Canadian Platinum Corp.: Nevada Gold Acquisition Closes
Saskatoon, June 29, 2017 - Canadian Platinum Corp. ("CPC" or the "Company"-TSXV:CPC) is pleased to announce that it has closed the acquisition of a 70% working interest in the Cook Gold Project in Humboldt County, Nevada, USA, from a private Nevada corporation. (see previous disclosure in news releases dated January 9th and April 6th, 2017). Closing of the acquisition was conditional on obtaining disinterested shareholder approval of the transaction, resulting in the creation of a new control person. This approval was obtained at the Company's Annual General and Special Meeting of the Shareholders held May 31st, 2017, where the requisite majority of the disinterested shareholders voted for the resolution approving the transaction and the creation of a new control person. The transaction still requires final acceptance by the TSX Venture Exchange.
Consideration for the purchase is 50 million common shares of CPC. There are no finder's fees associated with the transaction.
There are no work commitments, but the Company does commit to keep the mineral claims in good standing by making the required annual fee payments to the Bureau of Land Management and the local county. There is an Area of Mutual Interest extending 5 miles from the current claim boundaries. The property is also subject to a 2.5% Net Smelter Royalty in favour of Arm's Length third parties.
The Cook Gold Project consists of 88 lode claims covering 7.4 sq km and located 100 km northwest of Winnemucca, Nevada. The proximity of the project area to the former-producing Sleeper Mine indicate that the mineralization on the property may well represent the northern extention of the Battle Mountain Eureka trend, with more work and analyses necessary to make that determination. Surface sampling over the property, in 2004 and 2011, resulted in identifying significant gold and silver mineralization across the property, outlining a corridor of higher grade results with a strike length of 2,100 metres and width of 600 metres. There are 5 historic mine workings on the property that were focused on near-surface oxidized mineralization. Details of the historic sampling and assay results are discussed in the January 9th, 2017 news release.
Gary Billingsley, President comments "The Company is pleased to have completed the acquisition of the Nevada project, significantly increasing the exposure to gold in our project portfolio."
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 with an emphasis on platinum group elements, but including precious, base 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:
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 s tatements 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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