CALGARY, ALBERTA--(Marketwire - Feb. 6, 2012) -
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 report that the interpretation of the recently flown VTEM survey (1500 line kilometers) has identified 15 new targets on the Peter Lake Project (the "Project"), some in close proximity to the known mineralization. Additionally, the first diamond drill hole has been completed of the 2012 Winter Drill Program (the "Program"). This hole, DDH SW- 44, was drilled to a depth of 505 meters and encountered 51 meters of mineralized material. The Program which includes plans to complete 3000-5000 meters of diamond drilling will test some of the new VTEM targets within the large ultramafic Swan Lake Complex (the "Complex") as well as extensions of the Swan Lake mineralized zone.
Drill hole SW-44 was drilled to test the EM targets discovered by down hole time domain electromagnetic (TDEM) surveys carried out on 3 previous diamond drill holes. Preliminary results indicate that the hole SW-44 intersected wide mineralized zones in two separate intervals totaling 51 meters. Sulfide mineralization was intersected from 383.1 meters to 404.5 meters and from 437.0 meters to 466.6 meters. Management expects assay results in the next 4 weeks.
Management is excited about the 15 additional anomalous targets identified from recent VTEM surveys flown on the Project. All targets are similar in signature to that of the Swan Lake mineralized zones on which Roscoe Postle Associates have been contracted to provide a resource estimate. Two of the VTEM anomalies have been interpreted to be 600-800 meters in length and another at 400-450 meters in length. Further exploration is planned to identify the nature of these targets.
Management believes that this project is well timed to meet the forecast increase in demand resulting from infrastructure issues in South Africa's Bushveld region which currently supplies about 75% of the world's platinum production. South Africa continues to experience infrastructure issues leading to power shortages which result in mine shut-downs and significant decreases in world supply. This month, prices for platinum rose suddenly as Eskom, South Africa's state owned electricity company announced to consumers possible power shortages in the upcoming weeks that would lead to upcoming mine production shutdowns.
This isn't the first time that South Africa has experienced issues with power supply. In 2008, power shortages from infrastructure issues caused South African gold, diamond and platinum mines to stop production. Management of Canadian Platinum believes that South Africa will continue to be plagued with these issues moving forward. This combined with strong demand drivers for platinum such as increasing production in automotive catalytic converters leaves management convinced that demand will continue to look favourable.
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 500,000 acres.
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.
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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