Platinum Group Metals (PLG) New Waterberg Results

VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA — (Marketwire) — 05/23/12 — Platinum Group Metals Ltd. (TSX:PTM)(NYSE Amex:PLG)(NYSE MKT:PLG) (“Platinum Group” or the “Company”) announces that its Waterberg platinum, palladium and gold discovery has been expanded further along strike and up dip. The newly discovered multiple layers of higher grade mineralization have now been intersected at depths as shallow as 122 to 140 meters from surface. The latest results, including 34 additional layer intercepts (detailed below), extend the known strike length a further 500 metres to the northeast. The layers have now been identified for 1.7 kilometers of strike length and 1.4 kilometers down dip and remain open for expansion. These latest results combined with earlier assays confirm the characteristics of the mineralization and the shallow dip of the layers to the west.

Significant intercepts in this release include holes WB012D0, WB013D0 and WB016D0 which highlight high grade-thickness as well as the shallowest and the most northern intercepts to date on the T2 Zone.

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Hole        From      To          Interval   2PGE+Au      Pt      Pd      Au
 Number        m       m    Zone         m   g/t, 3E     g/t     g/t     g/t
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WB012D0   322.00  329.00      T2      7.00      6.32    1.59    3.57    1.15
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WB013D0   144.00  147.50      T2      3.50      4.82    1.58    2.35    0.90
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WB016D0   328.75  331.50      T2      2.75      3.06    1.00    1.34    0.72
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The F mineralized layer is also returning significant values in grade thickness including the following intercept.

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Hole        From     To        Interval   2PGE+Au   Pt    Pd   Au    Cu   Ni
 Number        m      m  Zone         m   g/t, 3E  g/t   g/t  g/t     %    %
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B013D0    663.00 679.00     F     16.00      6.41 2.07  4.04 0.30     -    -
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The F mineralized layer is located near the bottom of the Bushveld Complex and has metal ratios similar to the Platreef to the south.

All of the mineralized layers, including the F layer are open up and down dip and along strike for expansion. True widths are estimated to be approximately 90% of the drilled intercept lengths. Additional assays are expected shortly and step out drilling is ongoing.

The project is 49.9% owned by Platinum Group Metals. Japanese state exploration company JOGMEC is a 37% joint venture partner and the balance is held by a South African empowerment company.

These results confirm the extraordinary results at Waterberg previously announced by the Company from November 2011 to early May 2012. The grade-thickness composition of the metals contained in the T and F zones, if confirmed as resources, are highly competitive when compared to conventional South African Platinum mines, where two layers of 1.0 to 1.5 meters of thickness are mined at grades of 2.5 to 6.0 grams per tonne of combined platinum, palladium, rhodium and gold.

Drilling is continuing with 8 rigs on a 250 meter by 250 meter grid with some larger scale step outs also in progress up to 1.0 km further along strike.

Detailed Drill Results

Summary of Results for all Boreholes Reported to Date                       

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Zone           Average Thickness         Average Grade  Number of Intercepts
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                          meters                3E g/t
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T0                          2.13                  1.69                    16
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T1                          3.40                  2.68                    15
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T2                          3.91                  4.26                    19
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T3                          2.15                  2.68                    18
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F                          16.29                  3.08                     7
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New drilling intercepts for the mineralized zones as detailed in this news
 release only:
(Copper, Nickel values not noted are pending)                               

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Hole         From     To      Interval 2PGE+Au    Pt    Pd    Au    Cu    Ni
 Number         m      m Zone        m     g/t   g/t   g/t   g/t     %     %
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WB005AD2      576    578   T0     2.00    1.22  0.51  0.57  0.14  0.04  0.05
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WB005AD3      576    579   T0     3.00    1.62  0.45  1.00  0.17     -     -
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WB009D2       295    297   T0     2.00    1.55  0.55  0.94  0.07     -     -
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WB009D3       295    296   T0     1.00    0.46  0.18  0.25  0.03     -     -
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WB010D0       198    199   T0     1.00    2.00  0.65  1.02  0.33  0.09  0.08
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WB012D0       184    186   T0     2.00    2.29  0.52  1.49  0.29  0.05  0.03
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WB013D0       122    123   T0     1.00    0.90  0.35  0.54  0.01     -     -
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WB016D0       315    316   T0     1.00    1.42  0.76  0.62  0.04     -     -
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Hole         From     To      Interval 2PGE+Au    Pt    Pd    Au    Cu    Ni
 Number         m      m Zone        m     g/t   g/t   g/t   g/t     %     %
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WB005AD2      593    594   T1     1.00    0.17  0.07  0.09  0.01  0.01  0.03
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WB005AD3   592.95 593.75   T1     0.80    0.18  0.10  0.07  0.02     -     -
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WB009D2       307    309   T1     2.00    5.06  1.79  2.46  0.81     -     -
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WB009D3       306    313   T1     7.00    2.23  0.77  1.15  0.31     -     -
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WB010D0       202    203   T1     1.00    1.72  0.54  0.84  0.34  0.06  0.06
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WB012D0    228.00 231.25   T1     3.25    2.00  0.71  0.96  0.34  0.30  0.10
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WB013D0       134    138   T1     4.00    1.13  0.35  0.49  0.29     -     -
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WB016D0       320    322   T1     2.00    3.25  0.94  2.12  0.19     -     -
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Hole         From     To      Interval 2PGE+Au    Pt    Pd    Au    Cu    Ni
 Number         m      m Zone        m     g/t   g/t   g/t   g/t     %     %
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WB005AD2   604.50 608.25   T2     3.75    4.88  1.32  2.10  1.45  0.39  0.13
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WB005AD3   603.50 609.25   T2     5.75    3.26  0.87  1.10  1.29     -     -
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WB009D2    355.25 358.50   T2     3.25    2.89  1.13  0.73  1.04     -     -
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WB009D3     355.5 358.25   T2     2.75    6.33  2.90  1.87  1.55     -     -
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WB012D0       322    329   T2     7.00    6.32  1.59  3.57  1.15     -     -
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WB013D0       144  147.5   T2     3.50    4.82  1.58  2.35  0.90     -     -
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WB016D0    328.75  331.5   T2     2.75    3.06  1.00  1.34  0.72     -     -
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Hole         From     To      Interval 2PGE+Au    Pt    Pd    Au    Cu    Ni
 Number         m      m Zone        m     g/t   g/t   g/t   g/t     %     %
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WB005AD2   620.75 624.25   T3     3.50    0.79  0.27  0.31  0.22  0.10  0.04
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WB005AD3   624.50 627.75   T3     3.25    3.65  1.05  1.27  1.33     -     -
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WB009D2       361    362   T3     1.00    0.78  0.28  0.16  0.34     -     -
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WB012D0    348.50 353.00   T3     4.50    4.73  0.75  2.15  1.83     -     -
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WB013D0       185    187   T3     2.00    2.51  0.67  0.47  1.37     -     -
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WB016D0       350    351   T3     1.00    3.22  0.73  2.46  0.03     -     -
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Hole         From     To      Interval 2PGE+Au    Pt    Pd    Au    Cu    Ni
 Number         m      m Zone        m     g/t   g/t   g/t   g/t     %     %
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WB005AD1      970    997    F    27.00    2.91  1.00  1.81  0.09  0.02  0.13
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WB010D0       604    612    F     8.00    1.83  0.60  1.19  0.05  0.01  0.07
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WB010D1       605    616    F    11.00    2.62  0.82  1.71  0.09     -     -
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WB012D0       716    734    F    18.00    3.89  1.29  2.43  0.17     -     -
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WB013D0       663    679    F    16.00    6.41  2.07  4.04  0.30     -     -
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Qualified Person

The non-Independent Qualified Person for this News Release is R. Michael Jones, P.Eng. He is non-independent, is the Company CEO and is a significant shareholder. He has relevant supervision experience in South Africa since 2002 and has experience with feasibility studies and supervision of precious metals mine operations. He has verified the data through checking the calculations, checking samples of the core and by visiting with the qualified employees that have completed the work in South Africa. QAQC procedures include blanks, standards and chain of custody processes and previously reported.

Set point Laboratories is used for the analysing of the drill core samples. Set Point Laboratories is a division of the Setpoint Group and is an ISO 17025 accredited laboratory as well as SANAS accredited testing Laboratory. Set Point uses fire assay and ICP technique and is accredited to analysis between 0.01 to 55ppm for gold, platinum and palladium.

The QAQC samples were alternated after every fifth field sample. The standards were within two standard deviations of the certified mean value for Pt and Pd.

About Platinum Group Metals Ltd.

Platinum Group has an experienced mine building and operating team based in Vancouver, Canada and Johannesburg, South Africa. Platinum Group Metals Ltd is building the 7 million ounce resource, WBJV Project 1 Platinum mine in the Western Limb of the Bushveld Complex South Africa. The Company owns 74% of the WBJV Project 1 Mine and 26% is owned by Wesizwe which is controlled by Jinchuan of China. Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto.

On behalf of the Board of Platinum Group Metals Ltd.

R. Michael Jones, President

This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (“forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the Company’s plans to move into full scale development in the months ahead, the timing of any debt/financing for Project 1, the completion of account structuring and off-take negotiations in Q2 of calendar 2012, the amount of increase in the peak funding estimate for Project 1, the timing of first ore production and concentrate sales, and further exploration on the Company’s properties. In addition, the results of the UFS may constitute forward-looking statements to the extent that they reflect estimates of mineralization, capital and operating expenses, metal prices and other factors. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in market conditions; the nature, quality and quantity of any mineral deposits that may be locate;, the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities; the Company’s ability to successfully complete hedging establishment and off-take negotiations; the Company’s ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company’s Form 40-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.

The Toronto Stock Exchange and the New York Stock Exchange – AMEX have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Contacts:
Platinum Group Metals Ltd.
R. Michael Jones
President
(604) 899-5450 or Toll Free: (866) 899-5450

Platinum Group Metals Ltd.
Kris Begic
Vice President Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
(604) 484-4710 (FAX)