Canadian Platinum Corp.
TSX VENTURE : CPC

December 05, 2011 09:00 ET

Canadian Platinum Corp. Announces New Copper-Nickel-PGE Assay Results

CALGARY, ALBERTA--(Marketwire - Dec. 5, 2011) - Canadian Platinum Corp. ("Canadian Platinum" or the "Corporation") (TSX VENTURE:CPC) is pleased to report assay results from the three diamond drill holes of the 2011 Fall Drill Program on the Swan Lake Zone in the Peter Lake Project (the "Project"). The Project, believed to be Canada's newest platinum discovery, is located in northeast Saskatchewan on the "Swan Lake Complex", North America's largest mafic/ultramafic complex. The Corporation's mining claims in the area cover approximately 600,000 acres.

The three drill holes, SW-41 through SW-43, all intersected mineralized zones with encouraging results (see table below). DDH SW-42 intersected PGE and copper mineralization as follows:

  • Hole SW-42:
3.1m grading 1.844 g/t Au + Pt + Pd (Combined)
Includes 0.5m @ 9.610 g/t PGE (PGE defined as Au + Pt + Pd)
Includes 0.3m @ 3.030 g/t PGE
and 1.53% Copper
Includes 0.5m @ 3.87% Copper
Includes 0.3m @ 9.39% Copper
Below is a Table details summarizes assay results on holes SW-41, SW- 42, and SW-43.
Drill Hole Depth
(m)
Total
Width
(m)
Cu
(%)
Ni
(%)
Co
(g/t)
Au
(g/t)
Pt
(g/t)
Pd
(g/t)
Au+Pt+Pd
(g/t)
From To
DDH SW-41 55.5 80.0 24.5 0.20 0.0384 52.1 0.073 0.079 0.081 0.233
Includes 60.2 73.2 13.0 0.273 0.0573 77.4 0.094 0.127 0.125 0.346
DDH SW-42 203.8 204.2 0.4 0.99 0.0262 16.8 0.130 0.010 0.040 0.180
211.3 213.2 1.9 0.488 0.0138 18.9 0.071 0.019 0.042 0.132
216.1 219.0 2.9 0.184 0.0104 13.8 0.055 0.031 0.060 0.146
238.6 241.7 3.1 1.53 0.0338 29.9 0.136 0.617 1.091 1.844
Includes 238.6 239.1 0.5 3.87 0.0931 83.6 0.530 3.410 5.670 9.610
Includes 241.4 241.7 0.3 9.39 0.1943 170.0 0.520 0.690 1.820 3.030
257.2 260.2 3.0 0.203 0.0048 14.9 0.041 0.003 0.009 0.053
DDH SW-43 370.5 388.0 17.5 0.127 - - - - - -
414.0 476.7 62.7 0.229 0.0884 100.5 0.043 0.053 0.114 0.210
Includes 453.3 464.8 11.5 0.511 0.2715 266.0 0.081 0.103 0.353 0.537
Includes 456.3 456.8 0.5 1.20 0.1465 164.1 0.170 0.670 0.480 1.320
Includes 460.0 464.8 4.8 0.615 0.4057 402.0 0.112 0.099 0.537 0.748

The Corporation plans to immediately proceed with a 2011 Winter Drill Program. Plans for this program include 3000 - 5000 meters of diamond drilling to test the EM targets identified by down hole Time Domain Electromagnetic (TDEM) on three previous diamond drill holes. The 2011 Winter Drill Program will continue to focus on delineating PGE mineralization within the Swan Lake Complex.

The Swan Lake Complex is similar in geological age to the Bushveld Complex of South Africa, where presently approximately 75% of the world's platinum group metals are produced. While South Africa experiences labour, infrastructure and other issues, Saskatchewan continues to offer a stable climate for mineral exploration. Presently, Saskatchewan is one of the largest producers of uranium and potash in the world. In the Fraser Institute's annual 2011 survey of mining companies, Saskatchewan ranked 12th out of 68 jurisdictions throughout the world in terms of attractiveness for mineral investment. Management is encouraged with both the exploration results from the Project to date and with the outlook for platinum and associated metals going forward.

John G. Pearson, PGeo, the Company's qualified person under NI 43-101, has reviewed and approved the technical disclosure in this press release on behalf of the Company. Analysis were conducted by TSL Laboratories Inc., based in Saskatoon, SK, which conforms to ISO/IEC Standard 17025 guideline. PGE analysis were carried out by FA/ICP and other elements by multiple acid digestion and ICP-MS analysis. The Company has implemented a quality assurance/quality control program to ensure that sampling and analysis of all samples are conducted in accordance with best practices. The system includes the use of standards, blanks and duplicates to ensure analytical accuracy and the submission of duplicate samples to a second laboratory to verify the integrity of the analytical results.

Canadian Platinum Corp. is a Calgary, Alberta based corporation engaged in the exploration for platinum group and base metals in Canada.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Canadian Platinum and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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