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Message: Beartooth Platinum and Kria Resources Shareholders Approve Business Combination

Beartooth Platinum and Kria Resources Shareholders Approve Business Combination

posted on Mar 27, 2009 12:06PM
March 27, 2009
Beartooth Platinum and Kria Resources Shareholders Approve Business Combination
TORONTO, ONTARIO--(Marketwire - March 27, 2009) - Beartooth Platinum Corporation (TSX VENTURE:BTP) ("Beartooth") and Kria Resources Inc. ("Kria"), a private company, are pleased to announce that shareholders for both companies have voted in favour of the previously-announced business combination (the "Transaction") at special meetings of Beartooth and Kria security holders held separately today in Toronto. The Transaction was approved by approximately 84% of the Beartooth votes cast, representing 32% of Beartooth's outstanding shares. The Transaction was approved by 100% of the Kria votes cast, representing approximately 24% of Kria's outstanding shares.

The completion of the Transaction remains subject to regulatory approvals, including TSX Venture approval and a final order by the Superior Court of Ontario that is currently expected to take place on March 31, 2009 with closing of the Transaction to occur as soon thereafter as practicable. The Transaction is structured as a Plan of Arrangement under s.182-183 of the Canada Business Corporations Act (Ontario) between Beartooth Platinum Corporation and Kria Resources Inc.

Following completion of the Transaction, the Kria board and management team will become the board and management team of the combined company, which will be renamed Kria Resources Ltd. A new stock symbol will be assigned to the combined company, the details of which will be announced once they are available.

Upon completion of the Transaction, the combined company will have:

- An estimated National Instrument (NI) 43-101 compliant Inferred mineral resource of 19.75 million tonnes grading 1.47% zinc and 1.17% copper using a 1.0% capped copper equivalent cut-off grade at the Ruttan project, a former operating mine in Manitoba, Canada;

- An estimated NI 43-101 compliant Indicated Mineral Resource of 6.26 million tonnes grading 8.13% zinc, 2.58% lead, 0.22% copper and 30.78 g/t silver and an Inferred Mineral Resource estimate of 6.08 million tonnes grading 6.69% zinc, 1.83% lead, 0.14% copper and 20.51 g/t silver (both using a 5.0% capped zinc equivalent cut-off grade) at the Halfmile Lake property in New Brunswick, Canada;

- An estimated NI 43-101 compliant Inferred Mineral Resource of 5.52 million tonnes grading 6.11% zinc, 2.59% lead, 0.40% copper and 54.21 g/t silver using a 5.0% zinc equivalent cut-off grade at the Stratmat property in New Brunswick, Canada;

- An exploration package featuring platinum-prospective properties in Stillwater, Montana, USA and in the Bushveld area of South Africa;

- Approximately CAD$1.5 million in cash and cash equivalents; and

- Proven management and board of directors with experience in financing, developing and operating mines.

About Beartooth Platinum

Beartooth Platinum Corporation is focused on the exploration for Platinum Group Metals (PGE) globally. The Company has property interests in two of the world's most significant PGE camps: the Stillwater and Bushveld intrusive complexes. In Montana, USA, Beartooth controls 1,054 unpatented lode mineral claims over the exposed 50-km strike length of the Stillwater Intrusive Complex. The Stillwater Complex hosts the JM-Reef, the world's highest-grade primary PGE deposit. Stillwater Mining Company (SMC) currently operates two mines on the J-M Reef. Beartooth's mineral claims are contiguous with these significant resource properties.

Additional information about the Company and its properties is available on the Company's website at www.beartoothplatinum.com.

About Kria Resources

Kria Resources is a private base metal exploration and development company focused on high-quality, advanced-stage base metal assets. Kria's primary assets include the Ruttan copper-zinc sulphide project near Leaf Rapids, Manitoba and the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. An NI 43-101 compliant mineral resource estimate for the Ruttan Mine Project estimates inferred resources of 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. Kria's Halfmile Lake property has a NI 43-101 compliant Indicated mineral resource estimate of 6.26 million tonnes grading 8.13% zinc, 2.58% lead, 0.22% copper and 30.78 g/t silver using a 5.0% capped zinc equivalent cut-off grade. Please visit our website at www.kriaresources.com for additional information.

Regulatory Footnotes

Dayle Rusk, P.Geo. and Vice President of Exploration for Kria and Stephen Davies, P.Eng. and Vice President Operations of Kria, both of whom are officers of Kria and Qualified Persons under National Instrument 43-101, have reviewed the scientific and technical information relating to Kria in this press release.
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