Platinum Group Metals has completed the purchase of its 74 per cent interest in Projects 1 and 3 of the Western Bushveld Joint Venture (WBJV).

The company revealed yesterday (22nd April) that the transfers of the final portions of mineral property rights pursuant to the transaction have been approved by South Africa's Department of Mineral Resources.

Included in the deal is the 275,000 oz-per-year Project 1 Platinum Mine, which is at the feasibility stage, while Wesizwe Platinum holds the remaining 26 per cent stake in both projects.

Platinum Group Metals President and Chief Executive Michael Jones said: "We are now in a position to advance the Project 1 Platinum Mine and make a final decision on our strategic alternatives in the weeks ahead.

"We have a high degree of interest in the project from several different global players and financing groups at a time when the fundamentals for platinum and palladium have never been better."

The company now holds a 74 per cent stake in 8.2 million oz 4E pgm (platinum, palladium, rhodium and gold) in measured and indicated resource for Project 1 and 1.9 million ounces oz 4E pgm inferred in Project 3.

In addition, the reserves for Project 1 are currently 4.67 million ounces 4E pgm, comprising 18Mt at 5.57g/t 4E on the Merensky reef and 13.5Mt at 3.4g/t 4E on the UG2 reef.

The Bushveld Complex in South Africa reportedly hosts 80 per cent of the world's platinum production.

Source:

Platinum Group Closes 74% Ownership Transaction, Western Bushveld Joint Venture (22/04/10)

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