In early October Saskatoon based Canadian Platinum Corporation signed a definitive agreement to sell its Peter Lake Property just west of Reindeer Lake in northern Saskatchewan to American Energy Metals Corporation.  The property hosts significant copper, nickel, cobalt and platinum group element mineralization.

Canadian Platinum announced last week it has elected to terminate the agreement as American Energy was unable to complete its corporate structuring failing to meet its initial obligations in the anticipated timeframe.

Their President Gary Billingsley says Canadian Platinum terminated the agreement in order to pursue other opportunities to advance the project. He adds given today’s metal prices Peter Lake remains a significant part of their project portfolio with the critical mineral claims in good standing for several more years without additional work requirements.