June 19th News Release
Platinum Group Metals Ltd.
Suite 800 – 409 Granville Street, Vancouver BC, V6C 1T2
Telephone: (604) 899-5450 Fax: (604) 484-4710
E-mail: info@platinumgroupmetals.net Web Site: www.platinumgroupmetals.net TSX: PTMSEC Form 20F, File No. 0-30306
No. 02-35 NEWS RELEASE JUNE 19, 2002
PTM Grants South African Team Incentive Stock Options
Platinum Group Metals Ltd. (TSX Venture Exchange: PTM) has granted two principals of GeoActiv Dynamic Geological Services a total of 300,000 incentive stock options, subject to final documentation and regulatory approval. The Options are exercisable at a price of $0.60 per share and will expire after a term of five years.
GeoActiv and the Company recently entered into an agreement whereby GeoActiv will serve as the Company’s acquisitions, technical and operational team in the Republic of South Africa. As our consultants in South Africa, GeoActiv was instrumental in our most recent acquisitions of the War Springs and Tweespalk properties along the Platreef contact of the Bushveld Intrusive Complex (see press release dated June 3, 2002). GeoActiv is a highly qualified and respected firm with extensive exploration and development experience. Their clients have included some of the world’s largest producers of platinum and palladium and they have worked extensively on projects in the Bushveld area of South Africa. GeoActiv is currently laying the groundwork for exploration and drilling on both of the Company’s new South African properties.
Stock options previously issued to purchase 530,000 shares at $0.35 will expire in March 2007 and 1,085,000 stock options at $0.55 will expire January 2005 and March 2007. The Company currently has 21,519,975 shares issued and outstanding and fully diluted shares are 25,472,771. After the Option issuance noted above the Company will have 25,772,771 shares fully diluted.
In addition to its South African properties, PTM is the largest mineral rights holder surrounding the Lac des Iles palladium mine. Lac des Iles is one of only two primary producing platinum or palladium mines in all of North America. The company’s Lac des Iles area land position has several drill-ready platinum-palladium targets. Four holes, totaling about 800m, will be drilled by Wheaton River (TSX: WRM) as they incur $200,000 in expenditures pursuant to an option agreement announce by the company on May 10, 2002. PTM also holds significant land positions in the Sudbury area, including all of the Agnew Lake Intrusion, located west of Sudbury. Anglo American Platinum Corporation Limited is currently financing a major exploration program managed by Pacific North West Capital (TSX: PFN) on the Agnew Lake property. Recently PTM brought the total committed funding on Canadian properties up to $1.55M through the agreement with Arcata Resources (TSX Venture Exchange: ARR) to fund exploration on PTM’s Western Sudbury Basin Properties. |
