(Source: Marketwire)
VANCOUVER, BRITISH COLUMBIA and JOHANNESBURG, SOUTH AFRICA-- (Marketwire - Jan. 14, 2009) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE Alternext US:PLG) ("Platinum Group") announces the publication of the Company's financial results for the period ending November 30, 2008. For complete details of the November 30, 2008 financial statements and Management's Discussion and Analysis please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).
The Company's cash position at November 30, 2008 was $7.9 million. The Company's cash is invested with the Royal Bank of Canada in guaranteed investment certificates or in a current account. All amounts herein are reported in Canadian dollars unless otherwise specified. The Company also held marketable securities at the period end with a market value of $691,000.
Accounts receivable at year end totalled $305,154 while accounts payable amounted to $2,561,754. Accounts receivable were comprised primarily of value added taxes repayable to the Company in Canada and in South Africa. Accounts payable were comprised of approximately $1,872,000 for surface rights acquisitions in South Africa while the balance was due for drilling, sampling, geophysical and engineering work conducted on the Western Bushveld Joint Venture ("WBJV"), and head office administrative costs.
Total global exploration and engineering expenditures for the Company's account in the first quarter ending November 30, 2008 totaled $517,337 (November 30, 2007 - $3,067,788), and of this $439,572 was for the WBJV (November 30, 2007 - $2,890,027) and $77,765 was for other exploration (November 30, 2007 - $177,761). Total WBJV expenditures during the first quarter by all Joint Venture partners totaled $747,694 (November 30, 2007: $7,830,935).
The Company's loss for the period ended November 30, 2008 amounted to $2.1 million or $0.03 per share as compared to $1.2 million or $0.02 per share for the comparative period in fiscal 2008. The loss includes $802,409 as a non-cash charge for Stock Based Compensation ($141,367 for November 30, 2007). Before the non- cash charge for Stock Based Compensation general overhead and administration costs for the period amounted to $1.3 million ($1.2 million for November 30, 2007). Interest income earned amounted to $102 ($104,579 for November 30, 2007) after netting out $37,781 in interest payable as a transaction cost on a pending surface rights purchase in South Africa.
As Operator the Company delivered a Positive Feasibility Study for Project 1 of the WBJV to the partners on July 1, 2008. Summary results of the study were published in a news release by the Company dated July 7, 2008.
