Platinum Group Metals Ltd.: Project 2 Update Western Bushveld Joint Venture

Platinum Group Metals Ltd. (TSX: PTM)(AMEX: PLG) ("Platinum Group Metals") announces that a feasibility study has been released by Wesizwe Platinum Ltd. "Wesizwe" (JSE: WEZ) covering the Project 2 area owned 50% by the Western Bushveld Joint Venture. Referred to by Wesizwe as a "Bankable Feasibility Study for the Frischgewaagd-Ledig Project", the study also includes additional resources on the farm Ledig owned 100% by Wesizwe located adjacent to the north of Project 2. The Western Bushveld Joint Venture is comprised of 37% for Platinum Group Metals Ltd (operator), 37% for Anglo Platinum and 26% for Wesizwe. Platinum Group Metals Ltd. holds an effective 18.5% interest over the Project 2 area which is the majority of the surface area covered by the feasibility study.

The feasibility study was completed by Wesizwe and their consultants TWP, Murray and Roberts Cementation and the Mineral Corporation, all relevant experienced South African independent mining contractors. The study was not completed with reference to Canadian National Instrument 43-101 and was not completed on behalf of or under the direction of Platinum Group Metals Ltd.

The company has had recent access to the information supporting the feasibility study and is assessing, with the aid of independent advisors, its mineral inventory disclosure for the area where the feasibility study has been disclosed. However, the technical disclosure by Wesizwe has not been reviewed or confirmed in sufficient detail by Platinum Group Metals or its QP's for further disclosure at this time. Platinum Group will provide more technical information once Platinum Group's QP's have completed their review. Platinum Group Metals, Anglo Platinum and Wesizwe are in amicable discussions regarding the business arrangement over the areas of shared mineral rights within the Wesizwe area covered by the study. The Project 2 mineral rights form a logical block for consideration.

Platinum Group Metals news release disclosure on the 781 hectare Project 2 area dated April 30, 2007 and February 7,2007 provides for a total of 8.5 million ounces of Platinum, Palladium, Rhodium and Gold in the inferred category, or 4.25 Million ounces to the WBJV account as detailed below. Considerable drilling by Wesizwe and a 3 dimensional seismic survey, completed co-operatively by all owners, has been completed since this estimate. The impact of this work and the engineering analysis in for the Project 2 area is in progress by Platinum Group Metals Ltd. and its Qualified Persons "QP's".

Platinum Group Metals Ltd. Resource Disclosure (Sedar Filed Reports Dated: March 20, 2007 and June 19, 2007.


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                      Cut-        Tonnes                              WBJV
                      off   WBJV      in   Gra-                     Ozs in
             Resource cmg/ Inter-   Mill-   de  Width   Prill Split   Mill-
Project Reef Category   t    est    ions    4E Metres  Pt  Pd  Rh Au  ions
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Project
 2
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 RE 4   MR   Inferred 100    50%   6.540  5.84   1.42 68% 24%  5% 3% 0.614
        UG2  Inferred 100    50%  11.950  4.63   1.57 59% 29% 11% 1% 0.890

 Ptn 11 MR   Inferred 300    50%  16.100  6.00   1.46 62% 28%  5% 5% 1.550
        UG2  Inferred 300    50%  16.240  4.62   1.23 59% 29% 11% 1% 1.200
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Total
 Proj 2                                                              4.254
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Resources do not have demonstrated economic viability.

Qualified Persons, Quality Assurance and Control and Data Verification

Charles Muller of Minxcon is the Independent QP for the Portion 4 report (Press Release February 7, 2007). He is registered with the South African Council for Natural Scientific Professions (SACNASP) (Registration No. 400201/04). Mr. Muller is an independent consultant with 18 years experience as a geologist, and resource evaluator. Mr. David Gray, of Snowden, is the independent QP for the resource assessment report of Frischgewaagd 96 JQ, Portion 11, and has approved the previous release dated April 30, 2007. He is registered with the SACNASP, the South African Council for Natural Scientific Professions, Registration No 400018/04. Mr. Gray has more than 17 years of relevant experience in platinum group metal resource assessments. Samples were analyzed under Platinum Group's previously published protocols for the project.

Mr. Muller and Mr. Grey have visited the property and have completed sufficient testing procedure to be satisfied that they have reasonably verified the data for the previous resources announced.

R. Michael Jones, P. Eng is the non-independent QP for the summary of the current technical information on the property. He is the President of Platinum Group Metals Ltd.