Mr. Michael Jones reports

PLATINUM GROUP METALS ANNOUNCES THAT 26% WBJV PROJECT 1 SHAREHOLDER AFRICA WIDE HAS TODAY ELECTED NOT TO FUND AN INITIAL CASH CALL

At a meeting of the shareholders of Maseve Investments 11 Pty. Ltd., the operating company of the WBJV Project 1 platinum mine, Platinum Group Metals Ltd. representatives were informed by a representative of Africa Wide Mineral Prospecting and Exploration (Pty.) Ltd. that Africa Wide, a subsidiary of Wesizwe Platinum Ltd., would not be financing a 213-million-rand (approximately $21.8-million (U.S.)) cash call for its 26-per-cent share of a six-month forward budget for the project. There was no indication from Wesizwe or Africa Wide until late on Oct. 18, 2013, in Johannesburg that they would not fund their pro rata share of the project. The cash call to Africa Wide for the project had been timed to coincide with the final expenditure of funds held in escrow by Maseve for Africa Wide.

Under an agreement between the shareholders of Maseve, any further expenditures by Maseve financed by Platinum Group alone would result in the dilution of Africa Wide's equity interest in Maseve. Wesizwe had previously indicated that it would be a financing participant through Africa Wide and that it supported the proposed project loan in respect of the project.

As a result of the potential changes in the structure of ownership in Maseve, and potential changes in financing arrangements for Maseve and the project, there may be substantial delays or a stop in construction and production plans for the project. The currently proposed project loan structure for the project is unlikely to proceed in its current form. The project construction may be stopped with significant cost to Maseve.

Platinum Group will evaluate its options and course of action over the next few days and provide an update on its plans. The company holds approximately $90-million in cash at present, which is sufficient to cover the costs of any stoppage at the project.

We seek Safe Harbor.