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VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwire - Jan. 27, 2011) -
Platinum Group Metals Ltd. (TSX:PTM)(NYSE Amex:PLG) ("Platinum Group" or the "Company") announces the appointment of Mr. AJ Ali as the Company's Project Finance Advisor. Mr. Ali will advise the company and assist in structuring the overall project finance package, including bank debt, for the construction of the Western Bushveld Joint Venture (WBJV) Project 1 Platinum Mine in South Africa.


Mr. Ali is currently the Chief Financial Officer of Avanti Mining Inc. He is a Canadian Chartered Accountant with over 25 years experience in the mining industry and has been involved with over $2B (USD) in project financings for global mining projects to date. Most recently, he was the Chief Financial Officer and a Director of Centenario Copper Corporation before its acquisition by Quadra FNX Mining and Chief Financial Officer of EuroZinc Mining Corporation (2004 to 2006) before it merged with Lundin Mining. Mr. Ali was the Chief Operating Officer and Chief Financial Officer of Resource 21 (1998 to 2003), a subsidiary of the Boeing Company, formed to produce satellite-based imaging data and information services. Mr. Ali was the Vice-President, Finance and Chief Financial Officer of Vista Gold Corp. (1992 to 1998). Prior to the merger of Peak Gold, Metallica Resources and New Gold Inc., Mr. Ali served as the Director and the chair of the Audit Committee of Metallica Resources Inc. Mr. Ali is also a member of the Financial Executives International and the Institute of Corporate Directors. He is currently a Director of Explorator Resources Inc. and Chair of its Audit Committee.


Platinum Group is currently involved in discussions with multiple international banks in relation to debt financing for the outstanding portion of capital required to complete the Project 1 Platinum Mine. In November of 2010, the Company completed a $143.8M (CAD) equity financing to begin mine implementation. The Company has purchased all required surface rights and is in process to establish site infrastructure. An EPCM firm has been appointed to complete detailed designs and, with final detailed permits expected shortly, Platinum Group will start excavations for underground development.


The total capital cost of the mine construction was estimated in the Updated Feasibility Study in October 2009 at US$ 443M for a 275,000 ounce per year mine producing platinum, palladium rhodium and gold. The mine is high grade and near surface accessible by ramps.


President and CEO of Platinum Group, R. Michael Jones stated, "AJ Ali is a key addition to our team. The ability to harness his wealth of knowledge, experience and global relationships will give Platinum Group's management team the ability to negotiate the best possible terms as we complete the overall Project Finance package. At the same time as the banking process is proceeding we will be advancing the project with our funded equity investment into underground development. All of this is happening at a very positive and pivotal time in the Platinum supply demand market."



About Platinum Group Metals Ltd.



Platinum Group has an experienced mine building and operating team based in Vancouver, Canada and Johannesburg, South Africa. Platinum Group Metals Ltd. holds mineral property interests both in Canada and South Africa. The Company has increased its ownership of platinum resources and reserves supported by senior institutional shareholders and investment banks over its 10 year history and is listed as PLG on the NYSE AMEX and PTM on the TSX in Toronto.



On behalf of the Board of Platinum Group Metals Ltd.




R. Michael Jones