Platinum Group Metals Ltd. (TSX:PTM,NYSE:PLG) announced it is proceeding with its plans to finance and complete the WBJV project one platinum mine, and explore its Waterberg discovery in South Africa.
As quoted in the press release:
Phase 1 at the WBJV Project 1 Platinum Mine (74% Platinum Group and 26% JSE listed Wesizwe Platinum) was budgeted at USD $100 million for acquisition of surface rights, completion of declines into the ore body and construction of surface infrastructure. This work is funded, now over half way complete and on budget. A full Mining Right for the project was granted by the Government of South Africa on April 4, 2012.
Platinum Group Metals President and CEO, R. Michael Jones said:
We have a high grade competitive platinum deposit at WBJV Project 1 and the construction and banking plans for project finance are progressing well. The WBJV Project 1 mine is near surface and has excellent grade. The competitive nature of this project is highlighted at this time of increasing costs and mine closures. At Waterberg, we have extraordinary grade thickness, located near surface and eight drill rigs continue to expand this new discovery. We have solid confidence in the platinum market in the medium and long term and confidence of our position in that market as we drive towards first production in mid 2014.