Platinum Group Metals Ltd.: Western Bushveld Joint Venture Progress Report

Platinum Group Metals Ltd. (TSX: PTM)(AMEX: PLG) ("Platinum Group Metals") announces a progress report on Projects 1, 2 and 3 of its Western Bushveld Joint Venture ("WBJV") platinum project in South Africa.

HIGHLIGHTS:

- The WBJV Project 1 Feasibility Study mine design and engineering are progressing well and on schedule for technical completion in 2007. The mine plan steady-state production target remains 155,000 ounces of platinum or 250,000 ounces of 4E (platinum, palladium, rhodium and gold) in concentrate per year with a mine life of over 18 years. The Feasibility Study Committee comprising Platinum Group Metals and its partners, Anglo Platinum and Wesizwe Platinum, continue to progress and review all aspects of project design.

- Opportunities to accelerate the production ramp-up from that envisaged in the Pre-Feasibility study by including decline production and production from the shaft while shaft sinking are being evaluated as part of the feasibility design.

- The WBJV Projects 2 & 3 are advancing well with the recently completed 3D seismic survey greatly enhancing the information available to assess development potential.

- Wesizwe Platinum's (WEZ-JSE) purchase of Platinum Group Metal's BEE partner Africa Wide Mining is now complete. The WBJV empowerment partner and operator over the Project 2 area is now an active participant in the project technically and financially.

WBJV PROJECT 1:

The WBJV Project 1 (37% Platinum Group Metals, Operator) Feasibility Study mine design and engineering are advancing in accordance with the Pre-Feasibility Study announced January 2007, and are on schedule for technical completion in 2007. Permitting and licensing of the project are behind the Pre-Feasibility schedule and are expected in 2008. The potential improvements in the production ramp up in the feasibility design more than offset the anticipated delays from permitting.

Turnberry Projects of South Africa is completing the overall Feasibility Study, with Wardrop Engineering of Canada investigating the decline access option, GRD Minproc for the concentrator design, Grinaker-LTA Mining completing the vertical shaft design, and Golder Associates Africa and Oryx Environmental responsible for the public consultation and environmental permitting work.

The following progress is reported from these teams:

Shaft Infrastructure and Deposit Access:

Rock engineering drilling and down-hole geophysical surveys for potential vertical shaft positions have now been completed, and water flow, density and structural information has been collected. Down-hole radar sensing which will assist in the detailed rock support design and costing for the vertical shafts is also complete. Drilling for rock quality along the potential decline alignments is currently in progress.

The surface geography has been thoroughly surveyed for soil types, flood lines, roads, power lines, servitudes and ownership. The potential shafts and/or decline sites have been located to optimize the placement of the headgear and associated infrastructure, taking the geographic features and required mine infrastructure into consideration. The design of the shaft bank infrastructure is currently underway, and the civil engineering constraints are being finalized.

The design of the shaft systems are in progress including the level spacing, operating levels, ore pass systems and loading facilities. Rock mechanic and other constraints for the shaft positions and the pillar around the shaft are being finalized. The investigation into the potential purchase of existing, rather than the commissioning of new shaft hoisting gear is in progress using the now completed shaft design specifications.

Further to the January 2007 Pre-Feasibility Study, a mid-shaft loading system has been brought into the design to speed up the timeline to production.

Mine Design:

Project 1 mine design is focused on initially exploiting the high grade Merensky Reef with subsequent production from the UG2 reef. Some minor blending of UG2 where it is easily accessed is also under investigation. A total of 2.29 million ounces in the Measured Resource category and 5.02 million ounces in the Indicated Resource category are included in the mine plan, with 1.27 million ounces in the Inferred Resource category available for potential future development (see Sept 7, 2007 Press Release for details).

Mining level and shaft station designs have been selected and detailed designs are in progress. The mining method and access method for the vertical shaft option has been selected. Scheduling and monthly underground infrastructure design and testing for bottlenecks is ongoing. Design of decline approaches and potential intersections with the vertical shaft is in progress.

Processing Plant Design & Site Selection:

The final design of the processing plant for Project 1 is nearing completion. The selection, design and geotechnical testing of potential residue disposal sites has been completed, with three sites selected and submitted to Golder & Oryx for the environmental impact assessment consultation process.