Vancouver's Platinum Group Metals Inc. (TSX:PTM) has formed a joint venture with a South African corporate finance company to develop a platinum project in South Africa.
Under the joint venture with Sable Platinum (Pty) Ltd., Sable will spend approximately US$6.2 million in exploration costs over five years in exchange for the right to earn a 51% interest in the joint venture.
The South African project covers 83 square kilometres of land beside Xstrata Plc's Eland platinum property.
Platinum Group's share price range during the past week: between $1.75 and $2.59; 52-week high: $4.46; 52-week low: $1.65.