Canadian Platinum (“CPC” or the “Company”-TSXV:CPC) is pleased to announce that it has signed a definitive agreement (the “Agreement”) to sell its 100%-owned Peter Lake property in northern Saskatchewan.
Further to the news release dated July 13, 2017, the terms outlined in the original Letter of Intent have been revised through ongoing negotiation resulting in the final Agreement. The purchaser is American Energy Metals (“AEMC” or the “Purchaser”), and the terms of the Agreement allow AEMC to purchase a 100% working interest in the Peter Lake property by:
The Peter Lake property is located in northern Saskatchewan and hosts significant Cu-Ni-PGE-Co mineralization. Closing of the transaction is expected to occur on, or before, October 29, 2017.
Gary Billingsley, President states:
“The Company is pleased to have signed a formal agreement for the sale of the Peter Lake property. The transaction allows CPC to participate in what we certainly see as the significant upside potential of the project, through the NSR and through share ownership of the company developing the project.
Perhaps more significantly, the deal allows us to begin exploration work on our Nevada gold project, which will become our focus in the near term.”