platinum group metals closes non brokered

Platinum Group Metals Ltd. Closes Non-Brokered Private Placement


Last update: 10:24 a.m. EDT Oct. 6, 2008
VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH AFRICA, Oct 06, 2008 (MARKET WIRE via COMTEX) -- Platinum Group Metals Ltd. ("Platinum Group") (CA:PTM: news, chart, profile) (NYSE-A: PLG) reports that $7,411,124 of a $7,611,229 non-brokered private placement announced September 26, 2008 was closed on October 3, 2008. The balance of $200,105 is in process of closing at the time of writing. A total of 4,781,370 common shares have been issued, while a further 129,100 are allotted for issue, pursuant to the private placement which was completed at a price of $1.55 per share.

The securities issued by way of this placement will be subject to a four-month hold period in compliance with NI 45-102. A finders fee comprised of $186,000 in cash and 60,000 shares at the offering price was paid in respect of certain of the subscriptions.

The net proceeds of the placement will fund items included in the feasibility study on the Western Bushveld Joint Venture (published on SEDAR ( www.sedar.com) August 21, 2008) and general working capital. Items included in the use of proceeds are exercise of certain surface rights agreements and the deposit for detailed engineering on the water pipeline for the mine development in co-operation with the region's water authority.

The water effort is in concert with the other platinum projects in the area (Barrick, Anglo Platinum, Wesizwe and Platmin).

As a result of the portion of the placement closed on October 3, 2008 the Company now has 67,495,617 common shares issued and outstanding and 71,348,492 on a fully diluted basis.

About Platinum Group Metals
Platinum Group Metals Ltd. is focused on near surface, competitive platinum projects.
Platinum Group Metals Ltd. was formed in 2000 focused on platinum and palladium. In 2002 the company expanded from its holdings in Canada to South Africa. Holdings include two large scale joint ventures in the Western Limb of the Bushveld Complex of South Africa, host of the majority of the world's platinum production.

On July 7, 2008 the company published the results of an independent definitive feasibility study for a 250,000 ounce per year mine plan with a mine life of 22 years. On September 2, 2008 the company announced a term sheet to increase its interest in the mine plan to 74%.

The company is the operator of its projects and has its senior management team in Canada and South Africa. Members of this team each have over 20 years of experience in the areas of mine development, finance, construction and mine operations. The Company is listed on the NYSE-A under the symbol PLG and on the TSX under the symbol PTM.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President and Director



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