Platinum Group Metals Ltd. reported that the South African Department of Mineral Resources has granted a 1,600 hectare (16 square kilometer) expansion of the prospecting permit covering the Waterberg discovery on the North Limb of the Bushveld Complex allowing anticipated drilling on the up dip portion of the Waterberg deposit to commence. Newly discovered in 2012, the Waterberg deposit is believed to continue up dip eastward towards surface, based on structural modeling, geophysics and satellite imagery. Previous drilling at Waterberg, on the boundary with the new permit, intersected the T layers at approximately 130 meters from surface and the F layers at approximately 300 meters deep.

Ten drill rigs are now being moved eastward onto the new permit. Given the expected shallow nature of the deposit heading up dip, the company expects that multiple boreholes will be completed quickly. The Waterberg deposit has an initial resource of 6.6 million ounces 4E, (platinum, palladium, rhodium and gold).

A resource update is in progress and is expected in the first quarter of calendar 2013.