Platinum Group Metals Files Technical Report on Waterberg Platinum Project

Platinum Group Metals Ltd. ("Platinum Group" or the "Company") announces that further to its news releases dated September 4, 2012 and September 17, 2012 (the "Releases") announcing an inferred mineral resource estimate on the Company's Waterberg Project located in the northern limb of the Bushveld Complex of South Africa, it has today filed a National Instrument 43-101 technical report entitled "Exploration Results and Mineral Resource Estimate for the Waterberg Platinum Project, South Africa" dated effective September 1, 2012, prepared by Kenneth Lomberg, B.Sc. (Hons) Geology, B. Com., M. Eng. Pr.Sci.Nat., MGSSA, of Coffey Mining (SA) Pty Ltd. supporting the disclosure of the inferred mineral resource estimates in such Releases.

The technical report is consistent in all material respects with the inferred mineral resource estimates announced in the Releases.

Exploration with 10 drill rigs continues with fill in holes, deflections as well as step out holes over a 6 kilometer target area. The exploration is funded by Platinum Group and JOGMEC in joint venture.