Platinum Group Announces Waterberg Discovery Expands
Platinum Group Metals Ltd.announces that its Waterberg discovery, in a newly found part of the Bushveld Complex of South Africa, has expanded significantly with further drilling. Platinum Group Metals Ltd. is making the transition to a significant producer of platinum and palladium through the construction of its 74% owned Western Bushveld Joint Venture (WBJV) Project 1 Platinum Mine. The WBJV is a high grade near surface project in the heart of an area where over $4 billion in new mine investment and expansion is occurring.
The Company reached an important milestone for the WBJV project on April 4, 2012 with the granting of a Mining Right by the Department of Mineral Resources in South Africa. With the granting of the Mining Right, Platinum Group Metals now moves forward in a strong position. Initial production is targeted for 2013.
Platinum Group Metals Ltd represents strong value based on the company’s independent feasibility study Net Present Value.
A fully funded $100 million construction program is in progress as part of the overall $443 million mine build program as estimated in the independent feasibility study. The feasibility study was positive at a base price of $1,343 per ounce of platinum.
A syndicate of global banks including Barclays Capital, Standard Bank, CAT Financial and West LB has been selected for a planned debt facility to complete a large portion of the remaining required project financing.
Six major investment banks have independent research coverage on the Company. Platinum Group Metals has significant global large scale institutional ownership.
Platinum Group Metals Ltd is also active in Platinum exploration in South Africa and in Canada with several active drilling programs near existing platinum and palladium mines. The management team has been highly successful in the discovery of new precious metals deposits.
- It is an essential element in catalytic converters for cars and trucks at a time the world’s fleet is again expanding.
- Platinum jewelry is gaining popularity, particularly in the growing Asian market.
- There is no effective substitute for platinum and palladium in autocatalysis.
- Supply of both platinum and palladium is limited and 80% of the world’s platinum comes from one region of South Africa. The WBJV Project 1 Platinum Mine is being built now in the very heart of this important region.
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