(TheNewswire)
October 27, 2017 / TheNewswire / Saskatoon, SK - Canadian Platinum Corp. ("CPC" or the "Company"-TSXV:CPC) announces that it has signed a Letter of Intent ("LOI") to enter into an option agreement with a non-arm's length third party ("Optionor) to earn a 50% interest in a former-producing copper-zinc-silver property in Mineral County, Nevada. The LOI sets out the basic terms of a formal option agreement to be signed within 90 days. The transaction is subject to all required regulatory, board and shareholder approvals. The basic terms to be included in the formal agreement are:
- CPC will make cash payments to the Optionor totaling US$200,000 over a 24-month period with US$66,666 due on signing.
- CPC will Issue 7.5 million common shares of the Company on signing.
- CPC agrees to incur US$250,000 in exploration expenditures over a 24-month period.
- CPC will carry the Optionor's share of exploration expenditures to the prefeasibility stage of development, after which expenditures will be shared on a 50-50 basis.
- The property earn-in also includes a secondary option to earn a 50% interest in an existing 200 tpd mill located in the area, by incurring permitting, refurbishment and start-up costs.
The main area of mineralization is located on patented mining claims. The first mining activity on the property dates to 1882, with subsequent activity from 1907 to 1914, and more recent underground mining activity from 1975 to 1977, with the ore being processed at the mill included in the option described above.
The Company will release more detail on the project once the formal agreement is signed.
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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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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