Let's see... they bought they hoisting equipment before completing the Bankable Feasibilitiy Study.... is there any doubt left that the mine going ahead will be a CERTAINTY?

--- 

Platinum Group Metals, Anglo Platinum and Wesizwe Platinum
Purchase Hoisting Equipment for Platinum Mine Project 1

(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-AMEX) ("Platinum Group") announces that it, along with Anglo Platinum (AMS-JSE) and Wesizwe Platinum (WEZ-JSE) have entered into agreements to purchase three used mine hoists for a total delivered cost of 21 million Rand (C$2.6 million). The cost will be shared pro-rata by the members of the Western Bushveld Joint Venture ("WBJV") as to 37% Platinum Group, 37% Anglo Platinum, and 26% Wesizwe. The hoists are an important mine component used to wind cable for the ascent and descent of men, materials, equipment and rock to and from surface in vertical shafts.

The WBJV project area is located 40 kilometres north of Rustenburg, South Africa and consists of three potential platinum mining areas identified as Projects 1, 2 and 3.

The hoists were recommended for purchase by engineering and shaft sinking firm Grinaker LTA as part of ongoing feasibility work for WBJV Project 1.

Peter Busse, Chief Operating Officer of Platinum Group, operator of the WBJV, said "We are nearing completion of our bankable feasibility study ("BFS") on Project 1. Final modeling and optimization is now underway based on cost estimates and various current metals price assumptions. We are reviewing a number of potential sequences with a combination of declines and vertical shafts for access over the life of the mine. Hoisting equipment includes large steel fabricated components and such items have a long lead time from order to delivery. The hoist purchase allows for an accelerated project development schedule in the early vertical shaft options. This purchase keeps our project options open for best value as we determine the final sequence of access and mining. Completion of the BFS is on track for the end of the second calendar quarter 2008."

If under the WBJV agreement, Anglo Platinum elects, after the feasibility study, to reduce to a non-contributory interest in the WBJV they will be repaid their share of the winder purchase with interest.

Qualified Person

Peter Busse, P. Eng is the non independent qualified person for this release. Peter is a mining engineer with mine operation and construction experience spanning some 29 years including operations in Canada and Zimbabwe. Mr. Busse was appointed COO of Platinum Group Metals Ltd. in October 2007. This news release includes certain forward looking statements and investors are cautioned that the projects of Platinum Group Metals contain resources and that resources do not have demonstrated viability. Please see more complete technical disclosure including risk factors available on SEDAR or EDGAR.

About Platinum Group Metals Ltd.

Platinum Group is based in Vancouver BC, Canada and Johannesburg, South Africa. Platinum Group has a management team in both Canada and South Africa, which have successful track records of more than 20 years in exploration, mine discovery, mine construction and mine operations. The Company was formed in 2000 and is focused on th`e development of platinum operations. It holds significant mineral rights in the Northern and Western Bushveld Igneous Complex of South Africa.

Platinum Group is also a significant mineral rights holder in the area surrounding Canada's only primary platinum and palladium mine near Thunder Bay, Ontario Canada.

On behalf of the Board of

Platinum Group Metals Ltd.

"R. Michael Jones"

President and Director

- 30 -

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