The CEO of Platinum Group Metals Ltd., Michael Jones said that the company will decide within a month whether to sell itself or seek a partner to develop its $400 million project. Platinum Group received approval from the South African government on October 8, for the completion of its acquisition of 35% of Bushveld, bringing its stake to 74%, Michael Jones said on October 27. The company may also sell debt and equity to bring its proposed platinum mine into production. “We’re in a position to take a strategic alternative,” including finding a buyer for the platinum ore or concentrate, Jones said in an interview in Toronto. “We’re deal agnostic and we’re busy on all three paths.” Anglo Platinum Ltd. has the first right of refusal for 60 days to any offtake agreement Platinum offers, Jones said. Simon Tebele, a spokesman for Anglo Platinum, did not return a call seeking comment after office hours. Platinum Group had engaged Royal Bank of Canada in April 2008 to advise the company on alternatives, Jones said.

To announce Feasibility Study Update

Platinum Group Metals Ltd. announced results from the Independent Update to the Feasibility Study for the Project 1 Platinum mine of the Western Bushveld Joint Venture in South Africa. Platinum Group Metals Ltd. holds a 74% interest in the WBJV and Wesizwe Platinum (WEZ-JSE) holds a 26% interest. Measured and Indicated Mineral Resources increased by 0.924Moz due to additional drilling in Project 1 & 1A areas on Merensky and UG2 Platinum bearing layers or reefs. Reserves increased 7.35% as a result of optimized extraction on the UG2 Reef. Ounces produced in concentrate at steady state increased to 275,000 ozs per year 4E (platinum, palladium, rhodium and gold) from 250,000 ozs per year as a result of improvements to the mine design and higher plant throughput. Revised mine plan calls for production of ore from underground in 2011 and first concentrate sales first quarter of 2013.