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Canadian Platinum nixes deal to sell Peter Lake gold project to American Energy

Canadian Platinum Corp. has elected to terminate an agreement to sell its Peter Lake gold property in northern Saskatchewan to American Energy Metals Corp.

The company said Dec. 6 that American Energy was unable to complete its corporate structuring and failed to meet its initial obligations in the agreed timeframe.

Canadian Platinum has notified American Energy regarding termination of the deal, in order to pursue other opportunities to advance the project.

In early October, the companies revised the deal for the Peter Lake property sale, with Canadian Platinum later granting American Energy a one-month extension to meet its obligations.