Company Information for Platinum Group Metals Ltd

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Company Statement

Platinum Group Metals Ltd. is based in Vancouver, BC, Canada and Johannesburg, South Africa. Platinum Group has a solid management team with successful track records of more than 20 years in exploration, mine discovery, mine construction and mine operations.

The Company was formed in 2000 and is focused on the development of platinum operations. It holds significant mineral rights in the Bushveld Igneous Complex of South Africa, host to 80% of the World’s platinum production. View a demonstration of how the Bushveld was formed.

The Company is focused on moving its first, high-grade, near-surface Western Bushveld Joint Venture (WBJV) platinum deposit to production – Project 1. A positive Final Feasibility Study for the Project 1 platinum mine was published on July 7, 2008. 

Subject to regulatory and other approvals and the completion of definitive agreements Platinum Group will have a 74% ownership of Project 1 under the restructuring announced September 2nd.

Platinum Group also holds a 100 square kilometre position in the Sable Joint Venture adjoining a recent Xstrata takeover land position. 

Current Operations

SOUTH AFRICA
Western Bushveld Joint Venture 
The Western Bushveld Joint Venture is a unique platinum project and likely to be one of the last large-scale near surface new developments on the desirable and high-grade platinum reefs of the Western Limb of the Bushveld Complex. The feasibility study for Project 1 within the Western Bushveld Joint Venture is expected to be completed in Q2 calender 2008.

Located among key high-grade platinum mines, including Amandelbult, Union, BRPM and Impala, the Western Bushveld Joint Venture deposits exhibit the high grades and high platinum contents that mark mines on the western limb.

The Western Bushveld Complex has been mined for 80 years and has many profitable mines that produce 70% of the world's platinum production. In contrast, the northern and eastern limbs support less of a proven track record of platinum mining.

Project 1
Over the past two years, the Joint Venture team, with PTM as the operator, has drilled over 100,000 metres and over 180 drill holes on Project 1, allowing us certainty with our deposit calculations and mine planning.
Subject to regulatory and other approvals and the completion of definitive agreements Platinum Group will have a 74% ownership of Project 1 under the restructuring announced Sept 12th.
The positive Bankable Feasibility Study released in July 2008 gave Project 1 of the WBJV a Net Present Value, at a 5% discount rate, an exchange rate of 8 rand to the US dollar and using 3 year trailing average metal prices of US$987 million pre-tax and US$578 million post-tax.
The mine design involves the construction of a platinum mine and concentrator to produce 235,000 to 271,000 ounces of combined platinum, palladium, rhodium and gold (“4E”) in concentrate per year steady state for 9 years with a 22 year total underground mine life.
In the BFS, initial underground production from the mine is scheduled for late 2010. Average operating margin on three year trailing metals prices including minor elements and copper and nickel is estimated at US$739 per 4E ounce for the life of mine.

Project 2
Project 2 (Platinum Group Metals 18.5% interest, Wesizwe Platinum Operator*1) is located adjacent and along strike to the northwest from Project 1. It has been the the focus of separate multi-million dollar exploration program which began in the fall of 2006.
Initial resources totaling 5.034 million ounces in the measured and indicated category and 3.936 million ounces in the inferred category have been reported from the Project 2 area (see News Release April 22, 2008). These resources form part of the Bankable Feasibility Study released by Wesizwe Platinum Ltd. on March 31, 2008 on the "Frichgewaagd-Ledig Project" which encompasses Project 2.
Project 3
A first resource estimate on the Project 3 area (Platinum Group Metals 37% interest & operator*2) totaling 1.9 million ounces platinum, palladium, rhodium and gold in the inferred category was announced April 25, 2008 (see News Release April 25, 2008). The good grades and strong platinum ratios on Project 3 are similar to the ratios of the Project 1 and Project 2 resources, located on the same layers or “reefs”. The Project 3 resources are at a depth of approximately 450 to 500 meters. Drilling is continuing in the Project 3 area.

War Springs
Our Company acquired the War Springs property due to its favorable position along the Northern Limb of the Bushveld Complex. In 2002, the owners recognized they would need to consolidate their holdings and activate the mineral rights or lose them to the state by 2005 under the New Act. The War Springs property has seen virtually no historical mineral exploration as a result of its formerly highly fragmented mineral rights ownership. The property was consolidated and the mineral rights have transitioned to the new mineral law.
Platinum Group holds a 70% interest in this property under new order prospecting rights.

Past Work Program
Our Company optioned the property and began to explore. The systematic program included mapping, geochemistry and geophysics. During our drilling program, we were surprised to discover a banded or layered nature to the property. Typically, the Northern Limb displays lenses of mineralization---not the well-layered formations common of the Eastern and Western limbs of the Bushveld Complex. The PPRUST platinum mine of Anglo Platinum is located 30 kilometres to the north of War Springs
We updated our independent resource calculation on March 17, 2008 to an inferred resource of 1,676,000 ounces of platinum, palladium, and gold (47M tonnes grading 1.11 g/t 3E, 0.13% nickel, 0.10% copper with strong evidence of resource continuity (Charles Muller, Independent Qualified Person, Global Geo Services,(see News Release March 17, 2008).
This resource is found in two distinct reef layers 5-10 metres thick named the "B" and "C" reefs, starting at surface and dipping in parallel sheets at a 65 degree angle to a depth of 400 metres and remaining open.
The combined girth and dip may make this property potentially amenable to a bulk, low-cost underground mining approach.
Planned Work and Potential
The property may have additional potential at depth. Drilling along strike near the PPRUST Mine in the North limb of the Bushveld Complex has shown increased grades and thickness at depth. This deeper drilling is being considered.

Tweespalk 
The Tweespalk property is located 30 kilometres north of the PPRust mine in the Northern Limb of the Bushveld complex. Platinum Group has completed a total of 7 drill holes. Initial exploration results at Tweespalk were encouraging with a reef intersection of four metres grading 4.4 g/T, 3 PGEs (platinum, palladium, and gold over 4.04 meters

Platinum Group holds a 70% option interest in the Tweespalk property while BEE partner Africa Wide Mining owns a 30% participating interest. The best intercept at Tweespalk is also the deepest and drilling below the PPrust Mine area has also shown good grades and thickness at depth. For this reason further drilling is being considered.

CANADA
Agnew Lake
The large Agnew Lake Intrusion is located approximately 70 kilometres west of nickel-copper-PGE mining center of Sudbury, Ontario, Canada and is similar to the River Valley Intrusion located approximately the same distance east of Sudbury.

The rare layered and PGM concentrating nature of these two bodies has attracted Anglo Platinum from South Africa. To date Anglo Platinum has funded in excess of $2,500,000 in exploration on the Angew Lake Property testing several zones of PGM mineralization located along the basal contact of the Agnew Lake Intrusion.

Platinum Group controls a 72.83% interest in the Agnew Lake Property and Anglo Platinum, through Canadian subsidiary Kaymin Ltd., controls a further 26.17% interest.

Surface results included numerous areas of elevated platinum and palladium and drilling to date has not been encouraging enough to warrant further work. Platinum Group and Kaymin, a subsidiary of Anglo Platinum, continue to hold the property.   No further work is recommended at this time.

Lac Des Iles
Platinum Group holds large minerals rights areas in the Thunder Bay, Ontario PGM exploration camp.  The land position was assembled through the amalgamation in 2002 of PTM and New Millennium Metals Corporation.

The Thunder Bay area hosts Canada's only primary producing PGM mine, the Lac des Iles Mine, owned by North American Palladium. The LDI Mine is a large, low-grade open-pit mine hosted in an unusual intrusive complex. Deeper workings at the mine have found higher grades of PGM material. 

In the summer of 2001 Platinum Group made the important discovery of the Stinger Zone in trenching. The discovery was confirmed by drilling in 2002. This discovery was important because of its high grades, including 7g/t PGMs, and because of its style of occurrence being associated with a specific layer. This layered type of PGM mineralization has the potential to extend along the known 17 kilometre strike length of the Towle Lake Intrusion. Stinger is located approximately 15 kilometers south of the Lac des Iles Mine and logging roads link the area. The mine's proximity creates the possibility of shipping Stinger material to the mill if the grade is sufficient to lead to an agreement between the owners.

Work completed has allowed Platinum Group to vest a 50% interest on the property covering the Stinger Zone and subsequently in late 2006, Platinum Group bought out other partners and now holds the property 100%.

The Powder Hill, Stocker and Vande PGM mineralized zones have all demonstrated potential.

Based on the exploration results thus far and the number, size and widespread distribution of PGM occurrences in the district, Platinum Group considers the potential in the area excellent.  Platinum Group Metals plans to continue to hold these positions for further exploration.

Significant exploration work is currently deferred in favour of investment in South Africa.

Geographical Spread

South Africa and Canada

Board of Directors and Key Management

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