CPC Announces Exploration Potential Report on Peter Lake Project

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, ALBERTA -- (Marketwire - May 30, 2012) - In January 2012, Canadian Platinum Corp. ("Canadian Platinum" or the "Company") (TSX VENTURE:CPC) engaged Rosco Postle Associates (RPA) of Toronto to carry out an independent evaluation of the Exploration Potential of the Peter Lake Project (the "Project"). This evaluation included an examination of the work carried out by CPC to evaluate the Cu/Ni/PGE mineralization discovered in the Swan Lake area (see CPC News Release November 22, 2011). Based on the 44 drill holes totaling 13,507.9 meters on the Swan Lake Zone and other exploration work on the property including airborne and ground geophysical surveys, geological mapping, soil geochemistry, drill testing of other targets, etc.; Rosco Postle Associates concluded that:

"The potential tonnage and grade of mineralization located at the Swan Lake prospect on the Peter Lake property could be two to three million tonnes grading between 0.1 g/t Au and 0.2 g/t Au, 0.1% Ni and 0.2% Ni, 0.4% Cu and 0.7% Cu, 0.1 g/t Pt and 0.3 g/t Pt, and 0.2 g/t Pd and 0.4 g/t Pd. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The upper and lower values of the grade range are based on the average grade of the composites with an estimated NSR cut-off value of $40/t or greater and $20/t or greater, respectively. Reasonable assumptions of metal prices, recoveries, and smelter charges were used to estimate NSR values from composited assays. The estimated tonnage range is based on the dimensions of the Swan Lake mineralized body tested by 44 drill holes.

There are 16 VTEM targets on the property, similar to that of the Swan Lake mineralized zone, two of which are in close proximity to Swan Lake which are considered high priority targets for further exploration."

CPC President and Chief Executive Officer Todd Montgomery said: "The very diligent and thorough evaluation of our work on the property and in particular of the Swan Lake mineralization, carried out by Rosco Postle Associates confirms the potential for the Peter Lake Property and in particular the Swan Lake Intrusive Complex to host economic Cu/Ni/PGE Deposits and supports our commitment to the property."

David Ross, M.Sc., P.Geo. of RPA, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

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