FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1.                   Reporting Issuer

PLATINUM GROUP METALS LTD.

328 – 550 Burrard Street Vancouver BC, V6C 2B5

Telephone: (604) 899-5450     Facsimile: (604) 484-4710

Item 2.                   Date of Material Change  October 16, 2007

Item 3.                   Press Release - The Issuer issued a press release at Vancouver, BC dated October 16, 2007 to the TSX.

Item 4.                   Summary of Material Change

Platinum Group Metals Ltd. (PTM-TSX; PLG-AMEX) announces a progress report on Projects 1, 2 and 3 of its Western Bushveld Joint Venture (“WBJV”) platinum project in South Africa.

Item 5.                   1.) Full Description of Material Change  - See the news release dated October 16, 2007.

2.) Disclosure for Restructuring Transactions N/A

Item 6. Reliance on Section 85(2) of the Act (British Columbia) And Section 118(2) of the Act (Alberta): N/A

Item 7.                    Omitted Information:  N/A

Item 8.                    Senior Officers

The following senior officer of the Issuer is knowledgeable about the material change and may be contacted by the Commission at the following telephone number:

R. Michael Jones, President & CEO  Phone: (604) 899-5450

Item 9. Statement of Senior Officer

The foregoing accurately discloses the material change referred to herein. Dated at Vancouver, British Columbia this 17^th day of October, 2007.

Platinum Group Metals Ltd.

“R. Michael Jones”

R. Michael Jones,

President & CEO