SOUTH AFRICA – Vancouver-based Platinum Group Metals has raised US$28.75 million through a public offering of shares, including the fully exercised overallotment. The mine has begun production from one of the last large, near surface sections of the Merensky Reef above 1,000 metres deep.
Maseve mine site, north portal and conveyor to the tailings area.
The funds will be spent for underground development and ramp up at its Maseve PGM mine on the western limb of the Bushveld Complex.
In mid-2015, the mine had proven and probable reserves of 32.0 million tonnes averaging 2.51 g/t Pt, 1.05 g/t Pd, 0.25 g/t Rh and 0.14 g/t Au in the MR and UG2 zones.
Platinum Group owns 83% of the Maseve mine. A technical report is posted at www.PlatinumGroupMetals.net.