Beartooth Platinum Commences Diamond Drilling at the Stillwater Complex in Montana.

TORONTO -- Beartooth Platinum Corporation (TSX VENTURE:BTP) has initiated a major exploration, data evaluation and diamond drilling program at its Stillwater Complex, Montana, properties. Beartooth controls 809 unpatented lode mineral claims over the exposed 50 km strike length of the Stillwater Complex (Figures 1 and 2). The Complex hosts the largest known resource of Platinum Group Metals (PGM) 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/probable reserves at the Stillwater mine of 17.5 million tons grading 0.66 oz/ton (22.63 g/tonne) (combined platinum/palladium) with a platinum/palladium ratio of 3.4:1, and proven/probable reserves at the Boulder East mine of 22.7 million tons grading 0.53 oz/ton (18.17 g/tonne) (combined platinum/palladium), with a platinum/palladium ratio of 3.7:1 (ref. Stillwater Mining Company 2003 Annual Report).

A program of diamond drilling is scheduled to commence in October 2004 to test the following targets identified by Beartooth:

--Volatile Enriched Zone (VEZ) in the Iron Mountain area where PGE grades similar to the J-M Reef have been reported;

--PGM-enriched chromitite units previously identified through a soil geochemical survey and limited drilling in the East Iron Mountain area; and

--Area of Ni-Cu mineralization with anomalous PGE in the Iron Mountain area known as the Camp Zone.

VEZ mineralization, which extends for a strike length of 26km on Beartooth's property, appears to be similar to mineralization in the Bushveld Complex that is related to the formation of discordant ultramafic pipes. There are two major chromitite units enriched in PGM in the lowermost Ultramafic Series on Beartooth's ground. In the Iron Mountain area, a geochemical survey by Beartooth indicated a significant PGE anomaly striking for approximately 500 metres and having a width of 50 metres. Previous drilling by Beartooth returned significant values of 1.24g/tonne Platinum (Pt), 2.75 g/tonne Palladium (Pd) over 2.75 metres and 1.36g/tonne Pt; 2.57g/tonne Pd over 7.07 metres from chromitite units (ref. NI 43-101 report by W. Struck, P.Eng., dated May 14, 2003 available on www.sedar.com).

A historic mineral inventory for the Camp Zone based on approximately 50 diamond drill holes was estimated by AMAX at 6 million tons (5.45 million tonnes) averaging 0.43% Ni and 0.25% Cu. A flotation sulfide concentrate is reported to have assayed 8.54% Ni, 6.55% Cu, 3.39 g Pt/t, 3.63 g Pd/t, 0.17 g Rh/t (7.36 g PGE/t), 0.68 g Au/t and 8.67 g Ag/t. Based on an examination of available cross sections, Beartooth is of the opinion that the resource would qualify as an inferred mineral resource under NI 43-101.

Work by the United States Geological Survey indicates that the exposed Stillwater Complex is comprised of three major rock sequences that host significant mineralization with PGM's;

--Basal Series (norite, gabbro and bronzitite) averaging 160 metres thick hosting nickel-copper sulphide mineralization (Ni/Cu - Nye Basin area) with PGM's;

--Ultramafic Series (harzburgite, bronzitite), averaging 2000 metres thick hosting chromite and Ni/Cu sulphide mineralization (Camp zone), both of which carry PGM mineralization; also hosts the VEZ or Volatile Enriched Zone, and the

--Banded Series (norite, gabbro, troctolite and anorthosite) averaging 4000 metres thick hosting stratabound, PGM-enriched, sulphide layers including the J-M Reef and Picket-Pin horizon.

Beartooth's claims are contiguous with claims held by SMC, and cover a 50 km strike length of mineralized rock units that host anomalous PGM. Previous work by Beartooth has defined a number of targets as shown in Figure 2 that lie within, or are closely related to, the Ultramafic Series and the Banded Series, and include:

--Targets within a semi-conformable layer known as the Volatile Enriched Zone (VEZ) that extends for a strike length of 26km on the Beartooth property (from west to east: Blakely Creek, Lost Mountain, Iron Mountain North, Iron Creek and Nye Basin areas).

--Chromitite units enriched in PGM in the lowermost Ultramafic Series that have high Pt:Pd ratios (Blakely Creek, Iron Mountain area).

--Two areas of nickel-copper mineralization with anomalous PGE values in the Iron Mountain area know as the "Camp Zone" (west of Iron Mountain) and a second zone 1km east of Iron Mountain;

--The Picket Pin horizon in the Banded Series which has returned anomalous PGM values and extends for a strike length of 21 km on the Beartooth property; and

--The potential southeast extension of the JM Reef as well as several possible offsets in the Iron Creek area.

Geological mapping, prospecting and soil geochemical sampling are in progress to prioritize areas of the VEZ, Chromitite and Basal Ni-Cu targets for drill testing. Additional processing of airborne geophysical data originally flown by Fugro over the entire Complex in 2000 is being carried out to assist in more clearly defining the most prospective sectors of the principal mineralized units.

This program is being carried out under the supervision of Mr. Peter Karelse, P.Geo., a qualified person as defined by NI 43-101. Mr. Karelse has 30 years of experience in mining exploration. Mr. Alistair Turner and Dr. William Pearson, P.Geo. are technical advisors to Beartooth. Mr. Turner is a well-recognized expert on the geology and mineralization of the Stillwater Complex with extensive exploration experience in the Complex since 1977. Dr. Pearson has over 30 years experience in the national and international mining industry and has worked in all phases of mining from grass roots exploration through to advanced projects and mine development for precious metal, base metal and industrial mineral deposits.

The Company has granted 2,400,000 options to officers and consultants of the Company to purchase common shares at $0.125 per share, subject to regulatory approval.

Beartooth Platinum Corporation is a Platinum Group Metals Company that has secured a large land position with advanced exploration targets in the Stillwater Complex in Montana and is well positioned for responsible mineral development. The Company also holds a promising gold exploration project in Idaho which was recently joint ventured with Valencia Ventures Inc. Additional information about the Company and its properties is available on the Company's website at www.beartoothplatinum.com.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".

NOTE: There are figures available on CCNMatthews' website at: http://www2.cdn-news.com/database/fax/2000/Figure1a.doc http://www2.cdn-news.com/database/fax/2000/Figure_2.doc

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