Sudbury Platinum Corp. raises $3M

Sudbury Platinum Corp. (SPC) and Transition Metals Corp. have announced that SPC has raised more than $3 million for its drilling campaign.

In a release, the company said the money was raised by issuing 8,690,834 Flow Through common shares at a price of $0.33 per share; 148,649 Flow Through common shares at a price of $0.37 per share; and, 850,000 common shares at a price of $0.30 per share.

CEO Scott McLean said in the release the funds will be used for a project near Sudbury.

“Proceeds will be used to carry out an 18,000 metre diamond drilling campaign at our Aer-Kidd Ni-Cu-PGM property near Sudbury,” McLean said.

It will fund testing of “major mineralized trends at depth and to complete borehole geophysical surveys in historic drill holes at the newly acquired Lockerby East and West Graham properties in the Sudbury Basin.”

Drilling at Aer-Kidd is expected to begin in April.

Post-financing, SPC has 41,086,342 shares issued and outstanding and 45,821,345 shares on a fully diluted basis. Transition Metals owns 15 million SPC shares, the release said, or 36 per cent valued at approximately $4.5 million.

Sudbury Platinum Corporation is a private Canadian corporation focused on exploring for platinum group metals, nickel and copper in the Sudbury region, the release said.

SPC is exploring its Aer-Kidd Property, an advanced exploration property located on the prospective Worthington Offset Dyke, in the heart of the Sudbury mining camp.

SPC also recently acquired 100 per cent of the Lockerby East and West Graham exploration properties formerly owned by First Nickel Inc.
“SPC’s vision is to become a mine developer in the Sudbury district,” the release said.

The Aer-Kidd Property is located 20 kilometres southwest of Sudbury and covers a 1.4 kilometre section of the Worthington Offset Dyke in an area with a rich mining history.

The property is about 1.8 kilometres along strike to the northeast of Vale's Totten Mine, currently in production, and three kilometres to the southwest and along trend of KGHM’s Victoria Project, which is currently being developed.

The Aer-Kidd Property hosts the former producing Howland Pit, Robinson and Rosen Mines, which were small deposits mined down to a maximum depth of 300 metres.

More information regarding SPC and its projects can be found at www.sudburyplatinumcorp.com

Transition Metals Corp. is a Canadian-based, “multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries,” the release said.

“The award-winning team of geoscientists has extensive exploration experience in established, emerging and historic mining camps, and actively develops and tests new ideas for discovering mineralization in places that others have not looked, which often allows the company to acquire properties inexpensively.”

The company has a portfolio that currently includes more than 25 gold, copper, nickel and platinum projects primarily in Ontario, Nunavut, Northwest Territories, British Columbia, Saskatchewan and Minnesota. Got to www.transitionmetalscorp.com for more information.