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

The WBJV will now proceed to consider a decision to mine within 90 days following the delivery of the report to the partners on 1 July 2008. The Feasibility Study is the "Bankable Feasibility Study" referred to in the 2004 WBJV Agreement. Anglo Platinum and Wesizwe will review the Feasibility Study and it is planned that a decision to mine will be made by early October 2008. During the intervening period project management, project construction, engineering, procurement and construction management will be planned. Project finance arrangements and legal documentation for the formal mining rights application will also be undertaken. The Company has been approached by several commercial banking groups interested in participating in a lending syndicate to provide the debt requirements of the Company and the Project. Under the Feasibility Study plan, following the WBJV's decision to mine, the purchase of additional surface rights and securing of funding, construction could begin in October 2008.

Next Steps

- Selection of advisors on debt and equity project funding for Platinum Group Metals Ltd. - Summer 2008;

- Project improvement areas identified in the Feasibility Study, including possible synergies with adjacent project areas will be examined and used to optimize and improve the project plan where appropriate; - Fall 2008;

- Decision to mine - Oct 2008.

Qualified Person and Quality Assurance and Control

The Feasibility Study has been completed by Gordon Cunningham (ECSA) and Tim Spindler (ECSA) as the projects leads of Turnberry Projects (Pty) Ltd. and Byron Stewart P.Eng of Wardrop Engineering Inc. as the lead for underground mechanized access and footwall mining. They have been supported by the following qualified specialists and firms:


Wardrop Engineering Inc       Engineering & Project Management
Grinaker-LTA Mining           Construction & Mining Engineering
GRD Minproc                   Process Engineering & Construction
Epoch Resources               Mine Residue & Environmental Engineering
Bluhm Burton Engineering      Mine Ventilation & Refrigeration Specialists
 Consulting
Dave Arnold & Associates      Rock Mechanics
MINTEK                        Metallurgical Testwork
SGS Lakefield Research        Assay Laboratories & Geochemical Services
 Africa (Pty) Ltd
Minxcon                       Independent Consultants in Geology
Oryx Environmental            Environmental Consulting

As operator of the WBJV, Platinum Group Metals Ltd. is responsible for the management, exploration and engineering activities.

The resources are estimated by Charles Muller of Minxcon (SACNASP) as independent consultant and he has completed the investigation and report in compliance with Canadian National Instrument 43-101 on this and the previous announced estimate. He provides the update given here on resources.

Gordon Cunningham of Turnberry Projects (Pty) Ltd. (ECSA) is the overall Qualified Person for NI 43-101 Technical Report which will support the statements made in the Feasibility Study. He is a fellow with the South African Institute of Mining and Metallurgy ("SAIMM"), has had extensive experience in the assessment of mines including platinum mines and has been responsible for the mine designs and related investigations. He has over 30 years experience in project operation, project evaluation, design and feasibility work and is supported by a team of experienced engineers. Turnberry Projects has extensive experience with the design and evaluation of platinum projects and mines with past assignments including investigations ranging from metallurgical design to feasibility mine evaluation and project management.