Platinum Group & Waterberg JV advances
Focusing to produce 472K ounces of palladium a year!
Platinum Group announces that the transfer of all Waterberg Prospecting Rights held by the Company to a dedicated joint venture corporation, Waterberg JV Resources, has been approved by the South African Department of Mineral Resources.
The Waterberg Project is one of the few large palladium dominant deposits in the world. The Company believes that as a result of its shallow depth, good grades and a fully mechanized mining approach, the Waterberg Project has the opportunity to be a safe mine within the lowest quartile of the industry cost curve.
The project resources consist of 60% palladium and the Independent Pre-Feasibility Study on the Waterberg Project estimates that Waterberg will produce 472,000 ounces of palladium annually is equal to about 6% of the world's palladium production in 2015.
Producing approximately 744,000 4E ounces per year, Waterberg would be one of the largest platinum group metals mine complexes in South Africa.
R. Michael Jones, CEO of Platinum Group Metals Ltd said, "We are very pleased that the DMR has approved the transfer of the ownership structure to our dedicated joint venture company at this time. The transfer allows us to prepare to file a mining right application and work on specific financing alternatives and strategic transactions. Interest in the Northern Limb and palladium has increased recently."