Business
Impala Platinum Makes Strategic Investment to Advance Development of Waterberg PGE Project
VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Oct. 16, 2017 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (“Platinu
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Oct. 16, 2017 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (“Platinum Group”, “PTM” or the “Company”) is pleased to announce that Impala Platinum Holdings Ltd. (JSE:IMP) (“Implats”) has entered into definitive agreements (the “Implats Transaction”) with Platinum Group, the Japan Oil, Gas and Metals National Corporation (“JOGMEC”), Mnombo Wethu Consultants (Pty) Ltd. (“Mnombo”), and Waterberg JV Resources Proprietary Ltd. (“Waterberg Resources”), whereby Implats will, subject to Reserve Bank approval and other closing conditions: Immediately purchase a 15.0% interest in the Waterberg Project for US$30.0 million (the “Initial Purchase”); Have the option to increase its stake to 50.01% through additional purchases and earn-in arrangements totaling US $166.0 million following the completion of a Definitive Feasibility Study (“DFS”); and Have a right of first refusal to smelt and refine Waterberg concentrate. JOGMEC will retain certain metal marketing rights to final metal related to the project. Platinum Group would retain a 31.96% direct and indirect interest in Waterberg Resources if Implats were to exercise its full option. The Waterberg Project has a number of highly attractive characteristics as a low-cost, shallow, bulk mineable project with significant scale and growth potential. The participation of Implats, the world’s second largest platinum producer with fully integrated mine to market operations, represents a significant step in the advancement of the Waterberg Project towards potential development and production. R. Michael Jones, CEO of Platinum Group said, \"We are extremely excited about the participation of Implats in the Waterberg Project. Implats will be fully involved in the Waterberg DFS and the fully integrated nature of Implats’ business also offers a clear potential roadmap to market for Waterberg production. It is very satisfying to see the Waterberg discovery recognized and advanced by Implats.” Current Platinum Group Element (“PGE”) probable reserves at the Waterberg Project (100%) are 12.3 million ounces, comprising 61% palladium, 30% platinum, 8% gold and 1% rhodium plus 191 and 333 million pounds of copper and nickel respectively. (See the technical report dated October 19, 2016 and filed on SEDAR tit...