February 13, 2012 – Calgary, Alberta – Canadian Platinum Corp. ("Canadian Platinum" or the "Corporation") (TSX VENTURE:CPC) is pleased to report that drilling has commenced on a 500 m drill hole to test a high priority anomaly found on the Flin Flon South Project (the "Project"). Recent Borehole Pulse EM Surveys reveal the presence of a strong off-hole conductor near the recently completed drill holes on Targets 33 and 34 located 1.7 kilometres southwest of the historical Westarm Mine.
The Project consists of 3 claims (7586 ha) located approximately 15 kilometres south of a prolific mining camp near the town of Flin Flon which has produced over 100,000,000 tonnes of Copper-Zinc ore. The 777 Mine, the newest addition to the Flin Flon mining camp area has 4.4 million tonnes of proven reserves grading 3.1% copper, 4% zinc, 2.4 g/t gold, and 25.7 g/t silver, with probable reserves of 11.2 million tonnes grading 2.1% copper, 5% zinc, and similar grades of precious metals to the proven reserves.
Dave Koop, President of Koop Geotechnical and the firm conducting the surveys states "We have modeled this off-hole anomaly with a high conductance source with dimensions in excess of 300m x 300m below the holes that were surveyed. Kevin Ralph, the Chief Geophysicist at Crone, was the Geophysicist overseeing the data. I believe this is a bona fide Category A target. I am encouraged by these results and look forward to further delineating the nature of this anomaly especially since this project is within close proximity to a region that has produced several mines". Koop Geotechnical used the Crone Geophysics Borehole PULSE EM System, the same system used to find the Lalor deposit in the Snow Lake region.
The area of the recent drilling, the Borehole Pulse EM anomaly and a subsequent TEM geophysical survey were targeted after anomalous values were obtained from a mobile metal ion ("MMI") sampling program. MMI's geochemistry is a proven geochemical exploration technique known to find mineral deposits.
John G. Pearson, PGeo, the Company's qualified person under NI 43-101 has 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. For further information please contact:
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