VANCOUVER, B.C. and JOHANNESBURG, South Africa, Nov. 18, 2002 (PRIMEZONE) -- Platinum Group Metals Ltd. (TSX Venture Exchange:PTM), a Toronto-listed company, and Africa Wide Mining, a largely black-owned South African mining company, confirmed today that the companies have entered into a Joint Venture Agreement on two prospective properties, Tweespalk and War Springs.
The two properties, located on the Northern Limb or Platreef area of the Bushveld Complex, cover some 4,573 hectares. The area is one of the most active exploration and development areas for platinum in South Africa and therefore in the world. The Tweespalk and War Springs projects are located 22km north and 15km south, respectively, of the PPRust mine, a 342M tonne open pit platinum mine.
In terms of the agreement, the industry standard joint venture will be structured on a 30:70 basis with Africa Wide having a 30% participating interest and PTM 70%.
Said Michael Jones, President of PTM: "We are extremely proud of our agreement with Africa Wide -- it demonstrates our commitment to the empowerment process in South Africa which can result in true commercial transactions. Beyond the financial arrangements, strong partnerships can be built, bringing together complementary assets, skills and experience."
Mlibo Mgudlwa, CEO of Africa Wide Investment Holdings, added that, "Africa Wide is well placed to take advantage of the opportunities created by the Minerals and Resources Development Act. Through our particular skills and expertise we are well-positioned to become a vital part of the junior mining sector that is developing in this country."
About Africa Wide:
Africa Wide Mining is a subsidiary of Africa Wide Investment Holdings, a largely (74%) black-owned and managed mining investment company. Africa Wide Investment Holdings is involved in financial services, environmental management and security. Its shareholders are drawn from the mining, environmental, finance and legal fields. The company's vision is to develop its mining business in such a way as to ensure the upliftment of local communities through responsible development. In addition to this Joint Venture with PTM, Africa Wide is investigating investment in a number of other mining ventures in the PGM, coal and gold sectors.
About PTM:
PTM is a diversified mineral company with properties in Canada and South Africa focused on platinum, palladium and gold. The Company holds the largest mineral rights position surrounding Canada's only primary producing palladium mine at Lac des Iles, near Thunder Bay. Recent exploration drilling by the Company in this area has located an important new discovery of stratiform palladium-platinum mineralization within a large layered intrusion. PTM also recently increased its position in the Lac des Iles region by staking a number one ranked Pt-Pd- Ni- Cu anomaly from a 3,000sq km geochemical survey by the Government of Ontario. PTM beat several competitors in the staking rush from the data release on September 3, 2002. Ground crews are prospecting this exciting target now.
PTM is also a significant mineral rights holder in the Western Bushveld Intrusion in South Africa. The properties in Canada and South Africa provide a unique diversification in terms of geography and metals in platinum and palladium.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-30306, available at our office: Suite 800 -- 409 Granville Street, Vancouver BC, Canada, V6C 1T2 or from the SEC: 1(800) SEC-0330.