Canadian Platinum Corp. to Drill Test VTEM Targets in the Allen Lake Area, Peter Lake Project

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) announces the
commencement of a drilling program to drill test two VTEM anomalies associated
with the Allen Lake Magnetic anomaly in the Peter Lake Project for the presence
of Cu/Ni/PGE mineralization. The program will test the anomaly with three drill
holes totaling 1000 m.  


In late 2011 CPC carried out a 1513.4 km VTEM survey targeting the Swan Lake,
Allen Lake and Rutherford Lake areas of the Peter Lake Property (see CPC News
Release July 31, 2012). The strongest EM/Magnetic anomaly in the survey is the
Allen Lake anomaly. The anomaly consist of two electro-magnetic (EM) anomalies
with strike lengths of approximately 1000 m and 600 m that appear to be bounding
a strong magnetic anomaly which may represent a buried mafic intrusive body,
similar to that which hosts the Swan Lake mineralization. The EM conductors and
magnetic anomaly have a modeled depth of approximately 250 to 300 m. A TDEM
Survey confirms the presence of complex, early time conductors. Geological
mapping in the area of the magnetic anomaly confirms the presence of gabbro.
Samples from a prospecting program in the area magnetic anomaly assayed 0.188%
Cu, 0.055% Ni, 41 ppb Pt, 49 ppb Pd. Samples from the area of the magnetic
anomaly taken by previous workers and reported in assessment files give values
of 905 ppm Cu and 100 ppb Pt.  


Todd Montgomery, President and CEO of CPC, states "Given the understanding
gained by our work in identifying and delineated the Cu/Ni/PGE mineralization at
the Swan Lake deposit, we consider the Allen Lake target a very strong target
for the presence of a Cu/Ni/PGE deposit".


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Platinum Corp.
Steve McGuire
Investor Relations
1-416-306-2496
1-416-369-0515 (FAX)
steve@teatyn.com
www.canadianplatinumcorp.com

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