Canadian Platinum Corporation has signed a definitive agreement to sell its Peter Lake Property just west of Reindeer Lake in northern Saskatchewan. The purchaser is American Energy Metals Corporation and the agreement calls for cash payments, issuing shares and granting Canadian Platinum a five percent Net Smelter Royalty on production from the property. The property hosts significant copper, nickel, cobalt and platinum group element mineralization. Closing of the transaction is expected to occur on or before October 19th.
President Gary Billingsley states the transaction allows Canadian Platinum, based in Saskatoon, to participate in what they see as the significant upside potential of the project through the Net Smelter Royalty and through share ownership of the company developing the project and allows them to begin exploration work on their Nevada gold project.