Letter of Intent Signed to Option Peter Lake

2017-07-13 / @thenewswire

(TheNewswire)

Saskatoon, SK / TheNewswire / July 13, 2017 - Canadian Platinum Corp. ("CPC" or the "Company"-TSXV:CPC) announces that it has signed a Letter of Intent ("LOI") to option its 100%-owned Peter Lake property to an arms-length third party ("Optionee"). The terms of the LOI allow for a due diligence period followed by the execution of a definitive agreement subject to all necessary board and regulatory approvals. Terms of the definitive agreement will allow the third party to earn a 100% interest in the Peter Lake property by:

--Making cash payments to CPC totaling CDN$2.5 million over a 24-month period with CDN$750,000 due on signing.
--Issuing CDN$2.5 million worth of common shares of the Optionee on signing.
--Granting CPC a 5% Net Smelter Royalty on production from the property.

The Peter Lake property is located in northern Saskatchewan and hosts significant Cu-Ni-PGE-Co mineralization (see news release dated April 5th, 2017).

Gary Billingsley, President states, "We are pleased to enter into an arranagement where we retain an interest in the Peter Lake project through a royalty, and also receive sufficient funds to allow us to begin an aggressive exploration program on our Nevada gold project (see news release dated June 29, 2017)."

Further announcements will be made when the transaction closes.

Qualified Persons

The technical data in this news release have been prepared, reviewed, and approved by Gary Billingsley, PEng, PGeo, a qualified person under the terms of National Instrument 43-101.

About Canadian Platinum Corp.

Canadian Platinum Corp. is a Canadian-based resource exploration and development company with its head office in Saskatoon, SK. CPC is focused on the acquisition and development of a diversified portfolio of resource properties including precious metals, base metals, platinum group elements and strategic metals.

CANADIAN PLATINUM TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL "CPC".

For more information, including news releases and technical reports providing more detail on the contents of this news release, please visit our website at www.canplats.ca.

For further information:

Canadian Platinum Corp.

Gary Billingsley, President

Phone: 306-242-7363

Facsimile: 306-992-0729

www.canplats.ca

To receive information by email go to www.canplats.ca and click "Contact Information".

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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.

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