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Canadian Platinum revises Peter Lake gold project sale to American Energy

Canadian Platinum Corp. revised the terms of the previously announced deal to sell its Peter Lake gold property in northern Saskatchewan to American Energy Metals Corp.

Under the definitive deal terms, American Energy is required to make cash payments totaling C$2.5 million over a 24-month period and issue 8.75 million shares to Canadian Platinum by Oct. 29, which is the transaction's expected closing date.

Canadian Platinum will retain a 5% net smelter royalty on production from the property, according to an Oct. 2 release.

The deal will enable Canadian Platinum to begin exploration work on its Cook gold project in Nevada, which will become the company's focus in the near term.