Business
Platinum Group Metals Ltd. Reports First Quarter Results and Provides Waterberg Palladium Project Update
VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American) (“Platinum
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American) (“Platinum Group” “PTM” or the “Company”) reports the Company’s financial results for the three months ended November 30, 2018 and provides a summary of recent events and outlook. The Company has focused its business on the palladium dominant large scale, bulk mineable Waterberg Project in South Africa (the “Waterberg Project”). A Definitive Feasibility Study, (“DFS”) for the Waterberg Project is advancing well. A technical committee of Waterberg JV Resources Pty Ltd. (“Waterberg JV Co.”) is overseeing the DFS with participation from all partners. A formal Mining Right Application has been filed and community consultation is ongoing. Power and water planning for the project is advancing well including work under a regional water co-operation agreement with the Capricorn Municipality and engineering and permitting work with power utility Eskom. Impala Platinum Holdings Ltd. (“Implats”) made a strategic investment of $30.0 million in November 2017 to purchase a 15% stake in the Waterberg Project, from which the Company received $17.2 million for its 8.6% project interest sold. Implats may elect to increase its stake to 50.01% by additional share purchases from Japan Oil, Gas and Metals National Corporation (“JOGMEC”) for an amount of $34.8 million and a commitment to expenditures of $130 million for development work on the Waterberg Project. Implats will also have a right of first refusal to smelt and refine Waterberg Project concentrate. On October 25, 2018, the Company announced positive results from additional drilling, which increased confidence to a measured resource category for certain areas targeted for early mining, and published an updated independent mineral resource assessment. The updated resource assessment has been provided to the independent engineers for the mine design, scheduling and capital cost estimation as part of the DFS. The Waterberg deposit is dominated by palladium and also contains platinum, rhodium and gold (together known as “4E”) as well as copper and nickel. For details of the condensed consolidated interim financial statements for the three months ended November 30, 2018 (the “Financial Sta...