Beartooth Platinum Corporation

Beartooth Platinum Corporation

April 09, 2007 18:16 ET

CORRECTION FROM SOURCE: Beartooth Platinum Corporation Announces Option Agreement on South African Platinum Property

TORONTO, ONTARIO--(CCNMatthews - April 9, 2007) - There have been multiple revisions made throughout the release issued at 4:32PM ET April 9, 2007. Below is the complete and corrected release.


Beartooth Platinum Corporation (TSX VENTURE:BTP) is pleased to announce the signing of an option agreement to acquire a 70% interest in the Doornfontein property. Lenaka Mining (Pty) Ltd, a private South African company, holds the Platinum Group Metals (PGM) mineral exploration rights to the Doornfontein property, a land package totaling approximately 7500 hectares located approximately 10 kilometers west of Lonmin's Limpopo mine property in Limpopo Province of South Africa.

Michael D. Johnson, P.Geo, President and CEO commented "Beartooth Platinum Corporation is always looking for exceptional opportunities in Platinum Group Metal (PGM) exploration. This property may have been overlooked in the past, however due to our work in the Bushveld Complex last year, the anomaly was discovered by our team of geologists. We intend to determine if it is a suitable addition to our PGM portfolio."

Beartooth plans an aggressive field geophysical program to further delineate the structure and the extent of the anomaly, with the goal of identifying the best location for drilling. It is anticipated that an initial drill program to confirm the presence of Bushveld rocks on the property will commence in the fall.

Under the terms of the deal, in order to earn its interest in the property, Beartooth will pay 100% of the exploration costs incurred on the property until a bankable feasibility study is completed. After that point in time, Lenaka Mining (Pty) Ltd. will pay 30% and Beartooth 70% of all costs to production.

The Doornfontein property comprises five farms that overlie a significant, regional scale, magnetic anomaly that occurs along the interpreted north rim of the Bushveld Intrusive Complex (please click here to view maps and further property details). This anomaly occurs centrally between known occurrences of Bushveld mafic rocks in the Northern and Eastern Limbs of the intrusion and lies beneath Karoo Supergroup cover rocks, therefore the nature of the bedrock source of the anomaly is unknown. The anomaly is oriented in an east-west direction, and is continuous over a 25-kilometer strike length.

The Doornfontein magnetic anomaly was noticed during the acquisition of regional geophysical data in support of Beartooth's 2006 exploration efforts on the Zebediela project, which lies to the east. As with Zebediela, the target at Doornfontein is Bushveld Critical Zone rocks beneath Karoo cover. The Critical Zone of the Bushveld Complex hosts the Merensky and UG-2 platinum bearing reefs, the most productive and profitable PGM deposits in the world.

The Doornfontein area has been covered by a high-resolution airborne magnetic survey completed by the Council for Geoscience of South Africa in 2004. South African government geophysicists have interpreted the anomaly as reflecting Bushveld Upper Zone rocks beneath the younger strata of the Karoo Supergroup. An independent consulting geophysicist contracted by BTP to review the airborne magnetic data also concluded that the most likely source of the anomaly was Bushveld mafic rocks. Due diligence research indicates that three short drill holes targeting coal seams in the Karoo Supergroup were completed in the Doornfontein area but none of these penetrated to the source of the magnetic anomaly. The anomaly is therefore untested.

BTP believes that the most likely source of the Doornfontein anomaly is Bushveld mafic rocks. The size of the anomaly and its layered structure, coupled with the fact that it has yet to be tested by drilling, makes the Doornfontein project an exciting new acquisition for the Company.

In addition, the Company plans on raising up to $3,000,000 through a non-brokered financing of Units priced at $0.11 per Unit. Each Unit would consist of one common share and one common share purchase warrant. Each common share purchase warrant would entitle the holder to purchase a common share of the Company at an exercise price of $0.15 for a period of 2 years following closing. The proceeds from the private placement would be used by the Company for exploration and development of its properties and for general working capital purposes. The private placement financing remains subject to regulatory approval.

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

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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 and similar Canadian legislation. "Forward-looking statements" include statements regarding the mineralization characteristics and future development of the Doornfontein property and the financing of BTP, 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". Investors are cautioned not to put undue reliance on "forward-looking statements".

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities 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 the registration requirements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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