Platinum Group Metals has ramped up the available resource it says it is currently sitting on in South Africa.

The pgm firm said that it had increased the indicated and inferred resources on its Western Bushveld joint venture, with the latest figures showing a large hike in platinum, palladium, rhodium and gold resources.

Total resources have shifted from 5.22 million ounces to 7.71 million ounces, as new studies have indicated that they are bigger in volume and easier to access than previously thought.

PTM president Michael Jones explained: "The recent drilling confirms increased resources accessible with lower capital cost declines rather than the more expensive vertical shaft option that was investigated in previous studies.

"The pre-feasibility study now underway is concentrating on the decline option. With these results the project team continues to target the pre-feasibility study for summer 2006 and full feasibility study by December 2006," he added.

Drilling is set to continue ahead of the firm's pre-feasibility report.

PTM shares ownership of the Bushveld joint venture with Angloplat, which also owns a 37 per cent share and Africa Wide Mining, which holds the remaining 26 per cent.



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