million ounces. Our teams have now completed the design of the WBJV Project 1 mine now in construction, and are excited to begin their work on initial mine designs for Waterberg".

Inferred Mineral Resource Estimate Details

The mineral resource estimate was completed by Ken Lomberg (SACNAPS 400038/01) of Coffey Mining. Coffey Mining is a well-established international Mining consultancy with offices in Australia, Africa, North America and South America.

The inferred mineral resource estimate was prepared using an inverse distance squared approach and a seam model for each layer. Some 20 boreholes and a total of 106 intersections on the different layers for the T zone and 30 Boreholes and a total of 101 intersections on the F zone were used in calculating the inferred mineral resource estimate.

The basis of the estimates are the identified cuts of the layers. The layers were initially defined based on their geochemical signatures and checked against the core to ensure continuity especially between deflections of the same boreholes. The cuts were also defined based on the geology and marginal cut-off grade of 0.1g/t PGM, 3E and a minimum thickness of 2 meters.

A cut-off grade of 2.0g/t was applied to the block model for the T1 and FH Layers. Note: Totals may not sum exactly due to rounding

Qualified Person, Quality Control and Assurance, Verification

Ken Lomberg is the Independent (as defined in NI-43-101) Qualified Person ("QP") for the inferred mineral resource estimate presented here and he has approved this disclosure. He is based in South Africa and has 27 years of relevant experience in resource estimation and mining project evaluations in many platinum projects and mines. He has verified the data by visiting the project site, reviewing the core, checking the assay data, checking resource model cuts on the core, viewing the assay certificates on a test basis and assisting with the geology interpretation, and reviewing the 3-D deposit model generated in Datamine by Thys Botha, the non-independent qualified resource estimation geologist and Exploration Manager for Platinum Group Metals RSA Pty Ltd. Mr. Lomberg is satisfied that the confidence of the data, the geological interpretation and estimate are sufficient for the calculation of an inferred mineral resource estimate.

Quality control and assurance was completed in the normal process for Platinum Group Metals RSA Pty Ltd. Standards, duplicates and blanks were inserted regularly in every assay batch. These assay results were checked and any results outside of two standard deviations were re-assayed. Strict control and documentation on the core from the drill rig to the site and the assay samples to the lab were maintained at all times under a chain of custody sign off system. The platinum group elements were assayed by fire assay using a nickel sulphide collection method at Setpoint Laboratories, Johannesburg, a SANAS accredited laboratory.

Inferred mineral resource estimates, under the CIM guidelines, do not have demonstrated economic viability and may never achieve the confidence to be mineral reserve estimates or to be mined. An inferred resource has reasonably assumed continuity based on limited sampling but the geological and grade continuity has not been verified. The property is held under a Prospecting Right with the exclusive right to convert that right to a Mining Right. There can be no assurance that a Mining Right will be granted with-out extensive further work and an Application to the Department of Mineral Resources of South Africa.

About Platinum Group Metals Ltd.

Platinum Group has an experienced mine building and operating team based in Vancouver, Canada and Johannesburg, South Africa. Platinum Group is building the WBJV Project 1 Platinum mine in the Western Limb of the Bushveld Complex, South Africa. The Company owns 74% of the WBJV Project 1 Mine and 26% is owned by Wesizwe which is controlled by Jinchuan of China. The Platinum Group management team has a track record of discovery of precious metals mine over the past 20 years. Platinum Group recently completed a $ 180 million equity funding and a credit approval for $ 260m for the WBJV Project 1 mine and exploration at Waterberg.

Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto.

On behalf of the Board of Platinum Group Metals Ltd.

R. Michael Jones

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 ("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 Waterberg ahead with exploration and engineering work. In addition, the results of the UFS 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 the 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.

Cautionary Note to U.S. Investors Regarding Estimates of Inferred Mineral Resources

This press release uses the terms "inferred mineral resources." We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.

The Toronto Stock Exchange and the NYSE MKT have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Contacts:
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
President
Tel: (604) 899-5450 / Toll Free: (866) 899-5450

Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
DevOps Summit 2015 New York, 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 widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
"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.
The 3rd International Internet of @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 its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
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 ...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
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...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, 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. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
The 3rd International Internet of @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 its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
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...
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.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
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...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...