UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No.1)


                           Platinum Group Metals Ltd.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                           Common Shares, no par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    72765Q205
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2006
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

          [x]  Rule 13d-1(b)

          [_]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)



CUSIP No.   72765Q205
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Geologic Resource Partners LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                                                 (b)  [_]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     7,108,600*

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     7,108,600*

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     7,108,600*

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                      [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     12.4%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IA

----------
*    The Reporting Persons share investment discretion over the shares with Sun
     Valley Gold LLC and Peter Palmedo, pursuant to an agreement between
     Geologic Resource Partners LLC and Sun Valley Gold LLC. Sun Valley Gold LLC
     and Peter Palmedo filed a separate Schedule 13G with respect to the shares.



CUSIP No.   72765Q205
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     George R. Ireland

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                                                 (b)  [_]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     7,108,600*

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     7,108,600*

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     7,108,600*

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                      [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     12.4%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IN

----------
*    The Reporting Persons share investment discretion over the shares with Sun
     Valley Gold LLC and Peter Palmedo, pursuant to an agreement between
     Geologic Resource Partners LLC and Sun Valley Gold LLC. Sun Valley Gold LLC
     and Peter Palmedo filed a separate Schedule 13G with respect to the shares.

CUSIP No.   72765Q205
            ---------------------

Item 1(a).  Name of Issuer:

            Platinum Group Metals Ltd.
            --------------------------------------------------------------------

      (b).  Address of Issuer's Principal Executive Offices:

            Suite 328, 550 Burrard Street, Vancouver,
            British Columbia, Canada, V6C 2B5
            --------------------------------------------------------------------

Item 2(a).  Name of Person Filing:

            Geologic Resource Partners LLC
            George R. Ireland
            --------------------------------------------------------------------

      (b).  Address of Principal Business Office, or if None, Residence:

            535 Boylston Street, Boston, MA 02116
            --------------------------------------------------------------------

      (c).  Citizenship:

            Geologic Resource Partners LLC - Delaware
            George R. Ireland - United States of America
            --------------------------------------------------------------------

      (d).  Title of Class of Securities:

            Common shares, no par value
            --------------------------------------------------------------------

      (e).  CUSIP Number:

            72765Q205
            --------------------------------------------------------------------

Item 3.     If This Statement  is filed  pursuant to ss.240.13d-1(b) or
            240.13d-2(b), or (c), check whether the person filing is a:

     (a) [_]  Broker or dealer registered under Section 15 of the Exchange Act
              (15 U.S.C. 78c).

     (b) [_]  Bank as defined in Section 3(a)(6) of the Exchange Act (15
              U.S.C. 78c).

     (c) [_]  Insurance  company as defined in Section 3(a)(19) of the Exchange
              Act (15 U.S.C. 78c).

     (d) [_]  Investment  company  registered under Section 8 of the Investment
              Company Act of 1940 (15 U.S.C. 80a-8).

     (e) [X]  An investment adviser in accordance with s.240.13d-1(b)(1)(ii)(E);

     (f) [_]  An employee  benefit plan or endowment  fund in  accordance  with
              s.240.13d-1(b)(1)(ii)(F);

     (g) [_]  A parent  holding  company or control  person in accordance  with
              Rule 13d-1(b)(1)(ii)(G);

     (h) [_]  A savings  association  as defined in Section 3(b) of the Federal
              Deposit Insurance Act (12 U.S.C.1813);

     (i) [_]  A  church  plan  that  is  excluded  from  the  definition  of an
              investment  company  under  Section  3(c)(14)  of the  Investment
              Company Act of 1940 (15 U.S.C. 80a-3);

     (j) [_]  Group, in accordance with s.240.13d-1(b)(1)(ii)(J).

Item 4.  Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a) Amount beneficially owned:

         Geologic Resource Partners LLC - 7,108,600
         George R. Ireland - 7,108,600
         -----------------------------------------------------------------------

     (b) Percent of class:

         Geologic Resource Partners LLC - 12.4%
         George R. Ireland - 12.4%
         -----------------------------------------------------------------------

     (c) Number of shares as to which the person has:

         (i)   Sole power to vote or to direct the vote                     0
                                                                ---------------,

         (ii)  Shared power to vote or to direct the vote           7,108,600*
                                                                ---------------,

         (iii) Sole power to dispose or to direct the
               disposition of                                               0
                                                                ---------------,

         (iv)  Shared power to dispose or to direct the
               disposition of                                       7,108,600*
                                                                ---------------.

----------
*    The Reporting Persons share investment discretion over the shares with Sun
     Valley Gold LLC and Peter Palmedo, pursuant to an agreement between
     Geologic Resource Partners LLC and Sun Valley Gold LLC. Sun Valley Gold LLC
     and Peter Palmedo filed a separate Schedule 13G with respect to the shares.

Item 5.  Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].

         N/A
         -----------------------------------------------------------------------

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

         N/A
         -----------------------------------------------------------------------

Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company or Control
         Person.

         N/A
         -----------------------------------------------------------------------

Item 8.  Identification  and  Classification  of Members of the Group.

         N/A
         -----------------------------------------------------------------------

Item 9.  Notice of Dissolution of Group.

         N/A
         -----------------------------------------------------------------------

Item 10. Certification.

         By signing  below I certify  that,  to the best of my  knowledge  and
         belief, the securities referred to above were not acquired and are not
         held for the purpose of or with the effect of changing or  influencing
         the control of the issuer of the  securities and were not acquired and
         are not held in connection with or as a participant in any transaction
         having such purpose or effect.




                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


                                                     February 14, 2007
                                          --------------------------------------
                                                        (Date)


                                          Geologic Resource Partners LLC**


                                          By: /s/ George R. Ireland
                                              ----------------------
                                                  George R. Ireland
                                                  Chief Investment Officer


                                          /s/ George R. Ireland**
                                          -----------------------
                                              George R. Ireland




** The reporting persons hereby disclaim beneficial ownership over the shares
reported on this 13G, except to the extent of their pecuniary interest therein.







                                                                       Exhibit A


                                    AGREEMENT


     The undersigned agree that this Schedule 13G dated February 14, 2007
relating to the Common Shares, no par value of Platinum Group Metals Ltd. shall
be filed on behalf of the undersigned.



                                          Geologic Resource Partners LLC


                                          By: /s/ George R. Ireland
                                              ----------------------
                                                  George R. Ireland
                                                  Chief Investment Officer


                                          /s/ George R. Ireland
                                          ---------------------
                                              George R. Ireland





SK 00964 0007 746547