Canadian Platinum Corp. Reports Preliminary Drill Results From the Allen Lake Drill Program, Peter Lake Project

CALGARY, ALBERTA--(Marketwire - March 12, 2013) -

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Canadian Platinum Corp. ("CPC" or the "Company") (TSX VENTURE:CPC) is pleased to announce the preliminary results of the recently completed Allen Lake Drill drilling program. The program tested two DPEM/VTEM anomalies associated with the Allen Lake Magnetic anomaly with two drill holes totaling 690.3 m.

Drill Hole Koop1 (total length 243 m) tested a week DPEM/VTEM anomaly on the southern flank of the Allen Lake Magnetic Anomaly intersecting 243 m of fine to medium grained massive gabbro with an estimated magnetite content of 15%. No sulphides were identified in the preliminary drill log.

Drill Hole Koop 2 tested the eastern VTEM anomaly which had an estimated depth to top of 300 m. The drill hole intersected a thick section of massive gabbro which included a 7.1 m intercept containing trace to 0.5 % pyrrhotite and trace chalcopyrite. An abbreviated drill log of the hole (total length 447.3 m) follows:

The drill core has been transported to the company's facility in La Ronge and will be logged in detail and sampled with mineralized intercepts sent for base and precious metal analysis.

John G. Pearson, P Geo, 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.