CALGARY, ALBERTA--(Marketwire - Oct. 31, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Canadian Platinum Corp. ("CPC" or the "Company") (TSX VENTURE:CPC) is pleased to announce the completion of flake size analysis of graphitic carbon from the samples taken from the Brabrant Property. The Brabrant Property consists of 5 mineral claims totaling 20,874 ha in the Brabant Lake area of Saskatchewan which cover several zones of graphite mineralization. The property lies south of Saskatchewan Highway 905 and is crossed by the Sask Power Hydroelectric line that extends from Island Falls to Rabbit Lake.
The initial prospecting program identified 3 zones of graphite mineralization in the north, west and southeast areas of Brabant Lake with graphite grades ranging from 1.08% to 44.5% (see CPC News Release September 10, 2012,
http://www.canadianplatinumcorp.com/investor/newsreleases/news_release091012.html). The most significant results from the preliminary prospecting and geological evaluation of the property are the Ben showing with grades ranging from 11.2% to 44.5% graphite in meta-sedimentary gneiss.
Further analyses of the samples were undertaken at the SRC Geoanalytical Laboratory in Saskatoon in order to establish the flake graphite content of each size fraction. Each sample was separated into the +0.5mm, +0.3mm, +0.18mm and -0.18 after which the samples were subjected to an HCl leach, ignited at 550 degrees C and the residue analyzed in a LECO SC144DR c/S Analyzer in order to establish the percentage of graphitic carbon in each size fraction. Analysis of the coarse size fractions (+0.5 and +0.3 mm) indicates that much of the graphite is in the coarse size fractions (Table 1). The results of these analyses are given in Table 1.
|Sample Number||Fraction Weight gms||Mesh Size (ASTM-E11 No.)||C Wt %||Org C Wt %||Graphite Wt %||Comments|
|589103 (+0.5mm)||2683.7||+35||20||0.92||19.2||Ben Showing|
|688101 (+0.5mm)||665.2||+35||1.35||0.11||1.23||North Brabant Lake|
|688102 (+0.5mm)||586.1||+35||2||0.08||1.92||North Brabant Lake|
|688105 (+0.5mm)||498.2||+35||2.36||0.75||1.61||North Brabant Lake|
|688111 (+0.5mm)||595.1||+35||1.9||0.22||1.68||North Brabant Lake|
|688112 (+0.5mm)||682.6||+35||50.9||3.93||45.5||Ben Showing|
|688113 (+0.5mm)||408.6||+35||47.7||3.57||43.5||Ben Showing|
|688114 (+0.5mm)||1582.6||+35||52.3||3.63||45.6||Ben Showing|
|688115 (+0.5mm)||1237.4||+35||11.9||0.52||11.2||Ben Showing|
|688116 (+0.5mm)||830.3||+35||0.98||0.47||0.92||West Shore Brabant Lake|
The current value of each of these size fractions is given in Table 2:
|Crystalline Graphite Prices ( "Industrial Minerals Magazine" October 2012)|
|FCL CIF main European port,|
|Medium, 85-87% C, +100-80 mesh||$||1000-1300|
|Fine, 90%C, -100 mesh||$||900-1100|
|Medium flake 90% C, +100-80 mesh||$||1150-1450|
|Large flake, 90% C, +80 mesh||$||1400-2000|
|Fine, 94-97% C, -100 mesh||$||1150-1450|
|Medium, 94-97% C, +100-80 mesh||$||1100-1700|
|Large flake 94-97% C, +80 mesh CIF||$||1300-1800|
Mr. Todd Montgomery, President and CEO of the Company commenting on the results said, "This analysis indicates to us that our samples are composed of exciting graphite values and that it is primarily high value, large flake material. We look forward to further exploring the property." Plans to further delineate the extent of the graphitic zones of the Brabrant Property include a VLF and magnetic geophysical survey expected to commence in mid November and a diamond core drill program planned for early 2013.
John G. 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.
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.