St-Georges Platinum and Base Metals Ltd.

St-Georges Platinum and Base Metals Ltd.

February 09, 2012 15:32 ET

St-Georges Increases the Size of its Tetepisca Property and Provides a Corporate Update

MONTREAL, QUEBEC--(Marketwire - Feb. 9, 2012) - St-Georges Platinum and Base Metals Ltd. (OTCQX:SXOOF) (CNSX:SX) (BSE:85G) is pleased to provide its shareholders with a corporate update. The Company is also following its North Shore properties' analysis and compilation and fall 2011 surface campaign by significantly increasing the size of its Tétépisca Property.

The Company will issue 500,000 shares of St-Georges to the Tétépisca Syndicate, a group of prospectors who own 66 claims in the immediate vicinity of St-Georges' 100%-own Tétépisca property.

In the event of a change of control or a joint-venture affecting the property, St-Georges will surrender additional milestone shares to the Syndicate for an approximate value of 300,000$. If the Company can establish more than 5 million tonnes of carbon graphite with a cut-off grade of 15% in the 43-101 Indicated category, it will issue an additional 300,000$ worth of shares. The transaction is subject to the approval of the CNSX.

St-Georges' Tétépisca property hosts significant carbon graphite occurrences. Sampling results yielded 50.9-58.1% carbon graphite in selected areas. The Tétépisca Property is part of the North Shore Constellation group of properties that are in the early stage of exploration and for which the Company is considering alternative ways of exploration and development. The property, located approximately 20 kilometers to the south-west of the Manic 5 reservoir, is accessible from the road 389 from Baie-Comeau and by logging roads.

Isoukustouc 'B40' Drilling

In December 2011, the Company completed 2,100 metres of diamond drilling on the Mathilda section of the Isoukoustouc property on the North Shore of Quebec. The Company is now planning to move to the B40 section of the property where 6 drill holes are already planned for an initial 1,500 meters. Results from the first phase in December are expected within a few weeks.


The Company is also pleased to announce the completion of a private placement of flow-through units (the "Units") at a price of $0.10 per Unit for gross proceeds of $170,000. Each Unit was comprised of one Flow-Through Share and one-half (1/2) of one non-flow-through common share purchase warrant. Each whole Warrant will entitle the holder thereof to purchase one additional common share of the capital stock of the Company at an exercise price of $0.15 per share at any time on or before December 29, 2013, and thereafter at an exercise price of $0.25 per share at any time on or before December 29, 2014.

The Company paid finders' fees to Limited Market Dealer Inc. in the amount of $8,500 and issued a total of 170,000 agent's options (each an "Agent's Option"), each Agent's Option entitling its holder thereof to purchase one agent's unit of the Company (an "Agent's Unit") at the price of $0.10 per Agent's Unit until December 29, 2014. Each Agent's Unit consists of one common share and one non-transferable Warrant.

All securities issued pursuant to this offering will be subject to a hold period of four months and one day ending April 20, 2012.
Proceeds of the Units will be used to incur general exploration expenses. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)).

Other Corporate Matter

The Company has received most of the results from its fall drilling campaign on the Villebon property close to Val d'Or, Quebec. The geological team of the Company is reviewing these results and a 3D model should be ready by the end of February.

About St-Georges

St-Georges is a junior Platinum, Palladium, Rhodium, Copper, Cobalt and Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company's stock is listed on the CNSX under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Berlin Stock Exchange under the symbol 85G. It owns a 100%-interest in the Villebon property in Abitibi and 100%-interest in the extensions of the property to the north and southeast, a 100%-interest in ten North Shore properties that constitute the Manicouagan constellation and a 100%-interest in the Julie and Isoukustouc properties on Quebec's North Shore near the deep-seaport town of Baie-Comeau. For additional information, please visit our website at

Michel Boily,Ph.D,. P.Geo, St-Georges Vice-President Exploration is a qualified person under NI 43-101. Mr. Boily has reviewed and approved the technical content of this release.

Forward-looking Statement:

This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward-looking statements.

The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

Contact Information