Palladium: $785.00 +11.00
PLG-NYSE MKT: $1.83 -0.02
Platinum: $1,037.00 +26.00
PTM-TSX: $2.40 -0.02

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Maseve Mine

The Maseve Mine (formerly known as the Western Bushveld Joint Venture, Project 1) has been the Company`s flagship asset since initial acquisition in 2004. Formal construction of Maseve began in 2011 and the mine was officially commissioned in 2016.

The Maseve platinum mine site is located on the Western Limb of the Bushveld Complex approximately 35km north west of the town of Rustenburg. The mine is currently in operation and will extract and process platinum group metals and associated minerals from the Merensky and UG2 Reefs over a 20 plus year mine life. The mine exploits one of the last large, near surface sections of the Merensky Reef above 1,000 meters deep. The shallow depth and high grade at the WBJV offers lower capital and operating costs along with better working conditions compared to the older, deeper platinum mines operating nearby. Concentrate produced at Maseve is shipped to the nearby Waterval smelter owned by Anglo American Platinum. Platinum Group owns 83% of the Maseve mine.

Maseve Technical Report – August 28, 2015

Mineral Resources were completed by Charles Muller of CJM Consulting, and the Mineral Reserves were prepared under the supervision of GertRoets of DRA. See details in press release and 43-101 reports on www.sedar.com and Company website.

Maseve Mine - Reserves and Resources

Estimated Reserves – 100% Project Basis – July 15, 2015

 

Notes:
  1. Mineral Resources and Mineral Reserves are classified in accordance with the SAMREC standards. There are certain differences with the “CIM Standards on Mineral Resources and Reserves”; however, in this case the Company believes the differences are not material and the standards may be considered the same.
  2. Mineral Reserves are a subset of the Mineral Resources and are provided on a 100% project basis.
  3. Mineral Reserves are supported by a mine plan that uses conventional, hybrid and bord and pillar mining with varying costs and thickness.
  4. A planning cut-off grade of 2.5 g/t for both the Merensky and UG2 Reefs were calculated to delineate the mining blocks from the resource model. The Mineral Resources and Mineral Reserves have payable credits in copper, nickel, ruthenium and iridium.
  5. Cut off for the Merensky and UG2 reefs were estimated using average costs, smelter discounts, concentrator recoveries and mine call factor.
  6. Mineral Resources were completed by Charles Muller of CJM Consulting, and the Mineral Reserves were prepared under the supervision of Gert Roets of DRA.
  7. Mineral Resources were calculated using Kriging methods for geological domains created in Datamine from 6413 borehole assay results and geological information from underground workings. The Mineral Reserves were assessed using a Datamine block model and Datamine Mine Design software (Studio-5D Planner) for the mine design and Datamine EPS (Enhanced Production Scheduler) software for the Life of Mine schedule. Economic models completed by the Company were reviewed for cut-off assessment.
  8. The calculation of Mineral Resources and Reserves has taken into account environmental, permitting, legal, title, taxation, socio-economic, marketing and political factors. The Mineral Resources and Mineral Reserves may be materially affected by metals prices, exchange rates, labour costs, electricity supply issues or many other factors detailed in the Company’s Annual Information Form.
  9. The following prices based on a 3 year trailing average in accordance with U.S. Securities and Exchange Commission (“SEC”) guidance was used for the assessment of Resources and Reserves; USD Pt 1,408/oz, Pd 744/oz, Au 1,374/oz, Rh 1,126/oz, Ru 73/oz, Ir 731/oz, Cu 3.18/lb, Ni 7.11/lb.

Estimated Resources – 100% Project Basis – July 15, 2015