VANCOUVER, B.C., June 9, 2003 (PRIMEZONE) -- Drilling by Platinum Group Metals Ltd (TSX Venture Exchange:PTM) on the Elandsfontein property, immediately adjoining Anglo Platinum's Bafokeng Rasimone Platinum Mine, continues to intercept the Merensky platinum bearing reef. Grades of the intercepts with assays received are detailed in the table below. Intercepts include 6.29 g/t three Platinum Group Elements and Gold (3PGEAu) over 2.55 meters in hole ELF22.
In addition to the new intercepts reported below, further sampling beneath the previously announced intercepts in hole ELF 18 has increased the grade and thickness of the intercepts as listed in the table.
PTM has an option agreement to purchase 100% of the mineral rights of portions of Elandsfontein under terms announced December 16, 2002. PTM also holds options to purchase mineral rights approximately 4 kilometers along strike to the northwest at Onderstepoort as announced January 24, 2003.
Hole Grid Grid From To Inter- Pt Pd Rh Au Pt+Pd+Rh+Au
No West South cept
(m) (m) (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (g/t)
ELF17W2 851 -473 144.50 145.20 0.63 1.61 0.99 0.11 0.41 3.12
ELF18W2 748 -413 134.34 135.69 1.26 5.68 3.04 0.24 0.60 9.56
ELF18W3 748 -413 133.50 136.35 2.66 5.24 2.73 0.28 0.59 8.84
ELF18W4 748 -413 133.68 135.33 1.54 2.19 1.12 0.11 0.20 3.62
ELF-22 900 -369 91.32 94.15 2.55 4.03 1.71 0.15 0.39 6.29
Including 91.50 92.60 0.99 7.71 3.20 0.23 0.67 11.82
Intercepts marked with "W" are wedged deflections from the same mother hole. These additional intercepts are not drilled on all holes but are used to provide additional grade assessment on the deeper holes. Hole ELF18W1, a deflection on the UG2 Chromitite Layer, does not have significant values. Holes ELF16, ELF17W1, ELF17W3, ELF17W4, ELF19, ELF20 and ELF21 all have sampling and assaying pending. The geological setting of the area is complex and a number of holes are being re-sampled and interpreted.
Qualified Person and Quality Assurance and Control Dr. Gerhard Meintjes of GeoActiv Dynamic Geological Services has acted as the Qualified Person for Platinum Group Metals RSA Pty Ltd., a wholly owned subsidiary of PTM, on the Elandsfontein Project. He is registered with the South African Council for Natural Scientific Professionals ("SACNASP"). GeoActiv has extensive relevant experience in the Bushveld Complex including large scale drilling programs and resource assessments. For PTM, drill core is split or sawn with half being retained for future study.
The samples collected from the second half of the drill core are sealed on site and transported directly to the analytical lab. PTM has inserted duplicates and standards in the assay sample stream as a part of its internal Quality Assurance and Quality Control program ("QAQC"). Chemex Labs in Vancouver completed the above noted assays for platinum, palladium, rhodium and gold by standard fire assay methods that included their own internal quality control program of standards.
ABOUT PTM PTM is based in Vancouver BC, Canada and has active exploration programs in Canada and South Africa. The Company was founded in 2000 with the vision of tight physical markets for platinum group elements by 2005 and with respect to platinum this is on track.
PTM holds significant mineral rights in the northern and western Bushveld and is planning to continue its acquisition of mineral rights in South Africa and the Bushveld Complex. The Company is supportive of the new initiatives of the government of South Africa in the Mineral Bill and Mining Charter.
The Company is the largest mineral rights holders in the area surrounding Canada's only primary platinum and palladium mine near Thunder Bay, Ontario and PTM has a separate active joint venture with Anglo Platinum, the world's largest producer of platinum, near Sudbury, Ontario, Canada.
On behalf of the Board of Platinum Group Metals Ltd.
"R. Michael Jones"
President, Director
For further information contact:
R. Michael Jones, President Platinum Group Metals Ltd., Vancouver Tel: (604) 899-5450 / Toll Free: (866) 899-5450
Larry Roth Roth Investor Relations, NYC Tel: (732) 792-2200
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-30306, available at our office: Suite 800 - 409 Granville Street, Vancouver BC, Canada, V6C 1T2 or from the SEC: 1(800) SEC-0330.