VANCOUVER, June 1 /CNW/ - Northern Platinum Ltd. (the "Company") (NTH-TSXV) is pleased to announce that the Summer 2010 diamond drill program at the Wellgreen Cu-Ni-Co-PGM property in the Yukon Territory was commenced on May 17th, 2010 with drill hole 2010-117. This early start-up was made possible by the low snowfall during the winter and the early breakup in April and May due to rather warm temperatures.
Drill hole 2010-117 was collared in poorly mineralized peridotite and it has remained in this unit to its present depth of 1407 feet. The sulphide content has been increasing gradually with depth, and reaches locally to 10% towards the bottom of the hole, where it also intersects mineralized gabbro. The projected length of the hole is 1500 feet, though it will continue until well into the footwall sedimentary rocks.
The first 500 feet of core for Hole 2010-117 has been cut with a diamond saw and shipped to the new ALSChemex sample prep lab in Whitehorse. The actual assays will be conducted in their labs in Vancouver. Results of the summer drill program will be made available in news releases and on the company's website periodically.
Northern Platinum Ltd. is well funded for this summer's planned drilling with approximately $900,000 in flow through funds. The Company intends to continue drilling fill-in holes on the main mineralized zone with the objective of increasing the area of mineral bodies at the East Zone.
This news release has been prepared and approved by the President of Northern Platinum Ltd., Mel de Quadros, Ph.D., P.Eng. who is a Qualified Person for the purposes of National Instrument 43-101.
NORTHERN PLATINUM LTD.
Mel De Quadros
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information". In disclosing the forward-looking information in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals and any required financing to complete the Company's planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. However, the forward-looking information in this release is subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking information. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, the need for cooperation of First Nations groups, equipment breakdowns and bad weather. Investors are cautioned that disclosure of forward-looking information is not a guarantee of future performance and that actual results or developments may differ materially from those included in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking information, except as required by application law.
SOURCE NORTHERN PLATINUM LTD.
For further information: For further information: NORTHERN PLATINUM LTD., Suite 206 - 837 West Hastings Street, Vancouver, BC, V6C 3N6, Tel. (604) 669-2066, Fax. (604) 669-3522