Prophecy Platinum Acquires Shares of Ursa Major Minerals, Early Warning Report

March 9, 2012: Prophecy Platinum Corp. ("Prophecy" or the “Company”) (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) issues this press release pursuant to National Instrument 62-103 with respect to Ursa Major Minerals Incorporated.

(“Ursa”) (TSX:UMJ).

Prophecy acquired an aggregate 16,666,667 common shares (the “Shares”) of Ursa at a price of $0.06 per Share pursuant to a private placement closed on March 8, 2012, which securities represent in the aggregate 17.3% of Ursa’s issued and outstanding share capital.

Prior to this transaction, Prophecy owned and controlled no securities of Ursa. The private placement was completed in accordance with the provisions of a letter agreement dated March 1, 2012 between Prophecy and Ursa, whereby, among other things, Prophecy will acquire all of the outstanding common shares of Ursa by way of plan of arrangement (the "Transaction"). The closing of the Transaction is conditional upon, among other things, approval of the Transaction by the shareholders of Ursa and by the Ontario Superior Court of Justice.

About Prophecy Platinum

Prophecy Platinum Corp. is a Canadian based Nickel PGM exploration company with projects in Canada, Argentina and Uruguay. Prophecy Platinum’s flagship Wellgreen PGM-Cu-Ni project is in Yukon Territory, Canada and the Lynn Lake project is located in Manitoba, Canada. Further information can be found at 

www.prophecyplat.com

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ON BEHALF OF THE BOARD OF DIRECTORS of

Prophecy Platinum Corp.

"JOHN LEE"

John Lee

Chairman

For further information:

David Brook

Manager, Investor Relations

1‐800‐358‐5865

[e-mail]

www.prophecyplat.com

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."