Beartooth Platinum Corporation

Beartooth Platinum Corporation

December 12, 2006 09:34 ET

Beartooth Intersects Rhodium With Platinum Group Metals 'PGM' at Stillwater Property

Fire Assay Results Also Indicate Higher Platinum Content Than Previously Reported

TORONTO, ONTARIO--(CCNMatthews - Dec. 12, 2006) - Beartooth Platinum Corporation (TSX VENTURE:BTP) Beartooth Platinum Corporation is pleased to announce additional significant results from the Company's 2006 summer work program on its Stillwater property in south central Montana.

High-grade core samples from the Iron Mountain drilling program were submitted to SGS Mineral Services Canada Inc. of Toronto for nickel sulphide collection Fire Assay Analysis (NiS-FA) of the full suite of Platinum Group Metals (PGM's) on an ongoing basis over the course of the program. Results for drill holes IM2006-02 and IM2006-03 have now been received, and these confirm the Rhodium (Rh) enriched nature of the Platinum Group Metals mineralization associated with the B Chromitite. In drill hole IM2006-02, the B Chromitite contains 0.71 g/t Rhodium over an intersection thickness of 3.3 feet (1.0 m). In hole IM2006-03, the B Chromitite contains 0.16 g/t Rhodium over an intersection thickness of 9.4 feet (2.4 m). Rhodium is trading at over US $5,000 per ounce. The fire assay analysis results also indicate higher than previously reported Platinum concentrations in the samples and revised intersection grades for these two holes are reported in Table 1.

Table 1: Revised PGM grades including Rhodium for B Chromitite
intersections in drill holes IM2006-02 and IM2006-03.

3E PGE Value %Value
Hole From' To' Interval Au Pt Pd Rh +Au US$/ From
ID m (g/t) (g/t) (g/t) (g/t) (g/t) tonne Rhodium
-02 93.9 97.2 1.0 0.19 2.23 9.90 0.71 13.03 $302.22 38%
ding 94.5 96.3 0.5 0.27 3.61 16.65 1.19 21.72 $501.61 38%
-03 332.6 342.0 2.9 0.04 0.50 1.00 0.16 1.71 $54.94 47%
ding 333.6 335.6 0.6 0.06 1.04 1.48 0.35 2.92 $110.22 51%

Prices used to calculate dollar value, Monday December 11, 2006:

Au $629.80/oz

Pt $1,107.00/oz

Pd $329.00/oz

Rh $5005.00/oz

The Company has also received assay results for about 75% of the soil samples collected over the course of the 2006 work program. Approximately 2000 samples, primarily those collected under the Memorandum of Understanding with Premium Exploration Inc. (TSX VENTURE:PEM), have yet to be assayed. The results to date show a strong Platinum + Palladium soil anomaly associated with the B Chromitite layers across the entire strike length controlled by BTP. This anomaly represents a well-defined drill target for the 2007 field season (see attached map -

Dr. Reid Keays, an expert in Platinum Group Metals deposits and a technical advisor to BTP, stated "The strength and continuity of the Platinum + Palladium soil anomaly associated with the B Chromitite on BTP claims is truly impressive and is clearly indicative of significant Platinum Group Metals mineralization in the underlying bedrock".

Michael D. Johnson, President and CEO of BTP, stated "We are extremely pleased with the way this important exploration story is unfolding. We have very encouraging drill results confirming high grade Platinum + Palladium + Rhodium mineralization associated with the B Chromitite zone and our soil results show a strong linear Platinum Group Metals anomaly across the entire length of ground controlled by Beartooth. With the addition of the Memorandum of Understanding with Premium Exploration Inc, we are confident that the traceable strike length of the B Chromitite controlled by the consortium will extend to almost 20 kilometers, almost none of which has been systematically evaluated to date."

BTP has systematically evaluated the Rhodium content of surface and core samples throughout its work programs, and the data indicates that the Rhodium content of the chromitites averages 10% of the Platinum + Palladium concentration. This ratio compares favorably to those of the Merensky and UG2 reefs in the Bushveld Complex of South Africa, where Rhodium concentrations are typically 8-12% of the combined Platinum + Palladium grade. In contrast, the JM Reef of the Stillwater Complex has an average Rhodium content of approximately 0.13 g/t, or less than 1% of the Platinum + Palladium concentration. Given the high price of Rhodium, the elevated concentration of this metal in the B Chromitite has the potential to make this unit an extremely high dollar value zone of mineralization.

In addition to initial Rhodium results, the Company has received assays for drill holes IM2006-8 through IM2006-11. These holes were located stratigraphically above the target horizon, and intersected the upper, J-G chromitite layers rather than the mineralized B chromitite. Because the holes are stratigraphically higher, no significant Platinum Group Metals values were returned from these holes.

About Beartooth Platinum Corporation

Beartooth controls 872 unpatented lode mineral claims over the exposed 50-kilometer strike length of the Stillwater Complex, North America's largest known resource of PGM, where there are two operating mines of the Stillwater Mining Company (SMC) from the J-M Reef. Beartooth's mineral claims are contiguous with these significant resource properties.

Additional information about the Company and its properties is available on the Company's website at

Regulatory Footnotes:

Michael D. Johnson, President, CEO and Director of Beartooth Platinum Corporation (BTP), is a Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release. Field work in the Stillwater Complex, Montana, USA has been performed under Mr. Johnson's supervision.

All analytical work is being completed by SGS Mineral Services of Toronto, ON, Canada; and Actlabs, Ancaster, ON, Canada; Both SGS and Actlabs are respected international analytical services which are accredited with NATA and comply with standards of ISO 9001:2000 and ISO 17025:1999. They employ a variety of international standards for quality control purposes.

Samples are transported from the field project to the SGS sample preparation facility in Elko, Nevada by FedEx, a reputable commercial carrier. The samples are dried and pulverized at this facility and an assay split is sent to the SGS facility in Toronto, ON, Canada. All analytical testing is performed utilizing a variety of industry standard analytical techniques, including: (i) SGS Analytical Code 37350, FAI313 Gold, platinum and palladium by fire assay lead collection, (ii) SGS Analytical Code 37339, ICP90A Sodium Peroxide Fusion / ICP-OES, (iii) Analytical Code FAM363, nickel sulphide collection fire assay for six element PGE.

All core drill samples were geologically logged and sampled by BTP's geologists in various sample lengths, depending on the geology. The core was then split using as diamond tipped core saw, with one half sent for assay and the other half retained and securely stored at BTP's facility in Nye, Montana, USA. The Company has initiated a QA/QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks and routinely repeats sample analysis.

Soil samples were collected from the B soil horizon placed in labelled soil sample bags and shipped to SGS for analysis.

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Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements.

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