Reduced PGM content at W. Bushveld project

Vancouver — A new study indicates a 20% reduction in the number of ounces of platinum group metals contained in the Western Bushveld property in South Africa.

The project is a joint venture between Platinum Group Metals (PTM-V) and Anglo Platinum (AAPTY-O), each of which has a 37% interest. The remainder is held by Africa Wide Mineral Prospecting & Exploration, a black empowerment company.

The independent study indicates an inferred resource of 4.7 million oz. combined platinum, palladium, rhodium and gold, compared with the previous estimate, by Anglo, of 5.9 million oz. The discrepancy is attributed to different sets of data.

The Merensky Reef portion of the property is now believed to host 15.4 million tonnes grading 7.92 grams PGMs, or 3.9 million oz., whereas the UG2 Reef has 10 million tonnes at 2.52 grams PGMs, or 800,200 oz.

The new estimates comply with National Instrument 43-101 standards.

Drilling is expected to continue.