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CANADIAN PLATINUM CORP. RECEIVES NI 43-101 TECHNICAL REPORT ON PETER LAKE PROJECT

July 19, 2012 – Calgary, Alberta – Canadian Platinum Corp. ("CPC" or the "Company") (TSX VENTURE: CPC) is pleased to announce that it has received the the National Instrument 43-101 ("NI 43-101") technical report on the Peter Lake Project. The independent technical report, entitled "Technical Report on the Peter Lake Project, Northern Saskatchewan, Canada" (the "Technical Report"), effective July 12, 2012, was prepared by David A. Ross, P.Geo. of Roscoe Postle Associates Inc. based out of Toronto, Canada. The Technical Report will be available under the Company’s profile on SEDAR at www.sedar.com and on its website at www.canadianplatinumcorp.com

As reported previously (see CPC News Release May 30, 2012) the report summarizes drilling conducted from 2009 to 2011 representing 59 diamond drill holes totaling 16,174 m over the property, 47 of which were focused on the Swan Lake prospect. Based on this work, in addition to geophysical surveys, geological mapping and soil geochemistry, the Technical Report indicates that:

The potential tonnage and grade of mineralization located at the Swan Lake prospect on the Peter Lake property could be two to three million tonnes grading between 0.1 g/t Au and 0.2 g/t Au, 0.1% Ni and 0.2% Ni, 0.4% Cu and 0.7% Cu, 0.1 g/t Pt and 0.3 g/t Pt, and 0.2 g/t Pd and 0.4 g/t Pd.  The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The upper and lower values of the grade range are based on the average grade of the composites with an estimated NSR cut-off value of $40/t or greater and $20/t or greater, respectively.  Reasonable assumptions of metal prices, recoveries, and smelter charges were used to estimate NSR values from composited assays.  The estimated tonnage range is based on the dimensions of the Swan Lake mineralized body tested by 44 drill holes.

There are 16 VTEM targets on the property, similar to that of the Swan Lake mineralized zone, two of which are in close proximity to Swan Lake and are considered high priority targets for further exploration." (see Press Release date May 30, 2012).

Below is a table of significant drilling intersections from the Peter Lake Project as reported in the Technical Report.

Swan Lake Significant Drilling Intersections
Canadian Platinum Corp. - Peter Lake Project

Hole

From
(m)

To
(m)

Width
(m)

Au
(g/t)

Pt
(ppm)

Pd
(ppm)

Ni
(%)
Cu
(%)
SW 08 160.0 231.6 71.6 0.154 0.236 0.313 0.182 0.519
Incl. 200.0 225.0 25.0 0.256 0.434 0.502 0.268 0.828
Incl. 205.0 210.0 5.0 0.551 1.212 0.953 0.463 0.882
and 208.2 208.8 0.6 2.230 8.000 2.380 0.158 0.389
SW 19 210.1 235.7 25.6 0.160 0.089 0.192 0.098 0.680
Incl. 220.1 225.1 5.0 0.287 0.150 0.352 0.210 1.403
Incl. 222.1 222.8 0.7 0.431 0.675 0.487 0.568 1.258
SW 38 146.9 168.6 21.7 0.166 0.176 0.206 0.133 0.556
Incl. 156.9 161.9 5.0 0.266 0.207 0.282 0.263 1.524
Incl. 158.5 159.5 1.0 0.760 0.025 0.220 0.690 5.550

The Peter Lake Project which consists of 47 largely contiguous claims covering approximately 500,000 acres is located in approximately 240 km north of La Ronge, Saskatchewan and approximately 110 km south of Points Landing. The Swan River and Porter Bay Complexes which predominate the Project area are known to host PGE-Cu-Ni occurrences.

RPA provides recommendations for further exploration on the Project which include:

  1. Extending areas of known mineralization at Swan Lake and Rutherford Lake with the goal of increasing the size and average grades.
  2. Developing and testing targets located elsewhere on the property.

John Pearson, P.Geo., a 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:

Steve McGuire
Investor Relations
Phone: 1-416-306-2496
Fax: 1-416-369-0515
steve@teatyn.com
www.canadianplatinumcorp.com

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.

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.

 

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