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Press Release Details

Initial War Springs Drilling Makes a New Discovery of Well Layered Platinum Mineralization

11/24/2004
No. 04-94

Platinum Group Metals Ltd. (PTM-TSXV; OTCBB-PTMQF) announces a new discovery of significant platinum mineralization in three identifiable units in at least four bore holes over an initial 1500 metres of strike length on the War Springs Platinum Project in the Northern limb of the Bushveld Complex. Intercepts include 1.99 g/t platinum, palladium and gold (3E) with 0.749% nickel-copper over 9 meters, 2.35 g/t 3E, with 0.227% nickel-copper over 7 metres and 2.76 g/t 3E, with 0.258% nickel-copper over 4 metres. Additional significant intercepts are shown in the table below.

These are the first assay returns from the initial holes drilled on a 500 meter spacing designed to identify the location of the favourable Platreef portion of the Bushveld Complex. Drilling is continuing, the zone is open and there are 9 completed holes along 1500 metres of strike length. An additional 1750 core samples have assays pending with additional sampling in process. The zones were intersected in angled holes designed to identify, position and cross section the Platreef mineralized sequence.

Mr. John Gould, Managing Director of Platinum Group Metals RSA Pty Ltd. said, "We are very impressed with the initial intercepts and continuity at War Springs in just our first exploration holes. Our preliminary internal scoping work confirms the economic potential of the target at these observed grade-thicknesses. There are a large number of intercepts still in the assay lab."

The platinum bearing layers demonstrate continuity along all of the strike length drill tested, and they are expected to extend from surface to their intersected depths and beyond at a dip of approximately 45 degrees. The layering at War Springs correlates well with the banded magnetic signatures and soil geochemistry observed over at least 2600 metres. The layered sequence is similar in some aspects to the operating Anglo American Platinum owned PPRust open pit platinum mine (Reserves of 319M tonnes grading 2.67 g/t platinum palladium, rhodium and gold) located 17 kilometres (11 miles) to the north of War Springs. Due to this similarity, the same naming conventions for the platinum bearing layers A, B, C from bottom to top have been used. The War Springs results include significant value in nickel and copper and do not yet include rhodium or the other platinum group metals which are expected to add to the value. A map of the hole positions can be found at www.platinumgroupmetals.net

In contrast to the majority of the platinum mines located in the Western Limb of Bushveld Complex, and mined mostly by underground methods, the War Springs layers have impressive grade-thickness results (grade multiplied by the thickness is one of the key economic measures for potential mining in open pit or underground). Typical western limb Merensky reef, which produces the majority of the world''s platinum, has an average grade of 4.0 to 5.0 grams per tonne 4E and a 1 metre thickness; or 400 to 500 centimetre-grams. For comparison the C layer at War Springs has intercepts of 350 to 1652 centimetre-grams and the B layer contains intercepts of 1645 and 1791 centimetre grams.

 
PTM holds a 70% joint venture option interest in the War Springs property with Taung and Africa Wide Investment Holdings, Black Economic Empowerment partners each holding a 15% interest carried to bankable feasibility study.

Qualified Person and Quality Assurance and Control

Mr. Willie Visser is acting as the Qualified Person, "QP" for Platinum Group Metals (RSA) (Pty) Ltd., "PTM RSA" a wholly owned subsidiary of PTM, for this release on the War Springs Platinum Project. He is registered with the SACNASP (South African Council for Natural Scientific Professions) (Registration No. 400279/04). Mr. Visser is the Exploration Manager for PTM RSA with 15 years experience as a geologist, including senior Resource Manager experience. Information on regional deposits has been acquired from public information and is believed to be reliable. Samples were analyzed for Au (ppb), Pt (ppb) and Pd (ppb) by standard 25g Lead fire assay with an ICP-MS (Inductively Coupled Plasma Mass Spectrometry) finish and for base metal elements by multi (four) acid digestion in teflon test tubes and AAS (Flame Atomic Absorption Spectrometry) for Cu (1ppm), Ni (2ppm), Co (1ppm) and Cr (5ppm). The samples were assayed at Genalysis Laboratories Services Pty Ltd in Perth Australia. PTM employs a rigorous quality control program which includes insertion of blanks, duplicates and certified reference materials in the assay stream once in every 24 or fewer samples. This is in addition to internal quality control measures undertaken by the contracted analytical facilities.

ABOUT PTM

PTM is based in Vancouver BC, Canada and is focused on the exploration and development of platinum and palladium projects in Canada and South Africa. PTM holds significant mineral rights in the northern and western Bushveld Platinum Complex of South Africa including a large scale joint venture with Anglo American Platinum Corporation Limited in the Western Limb of the Bushveld Complex. The Western Bushveld Joint Venture, where PTM has the right to earn a 37% interest includes a inferred resource of 3.7 Million ounces of platinum, palladium, rhodium and gold.

PTM is also the largest mineral rights holder in the area surrounding Canada''s only primary platinum and palladium mine near Thunder Bay, Ontario and has a separate active joint venture with Anglo American Platinum near Sudbury, Ontario, Canada.

On behalf of the Board of
Platinum Group Metals Ltd.


"R. Michael Jones"

R. Michael Jones
President and Director

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For further information contact:
R. Michael Jones, President
or John Foulkes, Manager Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450

Larry Roth
Roth Investor Relations, NYC
Tel: (732) 792-2200

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-30306, available at our office: Suite 328-550 Burrard Street, Vancouver BC, Canada, V6C 2B5 or from the SEC: 1(800) SEC-0330.

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