McGregor Capital Corp.
TSX VENTURE : MCP.P

Canadian Platinum Corp
TSX VENTURE : CPC

October 31, 2011 13:25 ET

Canadian Platinum Corp.: Corporate Update

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2011) -

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

McGregor Capital Corp. ("McGregor") (TSX VENTURE:MCP.P) and Canadian Platinum Corp. ("Canadian Platinum") are pleased to confirm that the previously announced "Qualifying Transaction" (the "QT") is expected to close on Wednesday, November 2, 2011. In conjunction with the QT, McGregor and Canadian Platinum will amalgamate to form a corporation which will carry on under the name "Canadian Platinum Corp.". Subject to the satisfaction of the requirements of the TSX Venture Exchange, the amalgamated corporation will be listed as a Tier 2 Issuer on the TSX Venture Exchange and its common shares will trade under the symbol "CPC". Concurrent with the closing of the QT, Canadian Platinum will complete both brokered and non-brokered financings to raise gross proceeds of at least $2.3 million through the sale common shares at $0.35 per share and "flow through" common shares at $0.40 per share.

Upon completion of the QT, Canadian Platinum Corp. will be a Calgary, Alberta based corporation engaged in exploration for precious and other metals, with a focus on the Swan Lake PGE exploration project in north east Saskatchewan.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing date of the QT and previously announced financing. 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. Closing could be delayed if the Corporation cannot obtain all of the necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this kind are satisfied. 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 the Corporation and 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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