Montreal, Quebec, March 13, 2013 - St-Georges Platinum and Base Metals Ltd. (OTCQX: SXOOF) (CNSX: SX) (BSE: 85G) is pleased to release an exploration update on its wholly-owned Isoukustouc Copper-Nickel-Cobalt and Platinum-Palladium Project located 74 kilometers, or 46 miles, from the deep-sea port town of Baie-Comeau on the Quebec North Shore.
Results from last drilling Campaign
The spring 2012 Drilling Campaign on Isoukustouc was halted after numerous equipment breakdowns and the consequent cost overruns incurred. The financial situation of the contracted driller who was forced by unrelated events to seek protection from some of its creditors made it difficult to plan for a restarting date. Market conditions and the difficulty in raising additional capital by the Company added to this dynamic.
The Company is presently in possession of all the drill cores of the 2011-2012 exploration drilling campaign. So far, 699 samples have been prepared from the already completed 2,634 meters of diamond drill cores. The cores have been split, crushed and put in bags under the supervision of geologists from Consul-Teck of Val d'Or, Quebec. As such, Consul-Teck has confirmed chain of custody for the period between the drilling and the shipping of samples. The prepared samples are now in route to AGAT Laboratories in Sudbury, Ontario.
An already reported preliminary description of the core indicates several shallow depth intersections of sulphide mineralization occurring in metagabbros and metasediments. The sulphide zones occur over 20 to 50 meter sections (65 to 165 feet). The mineralization consists of semi-massive, pod-like, disseminated or thin foliated zones of pyrhottite-pyrite?chalcopyrite?pentlandite as shown in the picture below.
Copper-Nickel mineralization in metagabbros, hole MAT-11-04
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New Surface Sample Results
Nine surface samples taken in the vicinity of the B40 section of the property returned results ranging from 0.261% to 0.37% Copper and 1.625% to 2.09% Nickel (see Table 1). These results are derived from select surface grab samples and may not be representative of the overall property section.
Table 1
------------------------------ |Sample No.|Cu% |Ni% |Fe% | |----------------------------| |2285 |0.370|1.830|20.00| |----------------------------| |2286 |0.316|1.710|19.15| |----------------------------| |2287 |0.351|1.820|20.20| |----------------------------| |2288 |0.352|2.090|22.00| |----------------------------| |2290 |0.357|1.850|20.10| |----------------------------| |2291 |0.261|1.800|19.60| |----------------------------| |2292 |0.273|1.750|19.45| |----------------------------| |2293 |0.306|1.625|18.95| |----------------------------| |2294 |0.362|1.830|20.70| ------------------------------
Claim Management
In 2012, the company completed a visit of surface showings and outcrops visible on the property and subsequently dropped or is planning not to renew 144 claims deemed of no interest. The Company also staked 27 new claims following the analysis of the 2345 line-km geophysical survey conducted in 2011, and based on the Company's understanding of the potential correlation between certain existing geophysical signatures and the presence of mineralized systems in the area. The overall number of claims on Isoukustouc should continue to be reduced as a better understanding of geology and potential for mineralization is defined. The reduction of more than 35% of the claimed area represents a decrease of approximately $180,000 in exploration obligations every two years.
ON BEHALF OF THE BOARD OF DIRECTORS
Francois (Frank) Dumas
Frank Dumas, President & CEO
Herb Duerr, P.Geo is a qualified person under NI 43-101. Mr. Duerr has reviewed and approved the technical content of this release.
About St-Georges
St-Georges is a Platinum, Palladium, Nickel, Copper and Cobalt explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company's stock is listed on the CNSX under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Berlin Stock Exchange under the symbol 85G. It owns the Villebon property in Abitibi and the Julie and Isoukustouc properties on Quebec's North Shore near the deep-seaport town of Baie-Comeau. For additional information, please visit our website at www.stgeorgesplatinum.com.
Forward-looking Statement:
This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.