March 5th, 2009

NEWS RELEASE ｗｗｗ.jogmec.go.jp
Japan Oil, Gas and Metals National Corporation
Division in Charge：Exploration Division2, Metals Exploration Dept.
Hajime IKEDA and Masaomi KURIHARA FAX:+81-44-520-8740
PR in Charge：Public Relation Division, Administration Dept.
Kazuhiko UEMATSU FAX:+81-44-520-8710

New Joint PGE-Ni-Cu Exploration Launched in South Africa
Japan Oil, Gas and Metals National Corporation (JOGMEC) whose president is Hirobumi Kawano,
has launched a new joint PGE-Ni-Cu exploration in War Springs in the Republic of South Africa.
This is based on the joint exploration agreement between JOGMEC and Platinum Group Metals
Ltd., a Canadian exploration company.
Global demand for platinum is expected to see increase in line with worldwide efforts to reinforce
automobile exhaust emission control. This metal is also highly potential as remarkable materials for
new energy resources such as fuel cells. However, platinum exists only in limited areas and South
Africa holds 90 % of the total reserves in the world. Securing a stable supply of platinum in Japan
became a challenge for the country as there is no Japanese company which holds any interests.
In 2007, then Former Minister of Economy, Trade and Industry, Akira Amari visited South Africa inorder for the Japanese government and JOGMEC to strengthen the relationships with Africannations embracing mineral resources. This effort has eventually led to the exploration project. If theexploration area is identified as potential, the interest JOGMEC holds will be transferred toJapanese companies so that Japan will be able to secure a stable supply of platinum.
War Springs, the target area of the project, is located in the northern limb of Bushveld Complex,
the world’s largest producer of platinum, in the northern part of South Africa. It attracts tremendousinterest from rare metal companies of Japan as well as other countries in the world. Althoughsurging platinum prices makes it difficult to form exploration joint venture projects for platinum in theBushveld Complex, JOGMEC successfully negotiated with exploration companies meeting theirfinancial demand despite unprecedented global financial crisis began in September 2008.

■ OUTLINE OF PROJECT
１）AREA OF EXPLORATIONThe claim in War Springs is approximately 22㎞2. Previous drilling survey of 22 holes hasrevealed 52t of Au, PGE and Pd, 60,000t of Ni and 50,000t of Cu in reserves. Ore bodies havebeen found to continue 400m underground. Moreover, it has been reported that massive sulfide
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accumulating PGE and other metals exists 1,000m underground in the Bushveld Complex.
Thus deep drilling survey can identify the high potentialities of this area which can hold a large
amount of ore reserves in the deep part of the area.

２）JOINT EXPLORATION AGREEMENT
Platinum Group Metals currently holds a 70% interest in the War Springs Project while Africa
Wide and Taung Platinum each hold a 15% interest. By contributing 10 million US dollars in total
over 5 years as exploration expenditure to Platinum Group Metals, JOGMEC will be able to earn
a 35% interest from Platinum Group Metals.
３）OUTLINE OF EXPLORATION
Area-wide soil geochemical survey will be carried out to identify the target of drilling in thepromising area. Deep drilling survey will be conducted to explore the possibility of mineralizationas massive mineralization has been confirmed in the deep part (more than 1,000m) of thesurrounding area of this Project.
■ Platinum Group Metals Ltd. ※1

Platinum Group Metals is based in Vancouver BC, Canada and Johannesburg, South Africa.
Platinum Group has a management team in both Canada and South Africa, which havesuccessful track records of more than 20 years in exploration, mine discovery, mine
construction and mine operations. The Company holds a 74% stake in the Western Bushveld
Joint Venture of South Africa. Platinum Group is also a significant mineral rights holder in thearea surrounding Canada’s only primary platinum and palladium mine near Thunder Bay,Ontario Canada.

2Limpopo StateProject Location MapWarsprings：Bushveld ComplexSouth Africa
Project Location Map3