Beartooth bites into PGE program; Johnson named CEO
2005-03-22 05:59 MT - News Release
Mr. Jean Lafleur reports
BEARTOOTH APPOINTS NEW PRESIDENT AND CEO TO LEAD MAJOR EXPLORATION PROGRAM FOR PLATINUM/PALLADIUM AT STILLWATER COMPLEX
Beartooth Platinum Corp. has appointed Michael D. Johnson, PGeo, to the position of president and chief executive officer of the company. Mr. Johnson will also join the board of directors of the company. Current president and chief executive officer, Stan Bharti, will become Beartooth's chairman and the current chairman, Gerald McCarvill will become vice-chairman.
Michael D. Johnson has over 30 years in exploration and mining. The last 15 years have been in executive and senior management positions, evaluating, developing, constructing and mining mineral properties located in North, Central and South America, and Australia. Most recently, Mr. Johnson was the principal of M.D. Johnson & Associates and in that capacity, he and his team have been responsible for the evaluation and development of numerous underground and open pit mines across the United States, Mexico and Brazil. Mr. Johnson holds a BSc degree from the University of London, England. Mr. Johnson also held various project and senior geologist postings with mid- to large cap companies mostly in the U.S. His commodity expertise includes base and precious metals, porphyry copper and uranium.
"We are very excited about Mr. Johnson's appointment," stated Stan Bharti, former president and chief executive officer. "His experience and background will prove to be a tremendous asset as the company moves forward in developing its properties, particularly at the Stillwater complex, where the new management team will continue its aggressive exploration program to outline higher grade platinum group elements. In addition, Beartooth is also pleased to announce the hiring of Mr. Jonathan Findlay, PGeo, a specialist in PGEs, as senior geologist for the company."
Members of the new management team are:
Michael D. Johnson, PGeo, president and chief executive officer;
Jean Lafleur, PGeo, vice-president exploration;
David Meyer, vice-president corporate development;
Dr. Jonathan Findlay, PGeo, senior project geologist;
John Andrews, technical adviser corporate affairs;
Dr. Reid Keays, technical adviser on PGEs; and
John Buckle, PGeo, technical adviser geophysics.
Beartooth recently initiated a major program to identify one or more zones with higher grade PGEs. The work includes a compilation and synthesis of the extensive historical database (one metric tonne of documents) to prioritize the approximately 90 sectors already permitted for exploration work and also to generate new targets. A comprehensive geochemical sampling program will be implemented this summer to determine the orientation and extent of existing and new PGE-bearing horizons, as well as corroborating the projected trends from the airborne magnetic-electromagnetic geophysical interpretation. This will ultimately lead to diamond drilling in the third quarter 2005. Combining geology and geophysics has shed new light on the projected trends of known PGE targets, which have kilometric extents. This adds new potential for Beartooth's Stillwater property, which, according to the management team, could eventually translate into significant mineral resources.
Stillwater complex -- a PGE enriched complex
Beartooth controls 809 unpatented lode mineral claims over the exposed 50-kilometre strike length of the Stillwater complex. The complex hosts the largest known resource of PGEs in North America, and includes the Stillwater Mining Company (SMC), which operates two mines in a mineralized rock unit known as the J-M reef (the Stillwater and East Boulder mines). SMC reports proven and probable reserves at the Stillwater mine of 15.9 million tonnes grading 22.63 grams per tonne of combined platinum-palladium, with a platinum to palladium ratio of 3.4:1, and proven and probable reserves at the Boulder East mine of 20.6 million tonnes grading 18.17 g/t of combined platinum-palladium, with a platinum to palladium ratio of 3.7:1 (source: Stillwater Mining company website). Beartooth's mineral claims are contiguous with the SMC property.
Beartooth's Stillwater mineral claims and diamond drilling campaign in 2004
Previous work by Beartooth has defined a number of PGE targets that lie within its claim group, particularly within at least one "reef" (Picket Pin) similar to the J-M reef, and a 2,000-metre thick ultramafic unit that hosts numerous chromite horizons and nickel-copper sulphide mineralization (Camp zone), both of which carry PGEs.
There are two major chromite units enriched in PGEs on Beartooth's ground in the Iron Mountain area. Historical drilling by Beartooth returned significant values of 1.24 grams platinum per tonne (g Pt/t) and 2.75 grams palladium per tonne (g Pd/t) over 2.8 metres, and 1.36 g Pt/t and 2.57 g Pd/t over 7.1 metres from chromite units. The main mineralized sector at Iron Mountain is the nickel-copper Camp zone, containing anomalous PGEs. The Camp zone hosts a historic mineral inventory estimated by AMAX (prior to NI 43-101 standards) at 5.45 million tonnes grading 0.43 per cent nickel and 0.25 per cent copper. This historic mineral inventory was previously reported by Beartooth in news in Stockwatch dated Oct. 12, 2004, and Nov. 19, 2004). Limited diamond drilling (four holes for 500 metres) by Beartooth's in 2004 on the Camp zone and one other Iron Mountain target identified a number of anomalous intervals for future testing as follows:
One hole at the Iron Mountain grid (DDH-IMC04-01) returned 0.50 g Pt/t and 1.42 g Pd/t over 3.1 metres.
Two holes at the Camp zone grid intersected:
i) 1.39 g Pt/t over 1.1 metres, 0.25 per cent Cu and 0.35 per cent Ni over 21.2 metres (including a 0.5-metre interval with 1 per cent Ni and an additional 0.9-metre interval with 0.70 per cent Cu) from DDH-CZ04-01; and
ii) 1.51 g Pt/t and 0.52 gram gold per tonne over 0.7 metre, 0.51 per cent Cu and 0.40 per cent Ni over 3.9 metres (including a 0.6-metre interval containing 1 per cent Cu and 0.54 per cent Ni), and finally, 1.80 g Pt/t and 0.51 g Au/t gold over 1.0 metre from DDH-CZ04-02.
Jean Lafleur, PGeo, Beartooth's vice-president exploration, is the qualified person (under NI 43-101 guidelines) responsible for reviewing the technical information in the press release.
In other matters, the company has entered into an agreement to settle an outstanding note owed to Tomasovich 1999 Revocable Trust. The amount of the note is $40,000 (U.S.) with $4,458 (U.S.) owed in interest. Under the terms of the agreement, which remain subject to regulatory approval, the company would issue 445,480 common shares to Tomasovich 1999 Revocable Trust as settlement for the entire amount owing, being $44,458 (U.S.), which represents a conversion rate of debt for shares at 10 U.S. cents per share.
We seek Safe Harbor.
