http://www.platinumgroupmetals.net/m...

From the website:

"Platinum Group is working with partners Anglo Platinum and Wesizwe Platinum on a large scale platinum mine project in South Africa, home to 80% of the world’s platinum supply. The joint venture is called the Western Bushveld Joint Venture ("WBJV").

A positive Pre-Feasibility Study on the first project area was released in January 2007. Platinum Group is moving that platinum deposit through final engineering studies towards a Bankable Feasibility Study with completion expected in the calender second quarter 2008.

The partnership will also be active in 2008 as we continue to explore the remaining areas of our 71 square kilometre property, located in the heart of the world’s platinum supply."

Project 1, holds approximately 8.6M oz 4E of which PTM owns 37% for a resource of 3.2M oz 4E. Production is expected to come in at 250,000 oz 4E per year, of which PTM's share of 37% will come to around 92,500 oz 4E per year. As stated above the BFS for project 1 is expected in Q2 this year, and production could start as little as 10 months following the report. The oz in Project 1 are shallower, and thus easier to get at and cheaper to mine, than those in Projects 2,3 and War Springs.

Project 2, of which PTM's 18.5% share holds approximately 2.1M oz 4E of PGMs or 56,350 oz of the total projected 350,000 oz annual production, as outlined in Wesizwe's recent BFS: http://www.wesizwe.co.za/ (left hand side contains BFS presentations.)

With Project 1 and 2 together, PTM will own around 150,000 oz 4E of annual production worth ~$300M/year. The company has a current market cap of ~US$180M with a float of ~66.4M shares, fully diluted.

Needless to say, I think there is a rather large disconnect between the value of PTM's assets and its current market cap.

In fact, I think there is a large disconnect between the value of PTM's share of Project 1 and its current market cap. PTM's share price can be justified on the value of its share of Project 2 alone, as outlined in this RBC report:

http://www.zshare.net/download/10054...

Drilling continues on Project 3 and War Springs, but obviously the company is focused on Project 1 and the BFS at the moment. I don't know much about the Canadian projects, but I personally think they don't matter much.

Well, that about sums it up. I hope you found that useful.

D.