Positive Independent Feasibility Study for Platinum Group Metals' Project 1 Platinum Mine

Market Wire, July, 2008

MR- Merensky Reef; UG2- Upper Group 2 Reef.

The mineral resources reported as part of this Feasibility Study are updated from previously reported resources and filed in a technical report on SEDAR on October 30, 2007. The resources update was done to conform to a minimum 80cm resource cut which is in line with that used by Anglo Platinum. Sampling practice, bore hole data, other factors and quality control and assurance are as reported previously. The resources are estimated by kriging of approximately 180 boreholes plus deflections and are reported under SAMREC. The categories are the same as CIM categories.

The Qualified Person for the Resources is Charles Muller of Minxcon.

Mineral Reserves - derived from the Measured & Indicated Resources and not in addition to them.

A Probable Reserve is the economically mineable part of an Indicated, and in some circumstances a Measured Resource, demonstrated by at least a Pre-Feasibility Study including adequate information on mining, processing, metallurgical, economic and other factors that demonstrate, at the time of reporting, the economic extraction can be justified. A Proven Reserve is the economically mineable part of a Measured Resource demonstrated by the same level and factors as above. A Proven Mineral Reserve implies that there is a high degree of confidence. All approvals need not be in place for the declaration of reserves.

The conversion to Mineral Reserves was undertaken at 3.5 g/t stope cut-off grade, each stope has been fully diluted, comprising of a planned dilution and additional dilution for all aspects of the mining process. The estimated resulting grade to the mill is 5% lower on the Merensky Reef and 6% lower on the UG2 contrasted from the Pre-Feasibility Study estimate of mill head grade. The Inferred Resources are outside and in addition to the reserves.

The Qualified Person for the Statement of Reserves is Tim Spindler.

Reserves - Converted from Measured and Indicated Resources

             Merensky                                  UG2
-----------------------------------    -----------------------------------
                      Content 4E                              Content 4E
Tonnes         4E  ----------------    Tonnes         4E  ----------------
  t           g/t   tonnes      Moz      t           g/t   tonnes      Moz
-----------------------------------    -----------------------------------
Merensky Proven                        UG2 Proven
-----------------------------------    -----------------------------------
6,706,482    5.55     37.3    1.198     4,245,280    3.38    14.3    0.461
-----------------------------------    -----------------------------------
Merensky Probable                      UG2 Probable
-----------------------------------    -----------------------------------
11,382,035   5.39     61.3    1.971     7,051,016    3.42    24.1    0.775
-----------------------------------    -----------------------------------
Total Merensky Mineral Reserves        Total UG2 Mineral Reserves
-----------------------------------    -----------------------------------
18,088,517   5.45     98.6    3.169     11,296,296   3.40    38.4    1.236
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