News Bureau

 
 
October 21, 2016

PGM eye production of 744K Ounces

Production plan for Platinum, Palladium, Rhodium and Gold

Platinum Group Metals (PGM) announces positive results from an Independent Pre-Feasibility Study on the Waterberg PGM Project completed. PGM plans to continue drilling the deposit and to advance the project to completion of a FS and a construction decision. The Company also plans to file a mining right application, with Joint Venture approval, based substantially on the results of the PFS.

Highlights of the PFS include:1: Validation of the 2014 Waterberg Preliminary Economic Assessment ("PEA") results for a large scale, shallow, decline accessible, mechanized platinum, palladium, rhodium and gold ("4E") mine. 2:     Annual steady state production rate of 744,000 4E ounces in concentrate. 3: Estimated capital to full production of approximately US$1.06 billion including US$67 million in contingencies. Peak project funding estimated at US$914 million.

R. Michael Jones, CEO and co-founder of Platinum Group said, "The completion of the PFS significantly increases the Company's attributable 4E reserves and is an important milestone for the project and the Company. The PFS has a similar approach, similar peak funding in US dollar terms with increased production, compared to the PEA.”

“Waterberg is designed to be a low cost, multi-decline, fully mechanized, mining complex along an initial 13 km deposit strike length with two 300,000 tonne per month mills built in close sequence. At 744,000 ounces annual steady state production and a modelled 18 year mine life, Waterberg is very large and offers excellent exposure to the essential metals of platinum, palladium, rhodium and gold. Amazingly, the deposit is still open. The PFS covers only the first 218 million tonnes in Indicated resources to date” he adds more.

 

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