Canadian Platinum Corp.
TSX VENTURE : CPC

November 22, 2011 09:00 ET

Canadian Platinum Corp. - Canada's Newest Platinum Discovery

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Canadian Platinum Corp. ("Canadian Platinum" or the "Corporation") (TSX VENTURE:CPC) is pleased to announce that its exploration efforts on Canada's newest platinum discovery are progressing as expected and with encouraging results. The Swan Lake Zone on the Peter Lake Project (the "Project") is located in north east Saskatchewan on the "Swan Lake Complex", which is North America's largest ultramafic complex. The Corporation's mining claims in the area cover approximately 600,000 acres.

To date, the Company has completed five core drill programs for a total of approximately 13,316 meters over 43 holes on the Swan Lake Zone. In addition, 3,177 kilometers of airborne geophysical ZTEM and Magnetic surveys have been completed. In an effort to further delineate additional targets in proximity to the Swan Lake Zone, the Company engaged the services of Koop Geotechnical Services ("KGS") of Flin Flon, Manitoba in October of this year. KGS carried out time domain electromagnetic surveys (DPEM) including borehole surveys on 3 diamond drill holes and surface surveys to delineate the mineralization along strike to the west and east of the Swan Lake Zone.

Results of the borehole EM system suggest encouraging drill targets to the east and west plunging to depth, leading Management to believe that the mineralized zone of the Project remains open in all directions. The Corporation is working on plans to commence a winter 2012 drill program which is anticipated to include 3,000-6,000 meters of diamond drilling to test the recent EM targets discovered by the DPEM system. A further 1,513 kilometers of airborne geophysical VTEM is planned in the new year in this same area.

Assay results on the work completed are encouraging. Below is a table offering assay results from Hole SW-8 of the winter 2010 drill program representing the Company's best results to date.

Hole Number From
(m
) To
(m
) Core
Length
(m
) Au
(g/t
) Pt
(g/t
) Pd
(g/t
) PGE
(Au+Pt+Pd
) Cu
(%
) Ni
(%
)
SW-8 151.5 233 81.5 0.140 0.210 0.282 0.632 0.4803 0.2706
Including 187 189.8 1.8 0.157 0.303 0.282 0.632 0.3420 0.2706
Including 203.8 210 6.2 0.643 1.123 1.025 2.791 1.0704 0.4363

For a full review of the assay results, data verification procedures and related matters, please refer to the National Instrument 43-101 compliant technical report dated January15, 2011 entitled "Canadian Platinum Corp., Technical Report on the 2009 and 2010 Exploration Programs – Peter Lake Project and Peter Lake Area, SK." authored by John G. Pearson, M.Sc. P.Geo. of Pearson Exploration Ltd. To view go to the following link or on the SEDAR website at www.sedar.com:
www.canadianplatinumcorp.com/investor/newsreleases/Peter%20Lake%20Report%2043101%20January15_2011.pdf

Canadian Platinum has engaged Roscoe Postle Associates Inc. to produce a National Instrument 43-101 compliant mineral resource estimate on the Project. In addition, Melis Engineering Ltd. will be conducting metallurgical testing for metal recovery and separation factors.

Work continues to progress as expected on the Company's Flin Flon South Project (the "South Project") located near Flin Flon, Manitoba. A total of 1,513 kilometers of helicopter-borne VTEM geophysical surveying has been conducted. Based on the geophysical results obtained, a number of interesting electromagnetic ("EM") anomalies have been identified across the property. A 1,000 meter reconnaissance drill program is currently underway on the South Project to test certain high priority EM anomalies.

The South Project is composed of claims totaling 17,386 acres and is situated on a volcanic trend which is favorable for PGE's. The trend runs through the property at a north east to south west direction. Several mines on this trend are within the vicinity of the South Project including the West Arm Mine which is situated 1.5 kilometers away from the north east border with historical production of 710,000 tonnes grading 4.63% Cu. In addition, the Namew Cu-Ni Mine is situated along trend approximately 10 kilometers south west of the South Project border with historical production of 2.5 million tonnes grading 2.44% Ni, 0.9% Cu, 0.479 g/t Pd, and 0.651 g/t Pt.

John G. Pearson, PGeo, the Company's qualified person under NI 43-101 in charge of the drilling program, reviewed and approved the technical disclosure of 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 the best possible 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 of 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 Provide (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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