Beartooth Converts Debenture, Extends Warrants, Announces Final Drill Hole Results.Business Editors SURREY, British Columbia--(BUSINESS WIRE)--Jan. 23, 2003 BEARTOOTH PLATINUM CORPORATION (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BTP (Business Transaction Protocol) An XML-based protocol from OASIS that adds the type of validation to transactions in a Web services environment that are normally performed by the two-phase commit within an enterprise. )("the Company") announces that it has converted a portion of a convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. into units of the Company. The Convertible Debenture ("the debenture") was issued in connection with a private placement financing in February 2002. The Company has drawn down US$450,000 under the debenture for exploration and working capital purposes. Under the terms of the debenture, the Company has converted the drawn down portion into units at C$0.35 (each unit consisting of one common share plus one-half warrant at C$0.70). In connection with this conversion, the Company has issued 2,021,150 shares bringing the Company's issued and outstanding shares to 46,330,580. The Company also announces that it has extended the expiry date expiry date expire n → date f d'expiration; (on label) → à utiliser avant ... expiry date expire n → Ablauftermin m of the warrants previously issued with respect to two private placements completed in February 2002. The warrants held an original expiry date of December 20, 2002 - the new expiry date is July 1, 2003. Each whole warrant is exercisable into one common share in the capital of the Company at C$0.70. On November 18, 2002 the Company announced that it suspended the 2002 drilling program due to extreme weather conditions. The Company completed 42 meters in the first hole toward the VEZ horizon and has received the assay results from ACME Analytical Laboratories Ltd. in Vancouver, Canada. Drill Hole LM 2002-01 was drilled in late October to test the VEZ target. The hole was collared on Norite nor·ite n. See gabbro. [Norwegian Norge, Norway + -ite1.] nor·it and intersected the contact between the Norite and Bronzite - the geologic contact commonly located near the VEZ. Drilling was suspended short of the zone of interest due to unseasonably cold and difficult drilling conditions. Anomalous PGM's (Pt+ Pd) up to 36 ppb were encountered above the zone of interest. The Company plans to complete the hole once conditions permit. The Company has received results from additional analysis of samples containing visible chromite chromite (krō`mīt), dark brown to black mineral. It is an iron-chromium oxide, FeCr2O4, with traces of magnesium and aluminum. . A Nickel Sulphide (NiS) fusion procedure was utilized by Genalysis of Australia and has been demonstrated to provide more precise analysis for problematic samples, such as those elevated in chromium. Although the number of samples is too small to be statistically significant, for samples with Platinum content greater than 2 g/t the NiS procedure reports an increase in Pt value of approximately 30% and an increase in Rhodium rhodium (rō`dēəm), metallic chemical element; symbol Rh; at. no. 45; at. wt. 102.9055; m.p. about 1,966°C;; b.p. 3,727±100°C;; sp. gr. 12.41 at 20°C;; valence +2, +3, +4, +5, or +6. value of approximately 38%. Based on these results the Company will select additional samples for re-analysis. Beartooth Platinum Corporation is a Canadian company that explores for Platinum Group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. Metals (PGM PGM Program PGM Pragmatic General Multicast PGM Phosphoglucomutase PgM Program Manager PGM Platinum Group Metal PGM Pagemaker (software) PGM Portable Gray Map PGM Precision Guided Munition ) in the Stillwater Complex of Montana, USA. The Company's core asset is a significant land holding of over 20,000 acres with several advanced stage exploration targets and numerous untested PGM zones. The Company's shares trade on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol "BTP". The Company's website is www.beartoothplatinum.com Disclaimer: This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission The British Columbia Securities Commission (BCSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of British Columbia. External links
Some of our press releases contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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