Modern Mining February 2016

MINING News

Realising possibilities...

PlatinumGroupMetals, listed on theTSX and NYSE, reports that the cur- rent budget for theWaterberg project has been expanded fromUS$8,0 million to US$8,5 million for the annual period ending March 31, 2016. The budget is fully funded by joint venture partner the Japan Oil, Gas and Metals National Corporation (JOGMEC). Platinum Group holds a direct and indirect interest of 58,62 % in Waterberg and is the project operator. The current budget has been expanded by moving funding for- ward from the next budget period. This provides for immediate new drilling targeted to expand recently identified shallow areas of F Zone mineralisation of greater than 10 m in thickness. The objective is to delineate indicated category resources with the best grade thickness that are accessible early in the project from decline ramps. Twelve drill rigs are being mobilised to the Waterberg site. The expanded drill programme is to be completed by March 31, 2016, followed shortly by an updated resource calculation, which will be incorporated into a pre-feasibility study already in progress for the project. Additional drilling will also be focused on expanding upon an inter- cept of the T Zone grading 5,84 g/t platinum, palladium and gold (3E) (1,80 g/t Pt, 2,86 g/t Pd, 1,18 g/t Au) over 19 m (15 m true width) at a depth of 812 m to 831 m. These thicker F and T zones are in contrast to typical South African platinum deposits with a thickness of 1 m that are mined manually. The current deposit scale is more than 360 Mt. The objective of the current drilling is to target the best grade thickness in the shallowest locations. The deposit has shallow regions where grid areas measuring 250mby 250mare estimated to host more than 0,5million 3E resource ounces each. Targeting the best areas of shallow mineralisation within these regions along the 13 km open strike length of the Waterberg project is critical to optimising the pre-feasibility design. Additional resources above 200 m deep may play an important role in the initial years of the ramp-up profile of the pre-feasibility mine design. Pre-feasibility engineering on the Waterberg deposit, including optimisation of the metallurgical flow sheet using South African and Japanese expertise, is continuing. Engagement with utilities for the delivery of bulk services continues and mine planning and optimisa- tion using fully mechanised methods is also ongoing.  B2Gold to earn in at Ondundu Canada’s Forsys Metals Corp has announced that an earn-in agree- ment has been executed with B2Gold Namibia (B2Gold) whereby B2Gold can earn up to a 100 % interest in the Ondundu gold proj- ect in Namibia. Forsys Chief Executive Marcel Hilmer said the earn-in with B2Gold would ensure that there is a strong financial commit- ment to developing Ondundu. “We look forward to working with B2Gold to successfully progress the Ondundu project.” Forsys is an emerging uraniumproducer with 100 % ownership of the Norasa project that comprises the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia. B2Gold is the owner and operator of the Otjikoto gold mine near Otjiwarongo, one of only two gold mines – the other is Navachab – in Namibia.  Platinum Group steps up drilling of Waterberg deposit

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