The extra ounces are there, just as we predicted. Interesting that they apply a 25% "geological loss", which basically means they estimate what is there, then take 25% off the top. That's pretty conservative, IMHO. Seems to have had a nice pop on the news today, too.

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Platinum Group Metals Ltd.: Project 2 Resources Increase Western Bushveld Joint Venture
Tuesday April 22, 3:17 pm ET

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(MARKET WIRE)--Apr 22, 2008 -- Platinum Group Metals Ltd. (Toronto:PTM.TO - News)(AMEX:PLG - News) ("Platinum Group" or the "Company") announces updated resources for the Project 2 area of the Western Bushveld Joint Venture ("WBJV"). Platinum Group holds an effective 18.5% interest over the Project 2 area. The measured and indicated resource categories have increased by 5 million ounces platinum, palladium, rhodium, and gold. The initial estimate by the Company was of 8.5 million ounces in the inferred category (see news release April 1, 2008). The overall ounces have increased as well. The good grades and strong platinum ratios of the platinum group elements have been confirmed in the increased confidence estimate. The resources outlined below form part of the feasibility study released by Wesizwe Platinum Ltd. ("Wesizwe") on March 31, 2008 (Frichgewaagd-Ledig Project) conducted by TWP. D. R. Young, the qualified person for the mineral resource estimates, under the direction of Wesizwe has provided the current estimate for Platinum Group.

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Project 1 of the WBJV is adjacent to Project 2 and is the subject of an ongoing separate mine feasibility study at the direction of Platinum Group. Both Project 1 and Project 2 are located north of Rustenburg South Africa in the heart of the world's platinum producing district. An initial resource calculation for Project 3 adjacent to Project 2 is expected shortly.

The WBJV holds a 50% interest in Project 2 and is comprised of Platinum Group (37%), Anglo Platinum (JSE: AMS) 37%, and Wesizwe Platinum (JSE: WEZ) 26%. Wesizwe also holds the remaining 50% interest directly in the Project 2 area. The Project 2 area represents approximately 70% of the area over which the feasibility study has been completed and released by Wesizwe. The Company plans to file a report in accordance with Canadian National Instrument 43-101 on the resources in due course.

 

Total Resource Project 2 (Frischgewaagd Re4,Ptn11)

100% Project Area Resources

Measured Resources
----------------------------------------------------------------
                                                         Million
                              Grade    Mining   Tonnes    Ounces
                     Million    g/t     Width      PGM      PGMs
                      Tonnes    (4E)   (metre)     (4E)      (4E)
----------------------------------------------------------------
Project2 MR (1)        4.539   5.70      1.54   25.885     0.832
----------------------------------------------------------------
Total Measured         4.539   5.70      1.54   25.885     0.832
----------------------------------------------------------------

---------------------------------------------------------------------------
Prill Splits         Pt    Pt g/t   Pd   Pd g/t   Rh   Rh g/t   Au   Au g/t
---------------------------------------------------------------------------
Project2 MR (1)      64%     3.67   27%    1.54    5%    0.27    4%    0.22
---------------------------------------------------------------------------
(1) MR: Merensky Reef
(2) UG2: Upper Group Seam Number 2 Chromitite


Indicated resources
----------------------------------------------------------------
                                                         Million
                              Grade    Mining   Tonnes    Ounces
                     Million    g/t     Width      PGM      PGMs
                      Tonnes    (4E)   (metre)     (4E)      (4E)
----------------------------------------------------------------
Project2 MR (1)       11.426   6.03      1.66   68.910     2.216
----------------------------------------------------------------
Project2 UG2 (2)      13.702   4.51      1.46   61.775     1.986
----------------------------------------------------------------
Total Indicated       25.128   5.20      1.54  130.685     4.202
----------------------------------------------------------------

---------------------------------------------------------------------------
Prill Splits         Pt    Pt g/t   Pd   Pd g/t   Rh   Rh g/t   Au   Au g/t
---------------------------------------------------------------------------
Project2 MR (1)      64%     3.89   27%    1.60    5%    0.28    4%    0.24
Project2 UG2 (2)     61%     2.74   28%    1.27   10%    0.46    1%    0.04
---------------------------------------------------------------------------
(1) MR: Merensky Reef
(2) UG2: Upper Group Seam Number 2 Chromitite


Inferred resources
----------------------------------------------------------------
                                                         Million
                              Grade    Mining   Tonnes    Ounces
                     Million    g/t     Width      PGM      PGMs
                      Tonnes    (4E)   (metre)     (4E)      (4E)
----------------------------------------------------------------
Project2 MR (1)        8.758   5.84      1.38   51.144     1.644
----------------------------------------------------------------
Project2 UG2 (2)      15.537   4.59      1.34   71.296     2.292
----------------------------------------------------------------
Total Inferred        24.295   5.04      1.37  122.440     3.936
----------------------------------------------------------------


---------------------------------------------------------------------------
Prill Splits         Pt    Pt g/t   Pd   Pd g/t   Rh   Rh g/t   Au   Au g/t
---------------------------------------------------------------------------
Project2 MR (1)      65%     3.86   26%    1.57    6%    0.36    3%    0.16
---------------------------------------------------------------------------
Project2 UG2 (2)     61%     2.78   28%    1.27   10%    0.46    1%    0.04
---------------------------------------------------------------------------
(1) MR: Merensky Reef
(2) UG2: Upper Group Seam Number 2 Chromitite

The mining cuts were evaluated based on a minimum width of 100cm, the application of a geological cut as applicable to the various facies of the Merensky Reef and UG2 Chromitite Layer and a 1g/t 3PGE+Au marginal cut-off. Kriging and declustered means were used for the calculations.

Effective date of the estimate: October 2007.

The feasibility study of Wesizwe also includes additional resources on the farm Ledig owned 100% by Wesizwe and located adjacent to and the north of Project 2. This study was completed by Wesizwe and their consultants TWP and Murray and Roberts Cementation. The Mineral Corporation completed the mineral resource estimate, which formed the basis of the feasibility study, for Wesizwe. All consultants are relevant experienced South African independent mining consultants. The study was not completed with reference to Canadian National Instrument 43-101 and was not completed on behalf of or under the direction of Platinum Group.

More technical information will be provided once Platinum Group's QP's have completed their review of the engineering work and the details of the business arrangements have been concluded for the Project 2 area. The current updated estimate is based on 123 holes of drilling by Wesizwe and a 3 dimensional seismic survey, completed co-operatively by all owners in the area. A total of 519 intersections on the reef plane have been completed and assayed for platinum, palladium, rhodium, and gold. A 25% geological loss was applied. The resources are calculated in accordance with the SAMREC code and the reconciliation of SAMREC to CIM categories is that they are effectively the same.

Qualified Persons, Quality Assurance and Control and Data Verification

Mr. David Young - The Mineral Corporation

Mr. Young of The Mineral Corporation is the independent QP for mineral resource estimation for Friscgewaagd Portions 4 and 11 and takes responsibility for it. He is registered with the South African Council for Natural Scientific Professions ("SACNASP") (Registration No. 400989/83) and Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Young is an independent consultant with 33 years experience as a geologist, and resource evaluator and has visited the property.

Mr. Ken Lomberg - RSG Global/Coffey Mining

Mr. Lomberg of RSG Global/Coffey Mining acting as an independent QP, has reviewed the mineral resource estimate undertaken by Mr. Young. Mr. Lomberg is registered with the SACNASP (Registration No 400038/01) and has some 22 years of relevant experience in platinum group metal resource assessments. Mr. Lomberg visited the property and has completed sufficient testing to be satisfied that he has reasonably verified the data for the resources announced here.

Samples were analyzed under Wesizwe's care, custody and quality control process for the project including insertion of blanks, duplicates and certified reference materials in the assay stream. This is in addition to internal quality control measures undertaken by the contracted certified analytical facilities. Assays were completed by Mintek and SGS Lakefield, Johannesburg and check assays by Setpoint and Genalysis, Johannesburg.

The reader is referred to the Company's filings with the SEC and Canadian Securities Regulators for disclosure regarding other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements. Resources do not have demonstrated economic viability.