Mr. Gary Billingsley reports

PETER LAKE PROJECT SHOWS COBALT POTENTIAL

Canadian Platinum Corp. has released the results of a review of the assay data from historical drilling on the company's 100-per-cent-owned Peter Lake copper-nickel-platinum-group-element project in Northern Saskatchewan. The review was carried out specifically to determine the project's potential to host significant cobalt mineralization given the recent spectacular rise in price for that commodity.

A review of the drill logs and historical assay data from past exploration work carried out on the Peter Lake project has shown that the project does host significant cobalt mineralization related to known base metal mineralization on the property. In particular, in the Swan Lake area, where drilling was carried out on one of 17 known VTEM (versatile time-domain electromagnetic) anomalies, drill intersections assaying 0.02 per cent cobalt over a width of 71.6 metres were encountered with higher-grade intersections of up to 0.21 per cent cobalt over a width of one metre. Attached is a table of significant mineralized intersections selected by Roscoe Postle Associates Inc. (RPA) in its National Instrument 43-101 report, "Technical Report on the Peter Lake Project, Northern Saskatchewan, Canada," dated July 12, 2012 (see news releases dated May 30, 2012, and July 19, 2012). The cobalt grades were not originally reported by RPA and have been calculated from the intersections selected by RPA, with drill hole SW 03 added for purposes of this news release.

  
                  SWAN LAKE SIGNIFICANT DRILLING INTERSECTIONS -- PETER LAKE PROJECT    
                  
Hole No.      From       To   Width        Au       Pt       Pd    Au+Pt/Pd       Ni       Cu       Co 
                (m)      (m)     (m)     (g/t)    (g/t)    (g/t)       (g/t)      (%)      (%)      (%)

SW 03        116.5    173.3    56.8     0.075    0.081    0.131       0.287    0.081    0.258    0.010
             179.9    180.9     1.0     0.083    0.028    1.345       1.456    2.090    2.385    0.205
SW 08        160.0    231.6    71.6     0.154    0.236    0.313       0.703    0.182    0.519    0.020
Including    200.0    225.0    25.0     0.256    0.434    0.502       1.192    0.268    0.828    0.027
Including    205.0    210.0     5.0     0.551    1.212    0.953       2.716    0.463    0.882    0.040
and          208.2    208.8     0.6     2.230    8.000    2.380      12.610    0.158    0.389    0.017
SW 19        210.1    235.7    25.6     0.160    0.089    0.192       0.441    0.098    0.680    0.011
Including    220.1    225.1     5.0     0.287    0.150    0.352       0.789    0.210    1.403    0.021
Including    222.1    222.8     0.7     0.431    0.675    0.487       1.593    0.568    1.258    0.047
SW 38        146.9    168.6    21.7     0.166    0.176    0.206       0.548    0.133    0.556    0.017
Including    156.9    161.9     5.0     0.226    0.207    0.282       0.775    0.263    1.524    0.028
Including    158.5    159.5     1.0     0.760    0.025    0.220       1.005    0.690    5.550    0.080

Subsequent to the RPA report, an independent resource estimate was carried out, which included cobalt in the estimate. This report, titled "Swan Lake -- Grades and Tonnage Estimation," was prepared by R. Hogan and dated April, 2013, with the results as shown in the attached table.

Tonnes          Au     Pt     Pd    Au+Pt+Pd      Cu      Ni      Co      Cr
              (g/t)  (g/t)  (g/t)       (g/t)     (%)     (%)     (%)     (%)

15,227,000    0.08   0.09   0.13        0.30   0.272   0.076   0.010   0.013

This historical estimate uses definitions of mineral resources other than current CIM definitions for mineral resources. Accordingly, the reliability of the estimate is unknown but is considered relevant by the company in that it represents a significant exploration target for further exploration work.

The estimate is the result of applying three geostatistical-based interpolation techniques (nearest neighbour, inverse distance squared and ordinary kriging) to a set of high-grade-cut, 1.5-metre-composited drill hole assays. The calculated grades represent the average or mean grade of each of the metals as estimated within 10-metre-by-10-metre-by-10-metre blocks contained within the constrained block model. The presentation in this press release is based on the results from ordinary kriging.

The database was built from 47 drill holes and consists of 2,600 assays for each of the seven metals presented. The individual block models contained a total of 98,010 blocks. Mr. Hogan relied on RPA's work for data verification and quality assurance and quality control as noted as follows. In addition, assay data were checked for data entry and logging errors through the application of customized software. There are no more recent estimates or data available to the company. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource, and Canadian Platinum is not treating this estimate as a current mineral resource as defined in National Instrument 43-101. In order to upgrade this estimate to a current mineral resource, Canadian Platinum will be required to conduct additional drilling at Swan Lake.

Data verification, quality assurance and quality control

Data verification, quality assurance and quality control protocols for the data used in the estimate in this press release were reviewed and verified by RPA in its report and can be viewed on the company's website. RPA concluded that the quality assurance/quality control protocols were acceptable for the scope and size of the project.

Gary Billingsley, president of Canadian Platinum, commented: "The Swan Lake showing on the Peter Lake property is coincident with one of 17 similar VTEM anomalies in the immediate area of Swan Lake, so significant tonnage potential exists in the area. The grades and associated values at today's prices are certainly comparable to other similar projects being developed in North America and globally, with cobalt becoming a significant influence on project economics at Peter Lake."

Qualified persons

The technical data in this news release have been prepared, reviewed and approved by Gary Billingsley, PEng, PGeo, a qualified person under the terms of NI 43-101.

About Canadian Platinum Corp.

Canadian Platinum is a Canadian-based resource exploration and development company with its head office in Saskatoon, Sask. Canadian Platinum is focused on the acquisition and development of a diversified portfolio of resource properties with an emphasis on platinum group elements, but including precious, base and strategic metals.

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