VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA--(Marketwire - Feb. 14, 2013) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group" or the "Company") reports that at the end of the business day today in South Africa it has received a Notice under Section 54 of the Mine Health and Safety Act (1996) requiring it to stop its operations and comply with various instructions, and as a result all work at the WBJV Project 1 (Maseve) site has stopped with immediate effect pending compliance with the instructions in the notice and upliftment of the notice by the principal inspector of mines.
The Company and its contractors are working diligently to satisfy the requirements of the Section 54 order so that work can resume.
Safety has been the number one priority of the Company since commencement of the construction of the WBJV Project 1 (Maseve) mine. A thorough investigation of the recent incident will be completed with the objectives of finding the causes of the incident and improving safety going forward.
About Platinum Group Metals Ltd.
Platinum Group is building the WBJV Project 1 Platinum mine in the Western Limb of the Bushveld Complex, South Africa. The Company owns 74% of the WBJV Project 1 Mine and 26% is owned by Wesizwe which is controlled by Jinchuan of China.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto.
On behalf of the Board of Platinum Group Metals Ltd.
I don't feel this should impact the value of the company. This was a tragedy but for example construction accidents are one of the leading causes of on the job deaths in America. My brother has worked in mining operations of his own in Australia, and has more than one story where he or one of his partners was nearly killed by an unexpected movement of a crane (a digger). I think it would be great if we could have a perfect safety record and PLG's record up to now has been exemplary as far as I know. They doing the right thing, complying and investigating etc... This could happen at any company - it may be workers occasionally misjudge and get too close, miscalulate the action of the machine operator and the operator is blind to the location of the worker. That seems to be what happened in my brother's stories and luckily those were only close calls.
AH is $1.42. Is this a signal for next day? Or just someone who wants to pay anything for more ? (LOL). NASDAQ is Closed Monday but TSE is open so you can get an idea where PLG would be at Monday without being able to act on it until Tuesday.