Beartooth Platinum Announces Results From Its 2008 Drilling at the Stillwater Project, Montana, USA
January 22 2009 - 5:12PM
Marketwired
Beartooth Platinum Corporation (TSX VENTURE: BTP) is pleased to
announce the final results from its 2008 drilling program at its
Stillwater Project, located in South Central Montana, USA.
Three core holes were drilled in the Iron Mountain Target Area
(IM) and nine core holes were drilled on the Chrome Mountain Target
Area (CM). Part of the Chrome Mountain Target Area is within a
joint-venture agreement with Premium Exploration Inc. The
properties are adjacent to Stillwater Mining Company's Stillwater
Mine, which produces platinum and palladium from its 28 kilometer
long, plus or minus 1 meter wide, JM Reef.
The core holes focused on possible continuation of the 15
kilometer long "B" Chromitite Reef, identified by surface geology,
soil geochemistry and previous drilling (core hole IM2006-02
intercepted 0.9 meters of 17.425 g/t, combined Gold (Au), Platinum
(Pt) and Palladium (Pd) mineralization).
The following is a summary of 2008 Drilling Results at the
Stillwater Project:
Drill Hole From To Int (1) Au Pt Pd Au+Pt+Pd
m m m g/t g/t g/t g/t
IM2008-01 35.6 38.4 2.8 0.229 0.183 0.441 0.853
Incl: 41.2 43.6 2.4 0.508 0.391 0.526 1.425
66.4 66.8 0.4 0.492 0.167 3.957 4.616
IM2008-02 105.6 106.4 0.8 0.030 0.349 0.660 1.038
IM2008-03 60.8 62.4 1.6 0.040 0.191 0.791 1.021
CM2008-01 52.4 54.0 1.6 0.596 0.238 0.579 1.413
119.6 124.4 4.8 0.078 0.478 0.893 1.449
158.0 159.6 1.6 0.066 0.328 0.893 1.287
156.4 174.0 17.6 0.043 0.392 0.613 1.047
178.8 186.8 8.0 0.045 0.692 0.582 1.318
CM2008-02 46.8 47.2 0.4 0.108 0.550 0.469 1.127
CM2008-03 66.4 67.6 1.2 0.093 1.266 0.560 1.919
171.2 172.8 1.6 0.053 0.304 0.672 1.029
CM2008-04 less than 0.500
CM2008-05 less than 0.500
CM2008-06 31.4 34.4 3.0 0.090 0.447 0.812 1.269
87.6 89.2 1.6 Tr 0.586 0.192 0.781
CM2008-07 20.8 22.4 1.6 0.041 0.414 1.489 1.944
CM2008-08 6.0 10.2 4.2 0.025 0.366 0.514 0.905
22.4 40.0 17.6 0.051 0.378 0.655 1.084
49.6 62.0 12.4 0.010 0.464 0.546 1.020
65.2 66.8 1.6 Tr 0.713 0.323 1.039
CM2008-09 less than 0.500
Note: (1) Does not represent true widths, and relationship to true widths
has not been determined.
Beartooth believes that the core drill results show the
potential extent of the mineralization associated with the "B"
Chromitite horizon.
Update on Business Combination with Kria Resources
Beartooth and Kria Resources Inc. ("Kria") continue to work
together to finish preparations of the Beartooth management
information circular relating to the proposed business combination
of Beartooth and Kria. Beartooth expects to hold the shareholders'
meeting in or about the middle of March. The exact date will be
announced once it has been established.
The cash position of Beartooth is a significant concern of the
company. Given the global financial and economic turmoil, it has
been increasingly difficult for early-stage exploration companies
to raise required financing. In this context, management of
Beartooth believes that a business combination with Kria offers the
best opportunity for the company to continue as a going concern.
Kria Resources is expected to announce a NI 43-101 compliant
mineral resource estimate for the Halfmile Lake and Stratmat
property in New Brunswick, Canada. Kria plans to initiate a
preliminary economic evaluation (scoping study) on the Halfmile
Lake and Stratmat properties in January 2009.
About Beartooth Platinum
Beartooth Platinum Corporation is focused on the exploration for
Platinum Group Metals (PGE) globally. The Company is currently
active in two of the world's most significant PGE camps: the
Stillwater and Bushveld intrusive complexes. In Montana, USA,
Beartooth controls 1054 unpatented lode mineral claims over the
exposed 50-km strike length of the Stillwater Intrusive Complex.
The Stillwater Complex hosts the JM-Reef, the world's highest-grade
primary PGE deposit. Stillwater Mining Company (SMC) currently
operates two mines on the J-M Reef. Beartooth's mineral claims are
contiguous with these significant resource properties.
Additional information about the Company and its properties is
available on the Company's website at
www.beartoothplatinum.com.
Regulatory Footnotes
Michael D. Johnson, President, CEO and Director of Beartooth
Platinum Corporation (BTP), is a Qualified Person as defined under
National Instrument 43-101 responsible for the scientific and
technical work on the exploration program and has reviewed the
scientific and technical disclosure in this press release. Field
work in the Stillwater Complex, Montana, USA, has been performed
under Mr. Johnson's supervision.
All analytical work is being completed by Acme Analytical
Laboratories of Vancouver, BC. Acme Lab is a international
analytical service that is accredited with NATA and comply with
standards of ISO 9001:2000 and ISO 17025:1999. They employ a
variety of international standards for quality control
purposes.
Samples are transported from the project area to the Acme sample
preparation facility in Vancouver, BC. by FedEx. All analytical
testing is performed utilizing Acme Analytical Code 3B, Fire assay
fusion for gold, platinum and palladium by fire assay lead
collection. All core drill samples were geologically logged and
sampled by BTP's geologists in various sample lengths, depending on
the geology. The core was then split using as diamond tipped core
saw, with one half sent for assay and the other half retained and
securely stored at BTP's facility in Nye, Montana, USA. The Company
has initiated a QA/QC program consisting of utilizing standards,
duplicate and blank samples and laboratory cross-checks and
routinely repeats sample analysis.
This document may contain or refer to forward looking
information, which is based on current expectations and
understandings of management, including, but not limited to,
mineralization projections, estimates regarding the geology of the
Company's properties, timing of future exploration activities, the
impact and desirability of additional work on the properties, the
planned progress of the program, the terms of the proposed business
combination and the timing thereof. Forward-looking information is
subject to significant risks and uncertainties, and other factors
that could cause actual results to differ materially from expected
results. This forward-looking information is made as of the date
hereof and Beartooth assumes no responsibility to update or revise
them to reflect new events or circumstances.
This communication does not constitute an offer to purchase or
exchange or the solicitation of an offer to sell or exchange any
securities of Kria or an offer to sell or exchange or the
solicitation of an offer to buy or exchange any securities of
Beartooth, nor shall there be any sale or exchange of securities in
any jurisdiction (including the United States) in which such offer,
solicitation or sale or exchange would be unlawful prior to the
registration or qualification under the laws of such jurisdiction.
The distribution of this communication may, in some countries, be
restricted by law or regulation. Accordingly, persons who come into
possession of this document should inform themselves of and observe
these restrictions. The solicitation of offers to buy Beartooth
shares in the United States will only be made pursuant to a
prospectus and related offer materials that Beartooth expects to
send to holders of Kria securities, subject to the requirements of
applicable law. The Beartooth shares may not be sold, nor may
offers to buy be accepted, in the United States prior to the time
the registration statement (if any is filed) becomes effective or
an exemption from such requirements is available. No offering of
securities shall be made in the United States except (i) by means
of a prospectus meeting the requirements of Section 10 of the
United States Securities Act of 1933, as amended, which would
contain detailed information regarding Beartooth and its
management, as well as its financial statements, or (ii) pursuant
to an exemption from the registration requirements of the United
States Securities Act of 1933, as amended.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Beartooth Platinum Corporation Michael D. Johnson
President & CEO (775) 721-7966 Email: mdjohnsonassoc@aol.com or
info@beartoothplatinum.com Website: www.beartoothplatinum.com
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