PGM Ltd. keeps faith at Towle Lake

Vancouver — Drill results from Platinum Group Metals‘ (PTM-T) Lac des les project, near Thunder Bay, Ont., confirm the presence of platinum group metal mineralization in the Towle Lake intrusion.

At the Stringer zone on the Shelby Lake property, four of six holes targeting the along-strike and downdip extensions of the mineralization encountered anomalous mineralization. Highlights are as follows:

q Hole ST02-07 cut 5.6 metres averaging 0.06 gram gold, 0.17 gram platinum and 1 gram palladium starting at a down-hole depth of 212.3 metres.

q Hole ST02-08 cut 2.5 metres of 0.03 gram gold, 0.16 gram platinum and 0.89 gram palladium starting at 80 metres down-hole.

q Hole ST02-11 cut 7.5 metres of 0.036 gram gold, 0.13 gram platinum and 0.45 gram palladium starting at 245.5 metres down-hole.

q Hole ST02-12 cut 2.1 metres of 0.02 gram gold, 0.25 gram platinum and 0.88 gram palladium starting at 77.3 metres down-hole.

Platinum group mineralization at the Stringer zone has been intersected for 700 metres along strike and downdip and to a vertical depth of 170 metres. This mineralization remains open to the southwest and downdip within the host Towle Lake intrusion.

About 3.5 km to the northeast, at the Vande zone on the South Legris property, crews aimed three diamond-drill holes (515 metres) at the Towle Lake intrusion. All three holes intersected broad zones of PGM mineralization

PGM mineralization has now been traced for 700 metres along strike in the Vande Lake area, and the Vande zone remains open in all directions. The following are highlights:

q Hole SL02-10 cut 13.7 metres averaging 0.012 gram gold, 0.12 gram platinum and 0.32 gram palladium starting at 11.4 metres down-hole. This included a 2-metre interval that averaged 0.03 gram gold, 0.54 gram platinum and 1.38 grams palladium.

q Hole SL02-11 cut 10.3 metres of 0.02 gram gold, 0.03 gram platinum and 0.26 gram palladium starting at 92.1 metres down-hole.

q Hole SL02-12 cut 6.25 metres of 0.08 gram gold, 0.18 gram platinum and 0.42 gram palladium starting at 35.65 metres down-hole.

The Pebble property and the adjacent PS Overlap property are northeast of the South Legris property. Two holes, totalling 330 metres, were drilled last year on these properties, and both intersected two flat-lying gabbro-diabase sills. Analytical results reveal that these bodies do not contain anomalous nickel, copper, cobalt, platinum or palladium values. Surface mapping, geochemical sampling and prospecting are planned for the area in 2003 in an effort to identify the source of anomalous metals that were discovered in a lake sediment survey by the Ontario government.

The East Lac des les project holdings cover a series of multi-element lake sediment anomalies, including the seven highest platinum values in the entire Nipigon-Lac des les survey.

PGM Ltd. stands to earn 60% interest in each of the Shelby Lake, South Legris and Pebble Properties from New Claymore Resources (NCS-V), Canadian Golden Dragon Resources (CGG-V) and East West Resource (EWR-V), respectively.


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