Platinum Group Metals (PTM) has issued revised expectations for its Western Bushveld Joint Venture Project 1 platinum mine in South Africa.

Whereas the previous forecast had been for 250,000 oz of platinum group metals and gold to be produced each year, PTM's updated feasibility study suggests a figure of 275,000 oz can be achieved.

The increase has been put down to improvements in the design of the mine and higher plant throughput.

It is hoped that production of ore will commence in 2011, while the first concentrate sales are scheduled to take place in early 2013.

According to PTM CEO Michael Jones, the latest figures are a further indication of the mine's potential.

"The WBJV Project 1 stands out as one of the best undeveloped platinum projects in the world due to its shallow depth and high grade,” he confirmed.

"Our project is ready to move ahead with capital requirements lower than deeper alternatives."

Other highlights of the updated feasibility study include increases in measures and indicated mineral resources, along with reserves, due to improved extraction on the UG2 Reef.

Platinum Group Metals also has projects in Agnew Lake and Lad Des Iles in Canada.

Source:

Updated Feasibility Study Project 1 Platinum Mine (08/10/09)

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