Prophecy Platinum Announces Drill Results Demonstrating Broad Zones of Continuous Platinum Group Metals, Nickel and Copper Mi...

Prophecy Platinum Corp. (“Prophecy Platinum” or the “Company”)
(TSX-V: NKL; OTC-QX: PNIKF) is pleased to announce the final results
of its US$6.5 million, 11,000 metre 2012 exploration drill program at the
Company’s 100%-owned Wellgreen PGM-Ni-Cu project, located in the southwest of
Canada’s Yukon Territory. Fourteen of fifteen drill holes, from across
approximately two kilometres of the existing mineral resource area, intercepted
significant mineralized widths, including two of the best intercepts drilled at
the Wellgreen project to date.

Highlights



Highlighted drill results are summarized below in platinum equivalent (Pt Eq.)¹
and nickel equivalent (Ni Eq.)¹:

• WS12-214
  intersected three mineralized intervals totalling 362.8 metres of 2.22g/t
  Pt Eq. or 0.49% Ni Eq. including 37.6m of 5.31g/t Pt Eq. or 1.18% Ni Eq.;


• WS12-205
  intersected five mineralized intervals totalling 314.4 metres of 2.38g/t
  Pt Eq. or 0.53% Ni Eq. including 44.1 metres of 4.13g/t Pt Eq. or 0.92% Ni
  Eq.;


• WS12-203
  intersected two mineralized intervals totalling 317.2 metres of 1.91g/t Pt
  Eq. or 0.42% Ni Eq.;


•  WS12-208
  was entirely mineralized, totalling 142.5 metres of 4.01g/t Pt Eq. or
  0.89% Ni Eq.;


•  WS12-204
  intersected three mineralized intervals totalling 295.0 metres of 1.92g/t
  Pt Eq. or 0.43% Ni Eq.;


• WS12-213
  intersected two mineralized intervals totalling 251.9 metres of 2.08g/t Pt
  Eq. or 0.46% Ni Eq

Please refer to the tables below for additional details on all drilling
results. Greg Johnson, Prophecy Platinum's recently appointed President and
Chief Executive Officer, stated, "We are very pleased by the results from
this last round of drilling in the 2012 Wellgreen exploration program and are
developing a good  understanding of the geologic controls
for a large scale, bulk mining approach to the Wellgreen project.
 These drill holes from four different areas across the main Wellgreen
deposit, designed to test representative sections of the deposit, demonstrate
wide intervals of impressive mineralization. Two of these drill holes are in
the top holes ever drilled on the property to date in terms of width and grade
of mineralization and six of these drill holes exceed a grade thickness value
of over 500 gram-metres of platinum equivalent.  A grade thickness value
of 20 gram-metres is considered economically significant and most high quality
gold or platinum mines would have a core zone of 100 gram-metres or more.
 A value of 500 gram-metres is exceptional and two of our holes in the
project are nearly 1000 gram-metres highlighting the strength of the Wellgreen
system.  In addition, most of these zones remain open to further expansion
at depth and along trend.”

"Over the past several months our Wellgreen team has been compiling all
of the historic exploration data on the project and systematically integrating
it along with the results from the 2012 program.  This work is showing a nearly
continuous zone of disseminated PGM, nickel and copper mineralization in
ultramafic intrusive rocks of up to 200-500 metres in thickness with a higher
grade package of ultramafics lower in the section of up to 150-300 metres with
substantially higher PGM content."

Central Zone



The Central Zone, which occurs between the East and West Resource zones, had
undergone only limited drilling at the time of the Wellgreen resource estimate,
in 2011. Subsequent drilling in this area (see Wellgreen Plan View) has
revealed one of the thickest zones of continuous PGM, nickel and copper
mineralization found at the project to date. Drill Holes WS12-214 and WS11-188
intersected an upper ultramafic package of up to 200 metres in thickness
grading 2g/t Pt Eq. and a lower ultramafic package of 160-248 metres in
thickness grading 2.5g/t Pt Eq. Drill Hole WS11-188 intersected four
mineralized intervals totaling 434.6 metres at a grade of 2.30g/t Pt Eq. (or
0.51% Ni Eq.). Mineralized samples from part of Drill Hole WS11-188 were also
analyzed for rare PGM’s rhodium, osmium, iridium and ruthenium. The results of
these tests support the historic findings that the Wellgreen deposit contains
rare PGM’s along with platinum and palladium. Future metallurgical tests will
look to quantify the potential economic contribution of these rare PGM’s to the
project. Drill Hole WS12-214 was an offset hole to WS11-188 and confirmed the
continuity of mineralization by intersecting three mineralized intervals
totaling 362.8 metres at a grade of 2.22g/t Pt Eq. (or 0.49% Ni Eq.). See Table
1 andFigure 1.



Together, Drill Holes WS11-188 and WS12-214 indicate the existence of a very
broad mineralized zone of ultramafic rocks. Drill Hole WS12-214 also
intersected a significantly higher grade zone in the lower ultramafic package
across a width of 37.6 metres with grades of 5.31g/t Pt Eq. (or 1.18% Ni Eq.)
including 0.47% Ni, 0.83% Cu, 0.023% Co, 1.12g/t Pt, 0.65g/t Pd, and 0.27g/t
Au. These lower samples occur near the base of the ultramafic package that
contains areas of intense disseminated sulphides as well as pods of massive
sulphides that were the focus of historic exploration and mining on the
project. Less than half of the mapped area of potentially mineralized
ultramafics has been drill-tested in this area and the mineralized zone drilled
in WS12-214 and WS11-188 remains open to expansion. Drill Holes WS12-214 and
WS11-188 were designed to drill across the mineralized horizons with 8
individual intersections averaging 100 metres in width with an average base
metal content of 0.40% Ni Eq. and average PGM content of 0.48 g/t Pt Eq., for a
total of 2.26 g/t Pt Eq.



Table 1: Central Zone drill hole intercept highlights

Drill Hole	Ultramafic Unit	Downhole			Base Metals				Precious Metals				Total Metals		Pt Eq. grade thickness
		From	To	Width	Ni	Cu	Co	Ni Eq.	Pt	Pd	Au	Pt Eq.	Pt Eq.	Ni Eq.
		m	m	m	%	%	%	%	g/t	g/t	g/t	g/t	g/t	%	g - m
WS12-214	Upper	0.0	192.0	192.0	0.30	0.11	0.017	0.37	0.17	0.26	0.02	0.28	1.97	0.44	378
		198.0	208.7	10.7	0.37	0.17	0.018	0.46	0.20	0.34	0.03	0.36	2.46	0.54	26
2 intervals	Total Upper			202.7	0.31	0.11	0.017	0.38	0.17	0.26	0.02	0.29	1.99	0.44	404
	Total Lower	219.5	379.5	160.1	0.25	0.35	0.018	0.42	0.44	0.28	0.12	0.64	2.52	0.56	403
	incl	319.4	357.0	37.6	0.47	0.83	0.023	0.82	1.12	0.65	0.27	1.59	5.31	1.18	200
3 intervals	Total Hole			362.7	0.28	0.22	0.017	0.39	0.29	0.27	0.07	0.44	2.22	0.49	806
* Hole WS11-188 listed below for reference purposes (drilled in 2011)
WS11-188	Total Upper	7.9	195.1	187.1	0.29	0.10	0.015	0.36	0.17	0.24	0.02	0.27	1.88	0.42	353
	Lower	195.1	300.5	105.5	0.42	0.26	0.018	0.55	0.48	0.57	0.07	0.75	3.21	0.71	338
		306.6	411.7	105.1	0.22	0.22	0.017	0.33	0.48	0.31	0.07	0.65	2.13	0.47	224
		420.9	443.3	22.3	0.17	0.23	0.016	0.28	0.39	0.19	0.07	0.52	1.79	0.40	40
		450.3	464.9	14.6	0.26	0.49	0.018	0.47	0.62	0.32	0.14	0.86	3.00	0.66	44
4 intervals	Total Lower			247.5	0.30	0.26	0.017	0.43	0.48	0.41	0.07	0.69	2.61	0.58	646
5 intervals	Total Hole			434.6	0.30	0.19	0.016	0.40	0.35	0.34	0.05	0.51	2.30	0.51	999

Footnotes to Drill Interval Tables and
Figures:

1.        
Nickel equivalent
(Ni Eq. %) and platinum equivalent (Pt Eq. g/t) calculations reflect total
gross metal content using US$ of $7.58/lb nickel (Ni), $2.85/lb copper (Cu),
$12.98/lb cobalt (Co), $1270.38/oz platinum (Pt), $465.02/oz palladium (Pd) and
$1102.30/oz gold (Au) and have not been adjusted to reflect metallurgical
recoveries. The above metal prices are a 20% reduction of the LME 3-year
trailing average metal prices as presented in the Company's technical report
entitled “Wellgreen Project, Preliminary Economic Assessment, Yukon Canada”
dated August 1, 2012 (the “2012 Wellgreen PEA”) and prepared by Andrew Carter,
C.Eng., Pacifico Corpuz, P. Eng., Philip Bridson, P.Eng., and Todd McCracken,
P.Geo., of Tetra Tech Wardrop Inc. The 2012 Wellgreen PEA is available under
the Company's profile on SEDAR at www.sedar.com.

2.        
Ni Eq. % and Pt
Eq. g/t in “Base Metals” and “Precious Metals” columns only refers to
equivalents of base and precious metals respectively, not total metals. In the
“Total Metals” column the Pt Eq. includes both base and precious metals, as
does the Ni Eq.

3.        
Significant
interval defined as a minimum 15 g/t metre Pt Eq. interval,

4.        
Cutoff grade of
0.2% Ni Eq.

5.        
Internal dilution
up to six continuous metres of <0.2% Ni Eq.

6.        
Some rounding
errors may occur.

7.        
Individual
composites of >2.0 g/t Pt Eq. have been bolded.

8.        
True thicknesses
have not been measured.

9.        
Projected open pit
design in Figures is from the 2012 Wellgreen PEA.

 

Figure 1: Cross Section of
the Central Zone

(click
image to enlarge)

 

East Zone



Results from eight new drill holes in the East Zone confirm previously
identified zones of broad PGM, nickel and copper mineralization within a
package of ultramafic rocks starting from the surface. The summary grade
thickness values for all the holes indicated mineralized intervals with grade
thickness values at or in excess of 250 gram-metres of platinum equivalent.
Three holes exceeded a value of 500 gram-metres.



The East Zone contains many isolated massive sulphide lenses in and around the
underground workings that occur near the base of the ultramafic host rocks.
Though historic work focused on these massive sulphide bodies, as currently
envisioned, these limited but very high grade zones are seen as enrichments in
a much broader zone of disseminated material which spans the entire ultramafic
body and demonstrates continuous mineralization for at least 400 vertical
metres. In this section, the higher grade lower ultramafic package is confined
to an area adjacent to the Hasen Creek sediments and seems to follow the
contact very closely reaching widths of up to 160 metres. Although confined in
the upper 300 metres, this zone appears to be widening with increasing depth
and remains open in that direction. Drill holes in the East Zone were designed
to drill across the mineralized horizons, with 19 individual intersections
averaging 100 metres in width with an average base metal content of 0.35% Ni
Eq. and average PGM content of 0.32 g/t Pt Eq. for a total of 1.90 g/t Pt Eq.



Like the Central Zone, less than half of the mapped area of potentially
mineralized ultramafics has been drill- tested in this area.



Table 2: East Zone drill hole intercept highlights

Drill Hole	Ultramafic Unit	Downhole			Base Metals				Precious Metals				Total Metals		Pt Eq. grade thickness
		From	To	Width	Ni	Cu	Co	Ni Eq.	Pt	Pd	Au	Pt Eq.	Pt Eq.	Ni Eq.
		m	m	m	%	%	%	%	g/t	g/t	g/t	g/t	g/t	%	g - m
WU12-537		0.0	11.1	11.1	0.18	0.47	0.011	0.37	0.55	0.34	0.13	0.78	2.46	0.54	27
		19.0	128.6	109.7	0.31	0.10	0.016	0.37	0.19	0.27	0.03	0.31	2.00	0.44	219
2 intervals	Total Hole				0.29	0.14	0.016	0.37	0.22	0.27	0.04	0.35	2.04	0.45	246
WU12-548		0.0	5.3	5.3	0.23	0.50	0.018	0.45	0.54	0.32	0.09	0.74	2.75	0.61	15
		16.8	231.3	214.6	0.26	0.09	0.015	0.32	0.19	0.22	0.03	0.29	1.74	0.39	374
	incl	121.9	189.0	67.1	0.31	0.13	0.017	0.38	0.28	0.31	0.04	0.43	2.16	0.48	145
2 intervals	Total Hole			219.9	0.26	0.10	0.015	0.32	0.20	0.22	0.03	0.30	1.77	0.39	388
WS12-202	Upper	0.0	106.5	106.5	0.27	0.08	0.015	0.32	0.15	0.21	0.02	0.25	1.70	0.38	181
		141.4	260.5	119.2	0.27	0.09	0.016	0.33	0.15	0.20	0.02	0.24	1.71	0.38	204
2 intervals	Total Upper			225.7	0.27	0.08	0.015	0.32	0.15	0.21	0.02	0.24	1.71	0.38	386
WS12-203	Total Upper	0.0	229.5	229.5	0.27	0.10	0.016	0.33	0.18	0.23	0.04	0.30	1.80	0.40	413
	Total Lower	237.4	325.0	87.6	0.30	0.19	0.017	0.40	0.25	0.25	0.07	0.39	2.18	0.48	191
2 intervals	Total Hole			317.2	0.28	0.12	0.016	0.35	0.20	0.23	0.04	0.32	1.91	0.42	604
WS12-204	Total Upper	0.0	122.4	122.4	0.27	0.08	0.015	0.32	0.14	0.20	0.02	0.23	1.68	0.37	206
	Lower	129.9	207.0	77.1	0.26	0.26	0.016	0.39	0.34	0.28	0.06	0.50	2.25	0.50	174
		393.4	489.0	95.6	0.27	0.11	0.017	0.34	0.33	0.26	0.02	0.44	1.96	0.43	187
2 intervals	Total Lower			172.7	0.26	0.18	0.02	0.36	0.34	0.27	0.04	0.47	2.09	0.46	361
3 intervals	Total Hole			295.0	0.27	0.14	0.016	0.34	0.25	0.24	0.03	0.37	1.92	0.43	567
WS12-205	Total Upper	0.0	145.7	145.7	0.27	0.08	0.015	0.32	0.15	0.20	0.02	0.24	1.70	0.38	247
	Lower	158.1	185.0	26.9	0.28	0.36	0.019	0.45	0.57	0.35	0.16	0.83	2.85	0.63	77
		197.0	241.1	44.1	0.35	0.88	0.026	0.73	0.56	0.31	0.20	0.85	4.13	0.92	182
		261.3	269.0	7.7	0.24	0.52	0.017	0.47	0.34	0.16	0.02	0.42	2.54	0.56	20
		365.0	455.0	90.0	0.35	0.16	0.016	0.44	0.33	0.38	0.03	0.50	2.47	0.55	223
4 intervals	Total Lower			168.7	0.33	0.40	0.02	0.52	0.43	0.35	0.10	0.64	2.97	0.66	501
5 intervals	Total Hole			314.4	0.30	0.25	0.017	0.43	0.30	0.28	0.06	0.45	2.38	0.53	748
WS12-210	Total Upper	0.0	101.4	101.4	0.26	0.06	0.015	0.31	0.11	0.17	0.01	0.19	1.57	0.35	159
	Lower	123.2	143.5	20.4	0.29	0.10	0.015	0.35	0.19	0.27	0.03	0.32	1.90	0.42	39
		151.5	187.0	35.5	0.21	0.27	0.015	0.33	0.19	0.15	0.06	0.29	1.80	0.40	64
	incl	185.1	187.0	1.9	0.94	1.67	0.052	1.66	0.87	0.64	0.15	1.24	8.71	1.93	17
2 intervals	Total Lower			55.9	0.24	0.21	0.015	0.34	0.19	0.19	0.05	0.30	1.84	0.41	103
3 intervals	Total Hole			157.3	0.25	0.11	0.015	0.32	0.14	0.18	0.03	0.23	1.66	0.37	262
WS12-212	Total Upper	0.0	174.0	174.0	0.26	0.05	0.015	0.30	0.10	0.16	0.01	0.17	1.52	0.34	264

Footnotes to Drill Interval Table: (See footnotes under Table 1 above)

 

Figure
2: Cross Section of the East Zone

(click
image to enlarge)

 

In addition, a second ultramafic body remains to be tested to the southeast
and, based on geophysical data, may contain mineralization similar to the other
tested ultramafics. In this section, the higher grade lower ultramafic package
is confined to an area adjacent to the Hasen Creek sediments and seems to
follow the contact very closely, reaching widths of up to 160 metres. Although
confined in the upper 300 metres, this zone appears to be widening with
increasing depth and remains open in that direction.



West Zone



The two holes drilled in the West Zone, WS12-211 and WS12-213 (see Figure 3),
both intersected mineralized zones similar in grade to those found in the
Central Zone. Due to the close proximity of the drill collar locations to the
lower footwall contact with Hasen Creek sediments, the zone intercepts in the
West Zone are not of the same length.



The upper ultramafic zone in this section is extremely narrow, whereas the
higher-grade, lower ultramafic package exists as a more substantial unit and is
much closer to surface as compared to other sections. Drill Hole WS12-211
collars directly into the higher-grade zone and appears to widen down-dip,
exposing a significant mineralized zone that has been interpreted as grading
between 1-3g/t Pt Eq. Although the intervals were shorter in the upper
mineralized peridotites, the drill holes confirmed a broad width of continuity
of at least 90 metres. The lower mineralized gabbros and clinopyroxenite units
were also intersected closer to the surface than in the Central Zone. This
lower interval in Drill Hole WS12-211 was intersected across a width of 63.9
metres with grades of 3.82g/t Pt Eq. (or 0.85% Ni Eq.) including 0.39% Ni,
0.57% Cu, 0.024% Co, 0.66g/t Pt, and 0.46g/t Pd. Drill holes in the West Zone
were designed to drill across the mineralized horizons with 4 individual
intersections averaging 79 metres in width with an average base metal content
of 0.41% Ni Eq. and average PGM content of 0.57 g/t Pt Eq. for a total of 2.43
g/t Pt Eq.



Drill Hole WS12-213 intersected two mineralized intervals totaling 251.9 metres
at a grade of 2.08g/t Pt Eq. (or 0.46% Ni Eq.). Prophecy Platinum plans to
further investigate the extent of this higher-grade material near surface during
its 2013 exploration drilling program, as this may represent a target area with
higher grade material that could form the basis for an initial starter pit.



Two untested ultramafic bodies occur to the North that have yet to be explored,
and the Company believes this zone may potentially contain grades at surface
that are similar to those of Drill Hole WS12-211.



Table 3: West Zone drill hole intercept highlights

Drill Hole	Ultramafic Unit	Downhole			Base Metals				Precious Metals				Total Metals		Pt Eq. grade thickness
		From	To	Width	Ni	Cu	Co	Ni Eq.	Pt	Pd	Au	Pt Eq.	Pt Eq.	Ni Eq.
		m	m	m	%	%	%	%	g/t	g/t	g/t	g/t	g/t	%	g - m
WS12-211	Total Lower	1.5	65.4	63.9	0.39	0.57	0.024	0.65	0.66	0.46	0.09	0.91	3.82	0.85	244
	incl	54.0	65.4	11.4	0.92	1.30	0.052	1.50	1.09	0.84	0.08	1.47	8.22	1.82	93
WS12-213	Upper	0.0	60.3	60.3	0.29	0.16	0.016	0.37	0.16	0.24	0.02	0.27	1.95	0.43	118
		67.8	102.0	34.2	0.22	0.10	0.013	0.28	0.17	0.21	0.05	0.28	1.53	0.34	52
2 intervals	Total Upper			94.6	0.26	0.14	0.015	0.34	0.16	0.23	0.03	0.27	1.80	0.40	170
	Total Lower	102.0	259.3	157.3	0.26	0.21	0.016	0.36	0.44	0.32	0.07	0.62	2.25	0.50	354
3 intervals	Total Hole			251.9	0.26	0.18	0.016	0.35	0.33	0.29	0.06	0.49	2.08	0.46	524

Footnotes to Drill Interval Table: (See footnotes under Table 1 above)

 

Figure
3: Cross Section of the Wast Zone

(click
image to enlarge)

 

Far West Zone



Significant near surface mineralized intervals were encountered in both Drill
Holes WS12-208 and WS12-209 (see Figure 4). Drill Hole WS12-208 intersected a
mineralized interval totaling 142.5 metres at a grade of 4.01g/t Pt Eq. (or
0.89% Ni Eq.) and Drill Hole WS12-209 intersected a similar near surface
mineralized interval totaling 69.5 metres at a grade of 3.84g/t Pt Eq. (or
0.85% Ni Eq.). Both of these intervals start at the drill hole collars. Drill
Hole WS12-207 encountered intervals of limited mineralization, while Drill Hole
WS12-198 encountered no significant intervals.



The Far West Zone appears to have more faulting than other zones, with a number
of areas which appear to have repeated ultramafic units. The zone spans 175
metres at surface, narrowing at depth, with sediments on either side. This
ultramafic body is repeated to the south with grades ranging from 0-2g/t Pt Eq.
Much of the zone is comprised of the higher grade ultramafic package, with the
more moderate grade peridotite confined to the upper 34 metres and pinching
moving North. The northern area of this zone has noteably higher-grade
mineralization, particularly with respect to PGMs, than those seen at the
Central or the East Zones. This lower, enriched package grades on average
2-4g/t Pt Eq. and is open at depth. Drill holes in the Far West Zone were
designed to drill across the mineralized horizons with 3 individual
intersections averaging 75 metres in width with an average base metal content
of 0.65% Ni Eq. and average PGM content of 0.91 g/t Pt Eq. for a total of 3.82
g/t Pt Eq. (see Figure 4).



Table 4: Far West Zone drill hole intercept highlights

Drill Hole	Ultramafic Unit	Downhole			Base Metals				Precious Metals				Total Metals		Pt Eq. grade thickness
		From	To	Width	Ni	Cu	Co	Ni Eq.	Pt	Pd	Au	Pt Eq.	Pt Eq.	Ni Eq.
		m	m	m	%	%	%	%	g/t	g/t	g/t	g/t	g/t	%	g - m
WS12-198	No significant intervals
WS12-207	Total Lower	202.0	216.0	14.0	0.15	0.31	0.017	0.30	0.14	0.07	0.08	0.23	1.57	0.35	22
WS12-208	Total Lower	0	142.5	142.5	0.35	0.68	0.029	0.66	0.74	0.37	0.23	1.07	4.03	0.89	575
WS12-209	Total Lower	0.0	69.5	69.5	0.47	0.44	0.030	0.69	0.52	0.32	0.10	0.72	3.84	0.85	267
	incl	12.3	27.0	14.8	0.99	0.69	0.046	1.33	0.89	0.72	0.11	1.25	7.25	1.61	107

Footnotes to Drill Interval Table: (See footnotes under Table 1 above)

 

Figure
4: Cross Section of the Far West Zone

(click
image to enlarge)

 

2013 Exploration Program

Results from drilling in 2012 and historic data compilation, combined with
surface geochemical and geophysical exploration, has assisted in developing our
2013 exploration program, which will focus on:

• Infill
  drilling targeting conversion of inferred resources to measured and
  indicated resources;


• Step-out
  drilling at depth and to the southwest within the Central and East Zones
  to determine the extent of higher grade PGM zones occurring in both the
  upper and lower ultramafic packages;


• West and
  Far West Zone drilling to delineate the extent of the near surface
  higher-grade mineralization;


• Drilling
  to test the geophysical anomalies immediately southeast of the existing
  defined resource;


• Further
  exploration of several geophysical anomalies identified south of the West
  and Far West Zones, located under an area identified on surface as younger
  non-mineralized basalts;


• Further
  exploration of the ultramafic units directly adjacent to the north of the
  existing resource that have not been drill tested.

Metallurgy



The metallurgical program included in the 2012 Wellgreen PEA determined that a
bulk concentrate could be produced at the Wellgreen project.  The overall
recovery associated with this initial test program was 68% Ni, 88% Cu, 64% Co,
59% Au, 46% Pt, and 73% Pd.  A metallurgical report issued by SGS Canada
Inc. subsequent to the 2012 Wellgreen PEA on August 7, 2012, and titled “An
Investigation into Metallurgical Testwork of Cu/Ni/PGE Samples from the
Wellgreen Property” demonstrated that it is feasible to produce separate Ni and
Cu sulphide concentrates utilizing a conventional mineral processing design.
 The master composite sample assay results indicated that 88% of the
nickel metal was present in sulphides.  In addition, the initial
metallurgical testing program relied on samples believed to be representative
of the overall deposit.  Future work will focus on metallurgical response
within individual zones and understanding the variability between zones.
 The Company believes there may be an opportunity to enhance overall
metallurgical performance through processing optimizations targeted toward
specific zones in the life of mine plan.  In addition, there may be an opportunity
to pursue recovery of rare PGM’s, which will be further explored.

Engineering Activities

The 2012 Wellgreen PEA indicated that the project has the potential to be
developed into a sustainable operation that would generate significant economic
benefits over the long term.  The report highlighted that the Wellgreen
project may have the potential to produce up to 7 million oz. PGM+Au, 2 billion
lbs. Ni, 2 billion lbs. Cu over the and Cu sulphide concentrates using a
conventional flotation process with a production rate of 32,000 tonnes per day
of ore and an overall strip ratio of 2.57:1.

John Sagman, P.Eng., Senior Vice President and Chief Operating Officer,
stated, “The 2012 Wellgreen PEA was an important milestone for the project and
showed robust economics at 20% below 3 year average metal prices. It also
highlighted a number of opportunities that have good potential to improve the
economic key performance indicators, including lower cost energy sources such
as LNG, mine plan optimization to accelerate extraction of higher grade
material earlier in the life of the mine, as well as a number of potential
enhancements regarding overall metal recovery that are currently utilized on
other PGM-Ni-Cu projects.”

2013 metallurgical engineering initiatives will investigate the potential of
further optimization of base metal and PGM recoveries, increased concentrate
grades and developing a better understanding of the economic contribution of
the rare PGM’s.  Basic engineering will also be required in order to
define optimal locations for the mine facilities and surface infrastructure
required to support the operation, with the objective of utilizing local
resources to the greatest extent possible.  The information obtained will be
the basis for a number of studies that consider a range of operating scenarios
with different throughput and production rates that will maximize the project’s
overall economic performance.  Of particular focus will be a review of
potential staged construction approaches that may allow for a smaller initial
operation with lower up front capital costs through mining higher grade
material with later expansion of the project out of operating cashflow over
time.

These  studies  and  an  updated  2013
 resource  model  would  be  incorporated  into
 an  updated  Economic

Assessment targeted for expected release in Q1 2014.

Major expected milestones for the Wellgreen project include:

• 2013


• Q1 – Q4
        Ongoing Baseline Environmental and Logistics Studies


• Q2 – Q3
        Mobilization and commencement of the exploration
  program


• Q2 – Q4
        Engineering and Metallurgical Test Work Program

 

• 2014


• Q1
                Updated Resource Estimate
  and Preliminary Economic Assessment


• Q2 –
  Q4      Pre-Feasibility-level Studies and initiation of
  Permitting

 

• 2015-2016   Feasibility
  Studies, Permitting and Construction

About Wellgreen



Prophecy Platinum’s Wellgreen project is one of the world’s largest undeveloped
PGM deposits and is currently projected to be one of the largest platinum and
palladium producing projects in North America.  In addition to the
production of platinum metals and gold the project would be a significant
producer of nickel and copper which would  make  Wellgreen  a
 low  cost  platinum  and  palladium  producer
 on  a  co-product  basis.    Baseline
environmental work is underway for the permitting process.  Given that the
project is a former operating mine within an area of historic and current
placer mining, the Company expects that the permitting process will progress on
an expedited basis.  The Wellgreen project has excellent access
infrastructure and is located in Canada’s mining-friendly Yukon Territory, just
15 kilometres from the Alaska Highway, leading to sea ports at Haines and
Skagway.

The Company will be working in consultation with the First Nation and local
communities in the region as part of the exploration and development process.
 Prophecy Platinum and the Kluane First Nation have entered into a
cooperation and benefits agreement which supports the exploration program and
environmental studies related to the  development  of  the 
Wellgreen  project.    As  part  of
 the  agreement,  an  Advisory  Committee  has
 been established with representatives from both Prophecy Platinum and
Kluane First Nation to proactively address any issues or concerns that may
arise during the exploration and feasibility phases of the project.

About Prophecy Platinum

Prophecy Platinum Corp. is a growth-focused PGM exploration company with
projects in the Yukon Territory, Ontario and Manitoba, Canada.   The
Company’s 100% owned Wellgreen PGM-Cu-Ni project, located in the Yukon, is one
of the world's largest PGM deposits and one of few significant PGM deposits
outside of South Africa or Russia.  The Company’s Shakespeare PGM-Cu-Ni
project is a fully-permitted, production-ready mine located in the Sudbury mine
district of Ontario, and its Lynn Lake project is a former operating mine
located in Manitoba, Canada.  The Company’s experienced management team
has a track record of successful large scale project discovery, development,
operations and financing combined with an entrepreneurial and collaborative
approach to working with First Nations and communities.  The Company’s
shares are listed on the TSX-Venture exchange under the symbol “NKL” and on the
US OTC-QX market under the symbol “PNIKF”.

Further information about the Company and its projects can be found at www.prophecyplatinum.com.

Prophecy Platinum Contacts:

Greg Johnson President & CEO Chris Ackerman Senior Manager, Investor Relations

1-800-459-5583 [e-mail] www.prophecyplatinum.com

Quality Assurance, Quality Control

The geological technical information in this news release has been reviewed
and approved by Neil Froc, P. Eng., Project Manager of Prophecy Platinum, who
oversaw the 2012 exploration program at the Wellgreen project.  Mr. Froc
is a Qualified Person as defined by National Instrument 43-101.  All other
technical information in this news release has been reviewed and approved by
John Sagman, P.Eng., Senior Vice President and Chief Operating Officer of
Prophecy Platinum. Mr. Sagman is a Qualified Person as defined by National
Instrument 43-101.

Prophecy Platinum executes a quality control program to ensure data
verification using best practices in sampling and analysis. Samples are cut and
split for assay with the remaining sample retained for reference.  Blanks,
Standard Reference Material (“SRM”), and duplicates were
inserted into the sample stream every 20th sample.  A duplicate sample is
taken every 20th sample of core.  The selected sample is sawn in half and
then sawn in half again.   The quartered core is then placed into two
different sample bags with different sample numbers and sealed.  The SRM
material comes from Natural Resources Canada and Analytical Solutions Limited.
 These were inserted into the sample stream immediately after the second
duplicate.  The SRMs used are WMS-1, WPR-1 and WGB-1.  Sample Blanks
are obtained from two sources: granodiorite from a local quarry and garden
marble from hardware stores in Whitehorse, Yukon.  A Blank sample is
inserted into the sample stream after the SRM. Assayed samples are transported
in sealed and secured bags for preparation at ALS Chemex Prep Lab located in
Whitehorse, Yukon.  Pulverized (pulp) samples are shipped for analysis to
ALS Chemex Assay Laboratory in Vancouver, B.C.  Platinum, palladium and
gold were determined by ICP emission spectrometry.  Copper, nickel and
cobalt were determined by ICP emission spectrometry.  Copper, nickel and
cobalt over limits were followed by Four Acid digestion and ICP atomic emission
spectroscopy.   ALS Chemex is an ISO/IEC 17025:2005 accredited
laboratory and registered under ISO 9001: 2000. ALS Chemex is independent from
the Company.

Quality assurance and quality control are monitored using scatterplots,
Thompson-Howarth plots and statistical analysis to ensure duplicates, blanks
and standard data are reliable, and indicate robustness of overall results. ALS
Chemex quality-assurance procedures are also included in this process.

The 2012 Wellgreen PEA is preliminary in nature, includes inferred mineral
resources that are too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral reserves.
 There is no certainty the 2012 Wellgreen PEA will be realized.  A mineral
reserve has not been estimated for the project as part of the 2012 Wellgreen
PEA.  A mineral reserve is the economically mineable part of a measured or
indicated mineral resource demonstrated by at least a prefeasibility study.
 Mineral resources that are not mineral reserves do not have demonstrated
economic viability.  Please refer to the full text of the 2012 Wellgreen
PEA which is available on the Company’s profile on SEDAR at www.sedar.com for
the full details on the Wellgreen project and the underlying assumptions and
qualifications.

Forward Looking Information: This news release includes
certain information that may be deemed "forward-looking information".
 All information in this release, other than information of historical
facts, including, without limitation, information of potential mineralization,
the estimation of mineral resources, the realization of mineral resource
estimates, interpretation of prior exploration and potential exploration
results, the timing and success of exploration activities generally, future
production estimates, the timing and results of future resource estimates,
permitting time lines, metal prices and currency exchange rates, availability
of capital, government regulation of exploration operations, environmental
risks, reclamation, title, and future plans and objectives of the Company are
forward-looking information that involve various risks and uncertainties.
 Although the Company  believes  that  the  expectations
 expressed  in  such  forward-looking  information
 are  based  on  reasonable assumptions, such expectations
are not guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking information.
 Forward-looking information is based on a number of material factors and
assumptions.   Factors that could cause actual results to differ
materially from the forward-looking information include unsuccessful
exploration results, changes in project parameters as plans continue to be
refined, results of future resource estimates, future metal prices,
availability of capital and financing on acceptable terms, general economic,
market or business conditions, risks associated with operating in foreign
jurisdictions, uninsured risks, regulatory changes, defects in title,
availability of personnel, materials and equipment on a timely basis, accidents
or equipment breakdowns, delays in receiving government approvals, the
Company's ability to maintain the support of stakeholders necessary to develop
the Wellgreen project, unanticipated environmental impacts on operations and
costs to remedy same, and other exploration or other risks detailed herein and
from time to time in the filings made by the Company with securities regulatory
authorities in Canada. Readers are cautioned that mineral resources that are
not mineral reserves do not have demonstrated economic viability. Mineral
exploration and development of mines is an inherently risky business.
 Accordingly, actual events may differ materially from those projected in
the forward-looking information.  For more information on the Company and
the risks and challenges of our business, investors should review our annual
filings which are available at www.sedar.com.  The Company does not
undertake to update any forward looking information, except in accordance with
applicable securities laws.

Cautionary Note to United States Investors:  This news
release has been prepared in accordance with the requirements of the securities
laws in effect in Canada, which differ from the requirements of U.S. securities
laws.  Unless otherwise indicated, all resource and reserve estimates
included in this news release have been prepared in accordance with the
Canadian Securities Administrators’ National Instrument 43-101 - Standards
of Disclosure for Mineral Projects ("NI 43-101”) and
the Canadian Institute of Mining, Metallurgy, and Petroleum Definition
Standards on Mineral Resources and Mineral Reserves.  NI 43-101 is a rule
developed by the Canadian Securities Administrators which establishes standards
for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects.  Canadian standards, including NI
43-101, differ significantly from the requirements of the United States
Securities and Exchange Commission ("SEC”), and resource
and reserve information contained herein may not be comparable to similar
information disclosed by U.S. companies.  In particular, and without
limiting the generality of the foregoing, the term "resource” does not
equate to the term "reserves”. Under U.S. standards, mineralization may
not be classified as a "reserve” unless the determination has been made
that the mineralization could be economically and legally produced or extracted
at the time the reserve determination is made.  The SEC's disclosure
standards normally do not permit the inclusion of information concerning
"measured mineral resources”, "indicated mineral resources” or
"inferred mineral resources” or other descriptions of the amount of
mineralization in mineral deposits that do not constitute "reserves” by
U.S. standards in documents filed with the SEC.  Investors are cautioned
not to assume that any part or all of mineral deposits in these categories will
ever be converted into reserves.  U.S. investors should also
 understand  that  "inferred  mineral  resources”
 have  a  great  amount  of  uncertainty  as
 to  their  existence  and  great uncertainty as to
their economic and legal feasibility.   It cannot be assumed that all
or any part of an "inferred mineral resource” will ever be upgraded to a
higher category.  Under Canadian rules, estimated "inferred mineral
resources” may not form the basis of feasibility or pre-feasibility studies
except in very rare cases.  Investors are cautioned not to assume that all
or any part of an "inferred mineral resource” exists or is economically or
legally mineable.  Disclosure of "contained ounces” in a resource is
permitted disclosure under Canadian regulations; however, the SEC normally only
permits issuers to report mineralization that does not constitute
"reserves” by SEC standards as in-place tonnage and grade without
reference to unit measures.  The requirements of NI 43-101 for identification
of "reserves” are also not the same as those of the SEC, and reserves
reported by the Company in compliance with NI 43-101 may not qualify as
"reserves” under SEC standards. Accordingly, information concerning
mineral deposits set forth herein may not be comparable with information made
public by companies that report in accordance with U.S. standards.

"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."