Waterberg Project

The Waterberg project is located north of the North Limb of the Bushveld Complex. The extension of the Bushveld was newly discovered in 2011 by Platinum Group Metals Ltd, the operator of the project, after execution of a drilling program through the covering Waterberg sedimentary rock package guided by geophysics and soil sampling.

Exploration Potential and Plans

The Waterberg discovery has excellent exploration potential because:

• Multiple intercepts of consistently high grade, thick reef have been discovered.  
• The newly discovered area of the Bushveld Complex at depths of much less than 1000 metres has seen no known exploration.  
• The basket metal price for the T1 and T2 reefs is attractive and high in gold.  
• The North Limb has seen an increase in exploration and investment in the past 7 years as a result of larger thickness for mechanized mining. The Waterberg discovery is consistent with this objective. Recently Japanese corporations JOGMEC and Itochu have invested approximately USD $280 million in Ivanhoe Nickel and Platinum's with a project on the North Limb.

Platinum Group acquired prospecting permits by application over 118 square kilometres off the north end of the known Bushveld complex. In early October 2009, a joint venture agreement for JOGMEC to earn a 37% project interest for $3.2M in exploration work was finalized and exploration commenced in 2010. Platinum Group will operate the project and retain a 37% interest, while a Black Economic Empowerment group will hold a 26% interest.

PGE mineralization in the Main Zone of the Northern Limb of the Bushveld Complex