Platinum Group Reports Second Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH AFRICA -- (MARKET WIRE) -- 04/14/08 -- Platinum Group Metals Ltd. (TSX: PTM)(AMEX: PLG) ("Platinum Group") announces the publication of the Company

Accounts receivable at quarter end totalled $1,130,201 while accounts
payable amounted to $1.27 million. Accounts receivable were comprised
primarily of value added taxes repayable to the Company in Canada and
in South Africa while accounts payable were due mostly for drilling,
sampling, geophysical and engineering work conducted on the WBJV.

Global exploration expenditures for the Company's account for the six
months, including the Company's share of WBJV expenditures, totaled
$4,633,096 (2007 - $1,781,284). Of this $4,226,334 was for the WBJV
(2007 - $1,565,179) and $406,762 was for other exploration (2007 -$216,105). After meeting its earn in requirements in April 2006,
Platinum Group is currently responsible for its 37% pro-rata share of
expenditures for the WBJV. Total WBJV expenditures during the six
month period by all Joint Venture partners totaled $10,835,433 (2007
- $4,230,213).

The Company's loss for the six months ended February 29, 2008
amounted to $2.6 million or $0.04 per share as compared to $3.5
million or $0.06 per share for the prior year's six months ended
February 28, 2007. The current loss includes $392,197 as a non-cash
charge for Stock Based Compensation (2007 - $580,976). The loss for
the same period in 2007 included a charge for the write-off of
Canadian mineral property acquisition and deferred exploration costs
of $1.32 million. General overhead and administration costs for the
quarter amounted to $2.5 million (2007 - $1.8 million) before
interest income earned of $182,916 (2007 - $177,854). The increase in
general and administrative costs in the quarter is primarily the
result of the Company's increased activity level in South Africa and
increased staffing levels as the Company prepares for potential
project development in South Africa.

During the six months the Company raised funding of $685,375 by
issuance of 614,000 shares for the exercise of stock options.

The Company's key project is its 37% interest in the WBJV, a platinum
exploration and development project on combined mineral rights
covering approximately 72 square kilometres on the Western Bushveld
Complex of South Africa.

The Company is primarily focused on the completion of a feasibility
study for Project 1 of the WBJV and on obtaining relevant permitting
from the Government of South Africa. Completion and announcement of
the feasibility study results by the Company as operator of the WBJV
is expected before June 30, 2008. The feasibility study will be used
for a project build decision and if implemented the Company would
then need to complete project financing for its share of capital
costs and expand its capabilities as operator. Permit applications
are in process.

Subsequent to the end of the period, on March 31, 2008, Wesizwe
Platinum Ltd. (JSE: WEZ) published a feasibility study for their
Frischgewaagd-Ledig Project. The Project 2 area of the WBJV comprises
a 50% interest in the minerals underlying approximately 70% of the
surface area Frischgewaagd-Ledig Project. For more information please
refer to our press release dated April 1, 2008.

During the period the Company continued the exploration of the
Project 3 area of the WBJV. Work consisted primarily of a joint 3D
seismic survey completed by the partners of the WBJV and neighbouring
interests, exploration drilling and geotechnical drilling.

About Platinum Group Metals Ltd.

Platinum Group is based in Vancouver BC, Canada and Johannesburg,
South Africa. Platinum Group has a management team in both Canada and
South Africa, which have successful track records of more than 20
years in exploration, mine discovery, mine construction and mine
operations. The Company was formed in 2000 and is focused on the
development of platinum operations. It holds significant mineral
rights in the Northern and Western Bushveld Igneous Complex of South
Africa.

Platinum Group is also a significant mineral rights holder in the
area surrounding Canada's only primary platinum and palladium mine
near Thunder Bay, Ontario Canada.

On behalf of the Board of Platinum Group Metals Ltd.

Frank R. Hallam, Chief Financial Officer and Director

This press release contains forward-looking statements within the
meaning of Canadian and U.S. securities laws. Such statements
include, without limitation, statements regarding the timing of
future activities by the Company, future anticipated exploration and
development programs, the review of technical information, the
discovery and delineation of mineral deposit and resources, business
plans, potential mining scenarios, business trends and future
operating factors. Although the Company believes that such statements
are reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which, by
their nature, refer to future events. All statements that are not
statements of historical fact are forward-looking statements. The
Company cautions investors that any forward-looking statements by the
Company are not guarantees of future results or performance, and that
actual results may differ materially from those in forward looking
statements as a result of various factors, including, but not limited
to, variations in the nature, quality and quantity of any mineral
deposits that may be located, the Company's ability to obtain any
necessary permits, consents or authorizations required for its
activities, the Company's ability to produce minerals from its
properties successfully or profitably, to continue its projected
growth, or to be fully able to implement its business strategies. In
addition, forward-looking statements are subject to various risks,
including that data is incomplete and considerable additional work
will be required to complete further evaluation, including but not
limited to drilling, engineering and socio-economic studies and
investment; no firm quotes for costs have been received;

the legal right to mine the project discussed has not been confirmed
or applied for and the process for such application is new in South
Africa; the potential capital cost of the project is beyond the
current means of the Company and there can be no assurance that
financing for further work will be available. There are significant
risks with respect to grade estimation, metallurgical recovery and
mining plans that may result in over estimation or failure to meet
targets. Any estimates, plans or studies prepared by or on behalf of
other companies with respect to the project have not been prepared or
reviewed by the Company or the Company's QPs and such disclosure
can't and should not be in any way be attributed to the Company or
the Company's QPs, independent or non-independent. Any reference to
Project 2 does not imply that this is a stand alone area for any
potential mine plan. The reader is referred to the Company's filings
with the SEC and Canadian securities regulators for disclosure
regarding other risk factors. There is no certainty that any forward
looking statement will come to pass and investors should not place
undue reliance upon forward-looking statements.

The TSX Exchange and the American Stock Exchange have not reviewed
and do not accept responsibility for the accuracy or adequacy of this
news release, which has been prepared by management.

Contacts:
Platinum Group Metals Ltd.
R. Michael Jones
President
(604) 899-5450 or Toll Free: 1-866-899-5450

Platinum Group Metals Ltd.
John Foulkes
Manager Corporate Development
(604) 899-5450 or Toll Free: 1-866-899-5450
Website: www.platinumgroupmetals.net

2008-04-14 20:36:05 0335546 MARKETWIRE