TORONTO, Nov. 21, 2006 (PRIMEZONE) -- Beartooth Platinum Corporation (TSX-V:BTP) has finished a very successful 2006 summer program on its Stillwater Complex property in south central Montana.
As part of the 2006 field season, BTP drilled 11 core holes in the Iron Mountain Target Area. We now have complete assay data for seven of those holes. This drill hole assay data is clearly showing that we are intercepting extremely anomalous Platinum and Palladium (PGMs) mineralization associated with the "B Chromitite" reef (See Table below). This is very encouraging and, combined with the 2005 and 2006 soil geochemistry sampling program and the recent strategic alliance with Premium Exploration Inc. (PEM), BTP controls over 20 kilometers of "B Chromitite" reef.
Drill hole IM2006-02 is the most significant result received so far, and intercepted significant Platinum, Palladium and gold mineralization (one meter at 20.53 g/t (0.66 ounces per ton) and shows the potential strength of the system. Of the seven holes received to date, all but two show highly anomalous Platinum and Palladium mineralization, confirming the potential to develop a significant strike length of economic mineralization.
Between 1978 and 1981 Anaconda Mining Company drilled 65 surface exploration drill holes into the JM Reef. Of these 65 holes, 20 (31%) intercepted greater than or equal to 0.30 opt PGMs and seven holes (11%) were barren (less than 0.1 opt PGM). To date, BTP has drilled seven holes, five holes (61%) are mineralized (greater than or equal to 0.1 opt PGM).
Mike Johnson, President and CEO, said, "We are extremely pleased with our results over these past two field seasons. We expanded the length of the known mineralization of the B Chromitite reef and we are also realizing that the extent of the mineralization is a lot longer and stronger than we originally recognized. Based on exploration histories of the Stillwater Mine and the history of exploration and production of the Bushveld Complex, BTP is on track to significantly advance the understanding of the Stillwater Complex and to potentially develop a world class deposit."
Because of these very encouraging results from our 2005 and 2006 exploration programs, BTP hopes to accelerate diamond drilling testing of the Chromitite reefs by employing a minimum of five diamond drill rigs during the 2007 field season.
Beartooth Platinum will host a conference call and audio webcast on Wednesday, November 22, 2006 at 10 am ET to discuss these results fully with Mr. Michael Johnson, President and CEO and his chief geologist Dr. Jonathan Findlay, PhD.
To participate in the conference call, please dial in as follows:
Local Callers Telephone: 416-695-5259
North American callers: 1-877-461-2814
International callers: +1-416-695-5259
To access the audio webcast please go to the following link:
www.ccnmatthews.com/BeartoothNov22
2006 Significant Drill Intercepts
Inter- Au+Pt+ Au+Pt+
cept Au Pt Pd Pd Pd
Hole # From To Ft ppm ppm ppm g/t opt
---------- ----- ----- ----- ---- ---- ----- ----- -----
IM2006-01 687.8 691.1 3.3 0.14 2.84 0.20 3.18 0.102
IM2006-02 93.9 97.2 3.3 0.19 2.13 9.90 12.22 0.393
Incl. 94.5 96.3 1.8 0.27 3.60 16.65 20.54 0.66
IM2006-03 332.6 342 9.4 0.04 0.47 1.00 1.51 0.049
IM2006-04 355.8 356.9 1.1 0.07 0.60 3.78 4.45 0.143
IM2006-05 800 803 3.0 0.11 0.60 2.18 2.89 0.093
Incl. 800 802 2.0 0.13 0.85 2.89 3.87 0.124
IM2006-06 656 660 4.0 0.06 0.62 3.09 3.77 0.121
Incl. 656 658 2.0 0.10 1.10 4.95 6.14 0.197
IM2006-07 Stratigraphic Hole only
Au = Gold
Pt = Platinum
Pd = Palladium
Ppm = Parts per million
g/t = Grams per ton
opt = ounces per ton
Results for the remaining four drill holes from BTP's 2006 program and the rest of the soil geochemical data should be available within the next few weeks. In addition, all "B Chromitite" PGE intercepts will be assayed for rhodium mineralization.
Stillwater Mining Company, is currently mining from their JM Reef at a rate of 600,000 ounces of PGE per year. Currently, SMC has about 40 years of probable reserves.
About Beartooth Platinum Corporation
Beartooth controls 872 unpatented lode mineral claims over the exposed 50 kilometer strike length of the Stillwater Complex, North America's largest known resource of PGEs where there are two operating mines of the Stillwater Mining Company (SMC) from the JM 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 is responsible for reviewing the technical disclosure in this press release. Field work in the Stillwater Complex, Montana, USA has been performed under Johnson's supervision.
All analytical work is being completed by SGS Mineral Services of Toronto, ON, Canada; and Actlabs, Ancaster, ON, Canada; Both SGS and Actlabs are respected international analytical services which are 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 field project to the SGS sample preparation facility in Elko, Nevada by FedEx, a reputable commercial carrier. The samples are dried and pulverized at this facility and an assay split is sent to the SGS facility in Toronto, ON, Canada. All analytical testing is performed utilizing a variety of industry standard analytical techniques, including: (i) SGS Analytical Code 37350, FA1313 Gold, platinum and palladium by fire assay lead collection, (ii) SGS Analytical Code 37339, ICP90A Sodium Peroxide Fusion / ICP-OES, (iii) Analytical Code 37349, Ore Grade Analysis ICA50 Basic Metal Ore Grade Analyzes.
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. Soil samples were collected from the B soil horizon placed in labelled soil sample bags and shipped to SGS for analysis.
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Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."