A 5kg 99.99 percent pure Platinum ingot in the forge area of the Precious Metals Refinery in Rustenburg.

“I look forward to leading the Board through this challenging time and working with the Executive team to ensure that we deliver on our commitment to restoring Anglo American Platinum to safe and sustainable profitability, for the long term benefit of all our stakeholders,” Valli Moosa said.

Valli Moosa’s appointment follows the retirement of Cynthia Carroll, who stepped down at the Company’s Annual General Meeting today. Valli has been a Director since 2008, served as Deputy Chairman and Lead Independent Director of the Board since 2010 and is well placed to succeed Cynthia as Chairman. Valli is the current Chairman of Sun International Limited.

“I also thank Cynthia Carroll for her committed service to the Board over the last six years and we wish her well for the future,” Valli Moosa said.

The Board is also pleased to announce the appointment of Mark Cutifani as a Non-Executive Director of the Anglo American Platinum Limited Board with immediate effect. Mark is the Chief Executive of Anglo American plc and former Chief Executive of AngloGold Ashanti Limited.

The Board Committees will be re-constituted in line with King III Code of Governance and the JSE listing requirements.

Report On Proceedings at Annual General Meeting

At the Annual General Meeting of the Shareholders of Anglo American Platinum Limited held today, 26 April 2013, all of the ordinary and special resolutions proposed at the meeting were approved by the requisite majority of votes.

The special resolutions will be lodged for registration with the Companies and Intellectual Property Commission in due course.

Source: angloamerican

BOLIDEN–

Ralph Rossouw has been appointed General Manager of Boliden’s zinc mine Tara, in Ireland. Ralph Rossouw has over 20 years’ experience in the international mining industry and is a professionally registered Chartered Mining Engineer in Australia, New Zealand, Canada and South Africa.

Mr. Rossouw’s most recent assignments were as Chief Executive Advisor of Philex Mining Corporation in the Philippines, and CEO of Maple Minerals in Canada. Ralph has also held senior technical, operational, project and executive managerial positions with large mining corporations such as BHP Billiton, Rio Tinto, Anglo American, Goldfields and Placer Dome (Barrick).

“We are happy to have Ralph join the Boliden Group. His long experience in the mining industry will be of great importance to the development of Boliden Tara’s full potential,” says Jan Moström, President Boliden Mines.

The Boliden Tara underground mine is Europe’s largest zinc mine and was acquired by Boliden in early 2004. Approximately 2.6 million tonnes of zinc and lead ore are produced annually. The concentrates are supplied to both Boliden’s own and external smelters. Being a high-cost operation, Boliden Tara is focusing on improving its productivity and competitive position.
(Boliden)

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The Rustenburg strike in January and February, effected South Africa’s platinum, gold and iron ore mines this year. At Rustenburg, the company said “operational performance continues to be impacted by the uncertain labour climate and as a result still remains well below planned levels.”

The JSE-listed company produced 454 000 oz of platinum during the three months to September 2012, compared with 388 000 oz in the corresponding quarter the year before.

In its 2013 financial year first-quarter production report, Implats attributed this to a once-off toll material processing and an inventory release, which offset the lower production at its Rustenburg operations owing to a prolonged ramp-up.

PRODUCTION

Gross platinum production increased by 17% to 454 000 ounces for the quarter compared with the corresponding period a year ago. Lower production at Rustenburg due to the prolonged ramp-up was more than offset by once-off processing of toll material and an inventory release following the build-up in the latter part of the previous financial year.

Impala

Mill throughput and grade declined by 14% and 6% to 3.2 million tonnes and 4.24 g/t respectively. This coupled with a 12 000 ounce smelter build-up resulted in refined platinum production falling by 22% to 193 000 ounces.

Operational performance continues to be impacted by the uncertain labour climate and as a result still remains well below planned levels. The ramp-up to full production which was anticipated to be completed by the end of the first quarter has not been achieved. Currently the mine is operating at between 80 to 85% of FY2011 production levels. A number of key initiatives have been launched to improve mining quality factors and lower than planned development rates.

Marula

Tonnes milled at Marula rose by 4% to 409 000. However, a 2% decline in head grade to 4.22 g/t due to lower production from the relatively higher-grade Clapham conventional section due to conveyor belt disruptions resulted in platinum production in concentrate remaining unchanged at 18 000 ounces.Zimplats

The planned shutdown of the smelter during August and September for routine maintenance resulted in platinum production in matte falling by 11% to 40 000 ounces. The Phase 2 expansion to 270 000 ounces of platinum has been slowed as a result of the recently implemented capital preservation measures and will now be completed in 2015.

Management remains in negotiation with the Government of Zimbabwe on the finalisation of the agreed indigenisation plan. As previously announced the company received a revised Income Tax assessment for the period 2007 to 2012. This assessment disallowed the claiming of capital expenditure in full in the year incurred as set out in the Special Mining Lease on the basis that the legislation to give legal effect to this matter had not been promulgated. An amount of US$33.2 million will be paid over the twelve month period commencing October 2012. The company has lodged an objection to the additional payment of penalties and interest.

Mimosa

An increase in both tonnes milled and grade resulted in a corresponding improvement in platinum production in concentrate to 28 000 ounces. This remains in line with steady-state refined production of 100 000 ounces of platinum. Discussions are ongoing regarding Mimosa’s proposed indigenisation plan.

IRS

Throughput at IRS increased by 88% to 261 000 ounces of platinum despite a further decrease in non-managed purchased production. This was due to the treatment of a significant amount of once-off toll material compared to none in the corresponding period a year ago.

Group Unit Costs

The unit cost per platinum ounce continued to be adversely effected by inflation and lower volumes, and rose by approximately 35% to R15 326. The combination of wage pressures in South Africa and a weaker Rand in Zimbabwe accounted for the bulk of the 15% increase in cash costs, while the balance was primarily due to lower volumes, as a result of the protracted ramp-up in production and poor mining quality at Impala Rustenburg.

Source: www.implats.co.za/

Cynthia Carroll was appointed to the Anglo American Board in January 2007 and formally took over as Chief Executive in March of that year.  Under Cynthia’s leadership, after a record year in 2008, the Group successfully weathered the global financial crisis.

Explaining her decision to step down, Cynthia said: “It has been a great honour to lead Anglo American.  I am extremely proud of everything we have achieved during my period as Chief Executive and I will always retain enormous admiration and affection for this great company and its outstanding people.  It is a very difficult decision to leave, but next year I will be entering my seventh year as Chief Executive and I feel that the time will be right to hand over to a successor who can build further on the strong foundations we have created.”

Paying tribute to Cynthia, Anglo American’s Chairman, Sir John Parker, said: “Cynthia’s leadership has had a transformational impact on Anglo American.  Her legacy will include, among many other things, a step change improvement in safety, sustainability and the quality of our dialogue with governments, communities and other stakeholders.  Her values represent the very best of Anglo American.

“The Board is enormously grateful to Cynthia for her dedication, her hard work and all she has achieved. We also very much appreciate her willingness to continue as Chief Executive until a successor can be appointed.”

The process of recruiting Cynthia’s successor will now commence and will be led by Sir John Parker, who will also actively support the transition when the new Chief Executive has been appointed.

• Solid operational performance with production increases across five of the seven commodities.
• Kumba Iron Ore production increased by 14% to a record 12.5 million tonnes, driven by faster than planned ramp up of Kolomela mine. Kolomela is expected to produce at least 7 million tonnes in 2012.
• Export metallurgical coal production increased by 12% to 4.5 million tonnes.
• Export thermal coal production from South Africa increased by 10% to 4.6 million tonnes.
• Copper production⁽¹⁾ increased by 12% to 157,300 tonnes, reflecting the full ramp up of the Los Bronces expansion project.
• Nickel production⁽²⁾ increased by 38% to 9,000 tonnes, with production from Barro Alto offsetting the lack of production from Loma de Níquel in Venezuela.
• Refined platinum production of 649,000 ounces was flat, while equivalent refined platinum production decreased by 6% to 626,300 ounces. Production and costs were adversely impacted by illegal industrial action which caused production loss of 42,000 ounces of equivalent refined platinum in the quarter.
• Diamond production decreased by 31% to 6.4 million carats, largely in response to market conditions and the Jwaneng slope failure.
• On 16 August 2012, Anglo American completed the acquisition of a 40% shareholding in De Beers from CHL Holdings Limited for a cash consideration of $5.2 billion.
• On 24 August 2012, Anglo American completed the sale of a 25.4% shareholding in Anglo American Sur to a Codelco and Mitsui joint venture company for a cash consideration of $2.0 billion.
• During the quarter, Anglo American issued corporate bonds with a US dollar equivalent value of $2.3 billion in the US and European markets.

The Interim Management Statement for the third quarter ended 30 September 2012 is unaudited. Preliminary Results for the full year to 31 December 2012 will be announced on 15 February 2013. This report forms Anglo American plc’s Interim Management Statement for the purpose of the UK Listing Authority’s Disclosure and Transparency Rules.

Source: angloamerican.com/

Despite the company’s repeated calls for employees to return to work, we have continued to experience attendance levels of less than 20%. Currently four of the company’s mining operations in the Rustenburg area have insufficient staff to operate and only essential services are being carried out at those mines.

Our Rustenburg concentrators, smelters and refineries and Bathopele Mine continue to operate normally.

Disciplinary hearings for striking Rustenburg mine employees have been completed and affected employees will be informed of the outcome of the hearings today. Those employees will have three working days to appeal the outcome. Approximately 12,000 striking employees chose not to make representations, nor attend the hearings, and have therefore been dismissed in their absence.

Anglo American Platinum also confirms that the company has begun to experience strike contagion at its Union and Amandelbult (Tumela and Dishaba) operations, where workers have presented memorandums of demands similar to those received in Rustenburg.

The Union and Amandelbult Mines, including Mortimer Smelter, are not in operation due to insufficient attendance.

Anglo American Platinum confirms that as a result of the illegal industrial action of its employees and the initial safety suspension, total lost platinum production has amounted to 39,000 ounces, resulting in approximately R700 million of lost revenue.

Chris Griffith, Anglo American Platinum CEO, says: “The Company is committed to participating in the Platinum centralised engagement structures driven by the Chamber of Mines, as well as exploring the possibility of bringing forward wage negotiations within our current agreements.”

Anglo American Platinum continues to work with the local authorities and other stakeholders to support the restoration of law and order to the affected areas.”

Source: angloamerican.com/

Stillwater Mining Company operates the Stillwater Mine near Nye, Montana, and the East Boulder Mine south of McLeod, Montana. Both mines are located on the J-M Reef, the world’s richest known deposit of platinum group metals (PGMs).

The Company  reported third quarter 2012 combined mine palladium and platinum production of 127,000 ounces, year-to-date combined production of 381,200 ounces, and reiterated its 2012 PGM mine production guidance of 500,000 ounces and its 2012 total cash cost guidance of $500 per ounce. (Total cash cost per ounce is a non-GAAP measure of extraction efficiency that is further defined in the Company’s 2011 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and available on the Company’s website, www.stillwatermining.com.)

This year’s total cash cost guidance remains at $500 per ounce.

The Company also reported that its Blitz project tunnel-boring machine (TBM) is now in place and operational, provided an update on its development and exploration projects, reported on the initiation of the startup phase for its slag cleaning furnace, and progress on its precious metal refinery technology.

2012 Production by Quarter 

BLITZ PROJECT:

The Company’s recently acquired TBM, which is to be utilized in developing the Company’s new underground Blitz PGM project to the east of the existing Stillwater Mine, is now operational. The TBM was assembled over the past four months in an underground chamber specifically excavated for that purpose.

The Blitz project will be in development for approximately five more years and involves three interdependent initiatives: a TBM drive extending about 23,000 feet to the east from the existing Stillwater Mine infrastructure; a second underground drift to be conventionally driven parallel to and about 600 feet above the TBM drive; and a new surface portal and decline to be located about four miles to the east of the existing Stillwater Mine facilities. The new surface portal will be conventionally driven from surface and ultimately will intercept the two primary Blitz tunnels, providing ventilation and emergency egress for the Blitz area.

The Blitz project remains on track for completion in 2017. The TBM drive, parallel drift, and surface portal and decline are designed to provide the backbone for future mining in the Blitz project area and will cost an estimated $180 million, of which approximately $33.4 million has been spent through September 2012. The Blitz project is intended to strengthen the Company’s ore reserve position by establishing access to previously undeveloped portions of the J-M Reef, thereby extending the available mining life there and creating the potential for expanded mine production rates in the future. Ore produced from the Blitz project would be processed at the Company’s adjacent Stillwater Mine mill, which has excess permitted capacity available.

GRAHAM CREEK PROJECT:

Development at the Company’s Graham Creek PGM project, where the Company is using one of the original East Boulder Mine TBMs to develop 8,200 feet to the west of the existing East Boulder infrastructure, is progressing somewhat ahead of plan. Total Graham Creek TBM development footage through September 2012 is about 5,700 feet, about 70% of the total 8,200 feet of new TBM development planned there. The TBM development is slated to wrap up late in the first quarter of 2013, after which two new vertical ventilation raises (shafts) to surface will be added. Total cost of this Graham Creek development work has been projected at around $8 million, of which about $4.0 million has been spent through September 2012. In view of the technical complexity of these ventilation raises, the Company anticipates it may need to bring in an outside contractor for the development of the raises, which could increase the total estimated cost of the Graham Creek project by about $3 million.

The Company could realize some early Graham Creek PGM production during 2014, although the full development, including all definitional drilling, is targeted for completion in early 2015. It is not yet known if the project will facilitate any increase in production rates at East Boulder, which like the Stillwater Mine also has excess permitted mill capacity.

MARATHON PROJECT:

Progress continues on several fronts at the Marathon PGM-copper project situated near the northern shore of Lake Superior in the province of Ontario, Canada.

As previously announced, in April of 2012 Mitsubishi Corporation became a 25% owner of the Marathon Project. Under the terms of the agreement, Mitsubishi Corporation will bear 25% of future capital and operating costs at Marathon and has acquired the right to purchase up to 100 % of the PGM production from the Marathon project. Mitsubishi Corporation may also facilitate access to Japanese project financing resources in support of the mine development.

A definitive engineering study is currently being conducted by Nordmin Engineering Ltd, headquartered in Thunder Bay, Ontario. As previously announced, an environmental impact statement (EIS) for the Marathon project was submitted to a joint federal-provincial environmental review panel on July 27, 2012. The definitive engineering study will yield a final project design and firm cost estimates for the project, as well as information required to obtain the final Marathon operating permits.

To this point the project team’s principal effort has been focused on reassessing work done previously in defining the economic resource and ore reserves at Marathon, including updating that work for information obtained subsequent to the prior study. Following this reassessment, the team’s efforts will focus on preparing the detailed engineering and project design documents.

Findings to date, while preliminary, indicate that the palladium metal content was overestimated in a portion of the original resource and reserve modeling work provided by a third-party expert at the time of the acquisition. While it is still too early to assess the overall effect or materiality of these findings on the project’s infrastructure, on its economics (as they apply to proven and probable ore reserves), and on its permitting timeline, management cautions that the effect is likely to be a deterioration in both project economics and ore reserves. However, preliminary findings to date also suggest a potential increase in the overall resource tonnage resulting from higher metals prices, better-than-estimated metal recoveries and new drilling, although the Company must await the full engineering study to confirm the effect of these findings. The full Nordmin engineering study is currently slated for completion during the first half of 2013.

In the meantime, the Company continues to progress on schedule with the environmental assessment and permitting processes, while updating information as necessary to facilitate and complete the impact analysis through the Joint Panel Review process. At present, the project’s EIS is under public review and open to public comment with the Panel Hearings expected to begin sometime in the second quarter of 2013.

Management has reviewed the findings and the project team’s permitting and engineering progress to date. The Company is pleased with the progress to date and, in anticipation of the start of project development, is moving forward in assessing potential financing alternatives.

ALTAR EXPLORATION PROJECT:

The Company owns and controls the Altar property, a large copper-gold exploration play located in the Andes Mountains of the San Juan province, Argentina. As reported in the Company’s press release of August 8, 2012, during the 2011-2012 drilling season on the Altar property which concluded in late April the Company completed over 27,000 meters of additional core drilling (compared to 25,000 meters originally budgeted), adding significantly to the understanding of this emerging copper-gold resource.

The season’s drilling expanded the limits of the copper-gold mineralization at depth in the original Altar discovery area and confirmed the presence and significance of a second distinct mineralizing center with somewhat higher gold grades in the eastern portion of the Altar resource area. Further, reconnaissance drilling has discovered a potential third distinct mineralizing center indicating additional copper-gold potential on the Company’s concessions north of the current Altar resource. Drilling has yet to define the perimeter of the Altar mineralization area. Added drilling at Quebrada de la Mina, a gold target to the northwest of the principal Altar mineral resource, indicated attractive gold grades but insufficient volumes to sustain a stand-alone gold operation there.

While Altar exploration expenditures were budgeted at about $25 million for 2012, only about $17 million in total has been spent to date through September, suggesting that even with fourth quarter 2012 spending to mobilize next year’s drilling program, total spending at Altar will probably not exceed $20 million this year. Political developments in Argentina may further reduce spending at Altar in 2013. Drilling in the 2012-2013 season will focus on better defining the resource at depth, as well as attempting to identify the eastern perimeter of the mineralization.

SLAG CLEANING FURNACE AND PRECIOUS METAL REFINERY TECHNOLOGY PROJECTS:

The Company’s previous smelting furnace was idled when a new and larger primary furnace was commissioned in 2009. In 2011, the idled furnace was reconfigured as planned to serve as a slag-cleaning furnace supporting improved metal recoveries and additional recycling growth, as well as providing backup smelting capacity.

Engineering of the operating systems necessary to connect the modified furnace with the Company’s primary smelting furnace has now been completed and final construction is in progress. A mandatory furnace warming required in starting the slag cleaning furnace operation is underway this week. The furnace warming, to be followed by firing up and conditioning of the reconfigured furnace, is scheduled so that all construction will be complete and the newly structured slag cleaning operation will be functional at the beginning of December 2012. By the end of the year both furnaces should be operating in tandem to increase PGM recoveries.

It is projected that the slag cleaning operation will yield in excess of 2,500 ounces of PGMs annually from both mined and recycled materials that would otherwise remain bound up in the smelter slags.

Separately, work on the precious metal refinery technology continues with additional process test work scheduled during the fourth quarter of 2012.

The contents of this press release have been read and approved by Stanford T. Foy, CPG, who is a Qualified Person under Canadian Securities Administrators guidelines.

About Stillwater Mining Company

Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company’s shares are traded on the New York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange under the symbol SWC.U. Information on Stillwater Mining can be found at its website: www.stillwatermining.com.

Explaining the decision, Chris Griffith, CEO of Anglo American Platinum, said “Our employees are not on strike. However, in light of the current volatile situation in the Rustenburg area, where our employees, who want to go to work, are being prevented from doing so and are being intimidated by the threat of violence, Anglo American Platinum has decided to suspend its operations in the Rustenburg area with immediate effect. The suspension will continue until such time as operations can be safely resumed.”

Cynthia Carroll, Chairman of Anglo American Platinum, said: “We have taken this decision to suspend our operations in order to help ensure the safety of our employees – our absolute priority. Our people want to work and it is unacceptable that they are not able to go to work safely and instead are facing considerable intimidation. We are in touch with the authorities at the highest level to identify how we can work together with our tripartite partners – government and the recognised labour unions – to achieve a swift and peaceful resolution to these illegal actions.”

Our objective is to safely return to production as soon as possible. Our Rustenburg operations are already under considerable economic pressure and the longer it is necessary to continue this suspension, the greater the risk to their long-term viability.

Source: angloamerican.com/

The initial inferred mineral resource estimate covers the first 1.8 kilometres of T-layer and 2.8 kilometres of F-layer strike length starting from the southern boundary of the property position. Mineralized intercepts of the identified layers have now been drilled a further one kilometre northward on strike. The mineralised layers extend in all directions. Up-dip projections suggest that the deposit may come near to surface within several hundred metres east of current drilling. The Bushveld Complex has now been extended with drilling for 6 kilometers under shallow cover. Drilling is continuing with 10 machines on a roughly 250 metre grid, with several machines on 500 metre or greater step outs. Interpretation of current drilling combined with geophysical survey data indicates that the currently granted prospecting permits allow for up to 6 kilometres of strike length before the system strikes onto the adjacent permit area, which is under a registered application to the Company.

The inferred mineral resource estimate includes both “T” and “F” mineralized layers. The most important layers are the 3 to 6 metre thick “T1″ and “T2″ layers. The T layers are very well correlated in terms of geochemical markers and lithology and have a characteristic metal split of approximately 48% Palladium, 29% Platinum and 23% Gold. Within the “F” layer are two sub-layers which are approximately 5.27 metres thick on average, having an approximate metal split of 63% Palladium and 33% Platinum.

The T layers have been intercepted from 140 metres below surface to 1,375 metres deep. For the initial inferred mineral resource estimate, the T and the F layers have been modelled to 1,000 metres below surface depth. The T layers appear to truncate up-dip at 140 metres deep as they meet the overlying Waterberg sediments, while the F layers are intersected at 495 metres below surface and are expected to extend closer to surface.

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% of the project being held by black empowerment interests. JOGMEC funded the initial US$3.2 million of exploration expenses at Waterberg and Platinum Group is the operator of the project.

Aggregating the T and F layers, the deposit outlined so far is estimated to contain the following inferred mineral resources:

(See tonnes, grade and qualifications details below)

In order to be considered as a mineral resource estimate, it is necessary to consider “the reasonable prospects for economic extraction”. A high level economic analysis was undertaken to confirm this assertion.

The T1, T2 and both F layers average 3 to 6 metres in thickness, as compared to the classic Merensky Reef and UG2 Chromitite Layer which are traditionally mined with average thicknesses of approximately 1 to 1.4 metres each. The T and F layers have low rhodium content and offsetting high gold content from a metal basket perspective.

Platinum, Palladium and Gold spot prices applied to the T-layer and the F-layer show that Platinum Group Element basket prices at Waterberg compare well with typical Merensky Reef spot basket prices. Copper and Nickel contributions to the package are typical of other South African reefs.

R. Michael Jones, President and CEO of Platinum Group, said, “This is very exciting work. We now have over 30 boreholes of which 16 boreholes have been used in this estimation into a brand new deposit type on what is a newly discovered lobe of the Bushveld Complex. We have not yet seen the limits of the new system and we are expanding the prolific Bushveld Complex with every step out drill hole. It is amazing to see a new type of deposit emerge with extraordinary grade thickness and good platinum and gold value that may be amenable to near surface, mechanized mining with resulting high productivity.”

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 16 boreholes and a total 152 intersections on the different layers for the T layer and 12 Boreholes and a total of 38 intersections on the F-layer 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 0.01g/t PGM, 3E and a minimum thickness of 2 meters.

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 lead collection with ICP finish 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.

R. Michael Jones, P.Eng is the non-independent QP for the background disclosure on the platinum industry presented here. He has relevant experience in precious metals production and development and particularly in the WBJV Project 1 Platinum mine where Platinum Group is constructing a new platinum mine in South Africa.

Background

The Bushveld Complex is host to 80% of the world’s platinum, most of the world’s chrome reserves and has been mined for the past 90 years. Many of the mines on the traditionally mined layers are deep and costs, labour and safety have been very significant issues recently. Zimbabwe, also a source of platinum has required firms to give up control of their mines.

Hans Merensky outlined the layering of the Bushveld Complex in the late 1920′s and thus the Merensky Reef, the most famous platinum layer, is named after him. His geological finds are the basis of the three largest Platinum producers today.

The South Africa Mineral and Petroleum Resources Development Act in 2004 encouraged exploration under a “use it or lose it” tenure system, similar to that used in most of the world’s mineral jurisdictions. As a result, new areas of previously inaccessible exploration ground have been opened up to exploration. The new Waterberg discovery is a good example of direct foreign investment from Canada and Japan, directly encouraged by the new Act, working with South African expertise, resulting in a new discovery. Waterberg is just one example of the excellent geological potential that exists in South Africa.

The Waterberg discovery is in a newly discovered part of the Bushveld Complex found by grass-roots exploration by Platinum Group, JOGMEC and an experienced team of South African scientists. The consistent and unusual metal ratios in the deposit, particularly the 20% gold in the “T” layers, confirm that the discovery is “on its own page”. The setting and nature of the mineralization at Waterberg is writing a new chapter in the epic history of the Bushveld Complex. The discovery at Waterberg is in uncharted territory, off the previously known complex, and its full extent is not known. Drilling to date and geophysical survey data indicate that a significant new extension of the Bushveld Complex is possible. Platinum Group and its BEE partner Mnombo Wethu have registered applications for exclusive prospecting rights over approximately 40 kilometres of strike length beyond the initial deposit.

If confirmed by further work and analysis, the Waterberg discovery may provide an exciting opportunity for new mechanized mining operations.

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 mines over the past 20 years.

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

The company announced that its mined production of palladium and platinum for the second quarter of 2012 totaled 133,400 ounces. Total mined production for the second quarter of 2011 was 142,700 ounces. For the first half of 2012, total mined production was 254,200 ounces compared to 273,800 ounces for the first six months of 2011. Based on results for the first half of 2012 and projections for the remainder of the year, the Company reiterated its full year guidance for 2012 of approximately 500,000 ounces of mined production.

2012 Production by Quarter 

During the second quarter of 2012, the Company’s recycling facilities processed a total of 123,100 ounces of palladium, platinum and rhodium. This compares to a total of 125,200 ounces of recycled PGMs processed during the second quarter of 2011. For the first half of 2012, the Company processed 230,400 ounces of PGMs from recycled material. By comparison, in the first six months of 2011, the Company processed about 240,800 ounces of recycled material.

The Company continued to make progress during this year’s second quarter on its Blitz and Graham Creek development projects in Montana, which are situated adjacent to the Stillwater and East Boulder mines, respectively. The underground launch chamber for the Blitz tunnel boring machine (TBM) at the Stillwater Mine was excavated during the first half of this year. The principal components of the Blitz TBM have now arrived on site and assembly is nearing completion. It is anticipated that the Blitz TBM will be commissioned by the end of the third quarter this year. The TBM for the Graham Creek project at the East Boulder Mine, which got underway in 2011, advanced an additional 1,200 feet during the 2012 second quarter. Through the end of the second quarter, approximately 3,700 feet of the planned 8,200 feet of new primary access for the Graham Creek project had been completed. The Company currently remains on target to complete the Graham Creek TBM advance during the second quarter of 2013.

As announced previously, the Company, through its 75%-owned subsidiary, Stillwater Canada Inc., recently submitted the Environmental Impact Statement (EIS) for its Marathon PGM-copper project in northern Ontario to a Joint Federal and Provincial Review Panel. Over the next several months, this review panel will coordinate an assessment of the project with local communities, organizations and other potentially affected parties in the Marathon area. Following a transaction that closed early in this year’s second quarter, Mitsubishi Corporation now holds a 25% interest in Stillwater Canada Inc. and the Marathon project.

The Company also recently released its first Corporate Sustainability Report. The report is aligned with the Company’s strategic vision for sustainability and corporate responsibility, and encompasses key initiatives and performance measures in the areas of safety, environmental performance and social responsibility. The full report is accessible through the Company’s website: www.stillwatermining.com.

Commenting on second quarter performance, Frank McAllister, Stillwater’s Chairman and CEO, noted, “We are extremely pleased with our production results and the progress made on our development initiatives during this year’s second quarter. Mine production results have been consistent with expectations and we are maintaining our 500,000 ounce target for 2012 mine production, even though mine production was less than that achieved in last year’s very strong second quarter. In addition, we are particularly excited about the publication of our first Corporate Sustainability Report and recommend it for your consideration. Stillwater’s operating philosophy and strategic objectives include embracing a commitment to sustainable and responsible mining. This new report describes some of the ways the Company is fulfilling its commitment to operate responsibly.”

Second Quarter Results Webcast and Conference Call

Stillwater Mining Company will release its second quarter 2012 earnings results before the United States financial markets open on Wednesday, August 8, 2012. The Company will conduct a conference call to discuss results the same day at approximately 12:00 p.m. Eastern Daylight Time.

Dial-In Numbers:
United States: (800) 230-1059
International: (612) 288-0329

The conference call will be simultaneously webcast through the Company’s website at www.stillwatermining.com in the Investor Relations section.

A telephone replay of the call will be available for one week following the event. The replay dial-in numbers are(800) 475-6701 (U.S.) and (320) 365-3844 (International), access code 254899. In addition, the call transcript will be archived in the Investor Relations section of the Company’s website.

About Stillwater Mining Company

Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company’s shares are traded on the New York Stock Exchange under the symbol SWC and on the Toronto Stock Exchange under the symbol SWC.U. Information on Stillwater Mining can be found at its website: www.stillwatermining.com.

ANGLO American Platinum (Amplats) said on Monday its interim’s earnings would be lower by 20% or more, sending the group’s shares on a downward slide. The decrease was mainly the result of lower output and PGM sales prices, and could be more pronounced once the effect of currency fluctuations have been taken into account.

“The expected decrease in earnings is primarily as a result of lower sales volumes and lower metal prices achieved compared to the comparative period,” read a company statement. “However, in view of volatility in exchange rates and metal prices, Amplats cannot … quantify the extent of the decrease in expected earnings other than that the decrease is expected to be more than 20%.”