Prophecy Platinum Corp. (TSX VENTURE:NKL)(OTCQX:PNIKF) "Prophecy
Platinum" or the "Company" is pleased to announce the first results
from the 2013 field program at its 100%-owned Wellgreen PGM-Ni-Cu
project, located in the southwest of Canada's Yukon Territory. The
Company has identified a significant, newly interpreted area of
mineralization towards the eastern end of the deposit that included
353 metres of continuous mineralization grading 2.62 g/t platinum
equivalent ("Pt Eq.")(1), comprised of 0.93 g/t 3E PGMs (Pt+Pd+Au),
0.31% Ni and 0.33% Cu. Please refer to the footnote below regarding
the Company's use of Pt Eq.
Highlights
Re-logging and analysis of previously unreleased drill core
assays by the Company's geological team has identified a broad
mineralized area in the Far East Zone which is believed to extend
the main Wellgreen deposit to the north. Historically, drilling in
the main Wellgreen deposit was stopped upon entering the "footwall"
sediments, which were assumed to be the northern boundary to
mineralization. This drilling had defined the main Wellgreen
deposit as a south dipping tabular body approximately 2.5
kilometres in length that is typically 100-300 metres in width with
some zones of over 500 metres of continuous mineralization grading
in excess of 2 g/t Pt Eq. Based on this new interpretation of drill
holes in the Far East Zone, the historic footwall sediment package
thought to define the northern boundary of the Wellgreen deposit
does not extend to depth, but rather exhibits a wedge-like
geometry. This suggests that there is potential for a large area of
additional PGM-Ni-Cu mineralization in the pit model beneath and to
the north of the sediment package. In addition, this newly
recognized zone may connect the North Arm ultramafic body to the
main Wellgreen deposit, potentially converting a large area which
was modeled as unmineralized in the pit model to an area which has
potential to become mineralized blocks. This could have the
positive effect of reducing the life of mine strip ratio for the
project.
This Far East Zone also exhibits areas of significantly higher
grades than the average of the Wellgreen deposit that may be
amenable to selective mining of higher grade material early in the
mine life. The Far East Zone is completely open to the west, east
and to the north. More exploration work is being conducted by the
Company in this area to gain a better understanding of its
mineralization and the broader implications for the Wellgreen
deposit as a whole.
Highlight intercepts from the newly interpreted mineralized area
include the following, expressed in platinum equivalent and 3E PGM
(platinum + palladium + gold) (see definitions below):
-- WS-154 intersected five intervals totaling 501.2 metres grading 1.84 g/t
Pt Eq. (0.55 g/t 3E PGMs with 0.26% Ni and 0.19% Cu) for a total Pt Eq.
grade thickness of 922 g/t-m
-- WS-160 intersected two intervals totaling 443.6 metres grading 2.46 g/t
Pt Eq. (0.84 g/t 3E PGMs with 0.31% Ni and 0.30% Cu) and including 352.7
metres of 2.62 g/t Pt Eq. (0.93 g/t 3E PGMs with 0.31% Ni and 0.33% Cu)
for a total Pt Eq. grade thickness of 1,094 g/t-m
-- WS-165 intersected two intervals totaling 194.1 metres grading 2.99 g/t
Pt Eq. (1.24 g/t 3E PGMs with 0.26% Ni and 0.55% Cu) and including 60.7
metres of 4.24 g/t Pt Eq. (2.02 g/t 3E PGMs with 0.24% Ni and 0.99% Cu)
for a total Pt Eq. grade thickness of 581 g/t-m
-- WS-193 intersected two intervals totaling 410.7 metres grading 1.77 g/t
Pt Eq. (0.46 g/t 3E PGMs with 0.29% Ni and 0.10% Cu) and including 357.7
metres of 1.84 g/t Pt Eq. (0.49 g/t 3E PGMs with 0.30% Ni and 0.11% Cu)
for a total Pt Eq. grade thickness of 726 g/t-m
These results indicate the potential for the Far East Zone to be
laterally extensive with broad zones of significantly higher grades
than the average of the Wellgreen deposit. Several of these holes
contain Pt Eq. grade thickness values of 1,000 g/t-m, which are
some of the best intersections to date on the project.
Greg Johnson, Prophecy Platinum's President and Chief Executive
Officer, stated, "We are excited about the implications of these
drill holes and the potential to define a large block of new
mineralization within the existing pit model. We are also
encouraged with the presence of the wide zones of significantly
higher grade, such as in hole 165 which intersected 60.7 metres of
2.01 g/t 3E PGMs with 0.24% Ni and 0.99% Cu for a total platinum
equivalent grade of 4.24 g/t Pt Eq. In our current drilling, we are
testing the total width of this zone with a step out to the east
designed to intercept both the historic tabular Wellgreen deposit
and to drill into this Far East Zone to the north. Though the assay
results of this offset drill hole are pending, it has already
intercepted more than 750 metres of continuous ultramafic host rock
containing disseminated sulphide mineralization. In light of this
new interpretation, the Company is also reviewing and assessing
additional historic drilling several hundred metres east of the Far
East Zone and believes that these holes may have also intercepted
this new zone of mineralization."
Mr. Johnson continued, "We are also excited to report that in
our review of historical information, some of which has not
previously been published, we have noted areas of strongly enriched
rare platinum group metals ("PGMs"), rhodium (Rh), osmium (Os),
iridium (Ir) and ruthenium (Ru). These rare PGM zones occur within
and adjacent to high sulphide zones with elevated concentrations of
platinum, palladium and gold. These rare PGMs are not common in
magmatic PGM-Ni-Cu deposits, but these results are consistent with
historic mining data for the Wellgreen concentrates; a total of
171,652 tonnes were milled by Hudson Yukon Mining in 1972 and 1973
with grades based on smelter returns of 2.23% Ni, 1.39% Cu, 1,300
ppb Pt, 920 ppb Pd, 171 ppb Au, 400 ppb Rh, 420 ppb Ru, 250 ppb Ir,
200 ppb Os and 200 ppb Re. The presence of these rare and valuable
PGM metals has been shown to increase the total PGM content by 100%
to 200% in some sulphide-rich samples and by 10% to 15% in adjacent
and shoulder zones with high sulphide contents. Because of the
potential positive economic impact of these rare PGMs, additional
analyses of the full suite of PGMs in the higher sulfide intercepts
and intervals are being conducted by the Company."
Main Wellgreen Deposit and New Far East Zone Interpretation
The main Wellgreen resource area has been delineated into five
zones which show broad disseminated to high sulphide mineralization
contained within host ultramafic rocks. These five zones - the Far
West, West, Central, East and Far East Zones - cover an area of 2.5
kilometres in length with mineralization starting at surface and
extending, at the deepest known point, to at least 700 metres .
These zones form a continuous, moderately to steeply south dipping
tabular body of disseminated PGM, nickel and copper mineralization
that is typically 100-300 metres in width with some zones of over
500 metres of continuous mineralization grading in excess of 2 g/t
Pt Eq. The Far East Zone is at the eastern end of the deposit and
remains open to the west, north and east towards the Quill target,
which has a similar geochemical and geophysical signature to
Wellgreen.
An ongoing, comprehensive review of the Wellgreen project has
focused on compiling all historic information on the deposit back
to the 1950s. This review has resulted in the development of a new
understanding of the controls to the disseminated PGM, nickel and
copper mineralization. During the review, the technical team
focused on several areas of particularly wide and significantly
higher grade mineralization. The Far East Zone at the eastern end
of the main Wellgreen deposit is one of these areas and our new
interpretation indicates the potential for a large new zone of
mineralization which is distinctive from the main tabular Wellgreen
deposit.
Historically, drilling in the main Wellgreen deposit was stopped
upon entering the "footwall" sediments, which were assumed to be
the northern boundary to mineralization. Results from the review of
deeper drilling in the Far East Zone indicate the footwall sediment
package does not extend completely to depth, but rather exhibits a
wedge-like geometry. This suggests that this zone may extend
significantly toward the west as well as toward the east and that
there is potential for a broad area of additional mineralization
that was not previously recognized beneath the sediment package
toward the north. This new zone may connect with a second
mineralized ultramafic body called the North Arm that has only
limited historic drilling but that falls within the pit model.
As can be seen in the cross section and table below, the Far
East Zone exhibits exceptionally wide and continuous mineralization
with all four holes in the area exceeding 500 gram/tonne-metres of
Pt Eq. mineralization, and WS-154 and WS-160 exceeding 900
gram/tonne-metres. WS-160 and WS-165 are approximately 150 metres
apart and have different lithological and mineralization
characteristics compared with the typical mineralization in the
main Wellgreen tabular body, including significant enrichment of
copper and platinum, which could indicate this area is part of a
feeder zone or area which focused greater sulphide concentration
during emplacement. Data seems to indicate that grades in this Far
Eastern Zone area may be increasing with depth and that the
ultramafic body is open to significant further expansion.
Drill Hole Intercept Highlights(i)
----------------------------------------------------------------------------
Drill Hole Downhole Base Metals
From To Width Ni Cu Co Ni Eq.
m m m % % % %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WS-154 2.1 218.2 216.1 0.24 0.12 0.014 0.31
---------------------------------------------------------------
293.8 306.6 12.8 0.16 0.29 0.015 0.29
---------------------------------------------------------------
335.6 342.3 6.7 0.37 0.48 0.021 0.59
---------------------------------------------------------------
353.1 488.6 135.5 0.34 0.20 0.018 0.45
---------------------------------------------------------------
495.6 625.8 130.1 0.21 0.27 0.014 0.33
----------------------------------------------------------------------------
5 intervals 501.2 0.26 0.19 0.015 0.35
----------------------------------------------------------------------------
WS-160 2.7 93.7 91.0 0.29 0.17 0.016 0.38
---------------------------------------------------------------
362.1 714.8 352.7 0.31 0.33 0.020 0.47
----------------------------------------------------------------------------
2 intervals 443.6 0.31 0.30 0.019 0.45
----------------------------------------------------------------------------
WS-165 361.1 494.5 133.4 0.26 0.36 0.017 0.43
---------------------------------------------------------------
624.5 685.2 60.7 0.24 0.99 0.019 0.64
----------------------------------------------------------------------------
2 intervals 194.1 0.26 0.55 0.018 0.49
----------------------------------------------------------------------------
WS-193 3.1 56.0 53.0 0.24 0.03 0.013 0.27
---------------------------------------------------------------
104.8 462.5 357.7 0.30 0.11 0.016 0.37
----------------------------------------------------------------------------
2 intervals 410.7 0.29 0.10 0.016 0.36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Hole Precious Metals Total Metals Grade Thickness
-----------------
Pt Pd Au Pt Eq. 3E Pt Eq. Ni Eq. Pt Eq. 3E
g/t g/t g/t g/t g/t g/t % g/t-m g/t-m
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WS-154 0.14 0.18 0.02 0.22 0.34 1.48 0.36 321 74
---------------------------------------------------------------
0.52 0.31 0.15 0.76 0.98 1.96 0.46 25 13
---------------------------------------------------------------
0.40 0.27 0.08 0.56 0.75 2.98 0.71 20 5
---------------------------------------------------------------
0.29 0.30 0.04 0.43 0.63 2.26 0.54 306 85
---------------------------------------------------------------
0.41 0.253 0.09 0.58 0.75 1.92 0.46 251 97
----------------------------------------------------------------------------
5 intervals 0.26 0.237 0.05 0.39 0.55 1.84 0.44 922 274
----------------------------------------------------------------------------
WS-160 0.19 0.256 0.03 0.31 0.47 1.85 0.45 169 43
---------------------------------------------------------------
0.49 0.319 0.12 0.71 0.93 2.62 0.62 925 328
----------------------------------------------------------------------------
2 intervals 0.43 0.306 0.10 0.63 0.84 2.46 0.59 1094 371
----------------------------------------------------------------------------
WS-165 0.46 0.312 0.11 0.68 0.89 2.43 0.58 324 119
---------------------------------------------------------------
1.06 0.534 0.42 1.62 2.02 4.24 1.00 257 122
----------------------------------------------------------------------------
2 intervals 0.65 0.382 0.21 0.97 1.24 2.99 0.71 581 241
----------------------------------------------------------------------------
WS-193 0.09 0.145 0.01 0.15 0.25 1.28 0.31 68 13
---------------------------------------------------------------
0.20 0.262 0.03 0.32 0.49 1.84 0.44 659 175
----------------------------------------------------------------------------
2 intervals 0.19 0.247 0.03 0.30 0.46 1.77 0.43 726 188
----------------------------------------------------------------------------
(i) 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
http://www.sedar.com/. 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. 3E represents
the sum of platinum, palladium and gold, measured in g/t. 4. Significant
interval defined as a minimum 15 g/t-m Pt Eq. interval. 5. Cutoff grade of
0.2% Ni Eq. 6. Internal dilution up to six continuous metres of less than
0.2% Ni Eq. 7. Some rounding errors may occur. 8. True thicknesses have not
been measured.
To view Far East Zone Cross Section, visit the following link:
http://www.prophecyplatinum.com/images/2013_aug_fareast_section.jpg
WS-160 started in mineralization associated with the main
tabular Wellgreen deposit from surface, passed through the sediment
zone, and then intersected 353 metres of continuous higher grade
mineralization in the lower zone (see table and cross section
above). WS-165 exhibited a similar pattern at approximately the
same depth, though it did also intercept what is interpreted as a
narrow, tabular, post-mineral dike before passing into a higher
grade zone with 1% copper and 4-5 g/t Pt Eq. over 60 metres. This
lower intercept in WS-165 shows a broad zone of significant
enrichment of copper and platinum which may be amenable to
selective mining using bulk underground methods.
As can be seen in the section and the 3D geologic model, this
new area may connect the main Wellgreen deposit with the relatively
untested North Arm ultramafic body. The North Arm falls within the
current pit model but, due to a lack of modern drilling data, was
not included in the current Mineral Resource estimate. With the
current resampling effort and additional drilling the North Arm has
the potential of being reclassified from unclassified material into
a Resource designation which would add mineralized blocks to the
Wellgreen economic model that were previously modelled as waste
blocks.
The Far East Zone is significant since it indicates potential
for a considerable new zone of higher grade mineralization which
may connect the main Wellgreen deposit with zones to the east and
north. The new zone appears to open for at least 400 metres to the
west and it is fully open further east where only limited drilling
has been completed. It also suggests that the North Arm may be part
of a much larger ultramafic body than previously recognized giving
it greater potential for expansion.
Further exploratory work is planned in this new area over the
coming months to determine the extent of mineralization, its
orientation, grades, and potential for bulk mineability in the
first 5-10 years of mining. There are a number of broad zones of
higher grade material requiring follow up which the Company will
assess to determine if they can be scheduled for production, along
with other higher grade zones, early in the mine plan.
2013 Field Program Update
As indicated in our previous news releases, our 2013 field
program has the following key objectives:
-- Definition of higher-grade mineralization for scheduling in the first 5-
10 years of operations to improve existing positive project economics;
-- Key step-out drilling to offset higher-grade mineralized zones and bring
currently unclassified blocks that are within the previous pit model
into the mineral resource;
-- Conversion of a significant portion of the mineral resource from the
Inferred to the Measured and Indicated categories to increase overall
confidence in the mineral resource model; and
-- Testing of high priority targets adjacent to the main Wellgreen deposit
for the existence of new, higher-grade, bulk mineable mineralization.
Priority Drilling Targets
The Company identified and prioritized a series of drill hole
locations for the 2013 field program based on the above parameters.
The first of these drill holes was selected to significantly offset
and intercept wide zones of higher grade mineralization and to
demonstrate the predictability of the new 3D geologic model.
Drilling has been completed at the first of these locations,
which is a step out hole collared approximately 380 metres to the
south of WS-160 in the Far East Zone. This hole was designed to
test the extent of the main Wellgreen tabular body to the south and
to test the extent of the new Far East Zone at greater depth based
on our new interpretation from holes WS-160 and WS-165. The drill
hole was originally planned to extend 700 metres, but drilled to
over 800 metres due to the extent of mineralization.
The next priority target is a significant offset to the south of
WS-214 and WS-188 in the Central Zone. The Central Zone is one of
the thickest zones of higher grade mineralization with in excess of
500 metres of continuous mineralization at more than 2 g/t Pt Eq.
In the main tabular Wellgreen deposit in the Central Zone,
mineralization is open to the south and untested at depth.
In addition, the Company is drilling a series of shallow drill
hole targets in areas with potential for higher grade starter pits,
particularly in the Far West and West Zones. Five such drill holes
have been drilled this year as part of the 2013 field program, with
assay results pending.
To view Wellgreen Resource Area, visit the following link:
http://www.prophecyplatinum.com/images/2013_aug_resourceoutline.jpg
Re-Logging and Sampling of Historic Drill Holes
The re-logging and sampling program of up to 12,000 metres of
historic drill holes initiated in June is approximately 66%
complete. The historic drill holes were previously only selectively
sampled for high-grade, massive sulphide zones amenable to an
underground mining scenario. Therefore, as much as 75% of the drill
core that can be considered in an open pit bulk mineable scenario
was never sampled. These historic holes are now being analyzed
across broad zones of disseminated sulphide mineralization for
platinum, palladium, rhodium and gold (4E) in addition to nickel,
copper, cobalt and trace elements. The analysis will include NI
43-101 quality control processes to allow these historic drill
holes to be utilized in the next Mineral Resource update and
updated 2014 PEA.
To view Wellgreen Plan View, visit the following link:
http://www.prophecyplatinum.com/images/2013_wellgreen_field_program.jpg
Quill and Burwash Targets
Prophecy Platinum continues to evaluate historic exploration
data from the Quill and Burwash areas, both of which have a
potential strike length of over 2 kilometres based on magnetic and
soil geochemical anomalies. The Company has identified a series of
high-priority targets in the Quill and Burwash areas, which are
outside of the current limits of the current mineral resource model
but demonstrate geomagnetic and surface geochemical signatures
which are similar to those found at the main Wellgreen deposit.
Initial results indicate the possibility that these sites may be
part of the same overall system, which exceeds 18 kilometres in
length.
Rare PGMs
During the compilation and review of drilling data collected on
the Wellgreen project for holes WS-160 and WS-165, several
additional assay certificates from Becquerel Labs of Mississauga,
Ontario were identified. These certificates contained Neutron
Activation (Method BQ-NAA-2) results from various drill hole pulps.
The pulps were analyzed for gold and 6E PGMs (Pt, Pd, Ir, Os, Rh
and Ru). Of particular importance in these results was the 10.2
metre interval from 440.74 to 450.95 metres. The interval is a zone
of semi-massive sulphides in clinopyroxenite followed immediately
by a zone of massive sulphides and exhibits a 17% to 212% upgrade
in PGMs, with an average increase of 70%. The adjacent drill
intervals above (18.9 metres) and below (12.0 metres) this section
were not similarly assayed, which could mean there may be the
potential to have increased PGM grades adjacent to these zones.
The Company will be focusing efforts on identifying the extent
of this zone and the possibility of finding similar zones within
the Wellgreen deposit. Concentrates that were historically mined
and produced at Wellgreen and sold to Sumitomo in the 1970s
reported significant recovery of rare PGMs along with platinum,
palladium, gold, nickel and copper. Anomalous concentrations of
rhodium appear to be a good proxy for zones of higher 6E PGMs. All
analyses going forward will include an analysis of rhodium with a
four acid digestion ICP-ES analysis (Code 7TD) through ACME Labs in
Vancouver.
Looking Forward
Prophecy Platinum is very pleased with the initial results of
its 2013 field program. The identification of the mineralized area
in the Far East Zone below the sediment wedge was an exciting
discovery and additional work will explore the orientation and
potential size of this area. The Company looks forward to reporting
results from our re-sampling and drilling programs in the coming
weeks and months, along with our next phase of metallurgical
optimization testwork.
Wellgreen is quickly becoming one of the most significant
undeveloped PGM deposits in the world in terms of width and
continuity of PGM mineralization. With typical mineralization
widths between 100 and 300 metres and in some areas beyond 500
metres the grade thickness values demonstrate an amenability to
open pit and underground bulk mining, both of which are important
considerations when comparing Wellgreen to well-known new South
African bulk mineable projects such as at Platreef and Waterberg.
Broader mineralization widths allow for lower cost, less labour
intensive mining methods. Wellgreen is located in a low political
risk, mining-friendly jurisdiction with direct access to existing
highways and port infrastructure.
About Prophecy Platinum
Prophecy Platinum Corp. is a PGM exploration and development
company with projects in the Yukon Territory, Ontario and Manitoba,
Canada. The Company's 100% owned Wellgreen PGM-Ni-Cu project,
located in the Yukon, is one of the world's largest undeveloped PGM
deposits and one of few significant PGM deposits outside of
southern Africa or Russia. The Company's Shakespeare PGM-Ni-Cu
project is a fully-permitted, production-ready mine located in the
Sudbury mining district of Ontario, and its Lynn Lake project is a
former operating mine located in Manitoba, Canada. The Company's
experienced senior management team has a track record of
successful, large-scale project discovery, development, operations
and financing combined with an entrepreneurial approach to
sustainability and collaboration 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.
Quality Assurance, Quality Control: The technical information in
this news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43-101
Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators ("NI 43-101"). The Wellgreen project
geological technical information was prepared under the supervision
of Neil Froc, P. Eng., Prophecy Platinum's Wellgreen Project
Manager, who is a "Qualified Person" as defined in NI 43-101 and
the person who oversees exploration activities on the project. All
other technical information was prepared under the supervision of
John Sagman, P.Eng., Prophecy Platinum's Senior Vice President and
Chief Operating Officer and a "Qualified Person" as defined in NI
43-101. In addition, Mr. Sagman has reviewed and approved the
geological technical information contained in this news
release.
Prophecy Platinum executes a quality control program to ensure
data verification using best practices in sampling and analysis.
Samples are cut for assay with the remaining sample retained for
reference. Blanks, Standard Reference Material ("SRM"), and
duplicates were inserted into the sample stream every 25th sample.
A duplicate 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 OREAS 13P, WMS-1a, WPR-1, WGB-1, and
WMG-1. Sample Blanks are obtained from garden marble from hardware
stores in Whitehorse, Yukon. Assayed samples are transported in
sealed and secured bags for preparation at ALS Global Prep Lab
located in Whitehorse, Yukon. Pulverized (pulp) samples are shipped
for analysis to ALS Global in Vancouver, B.C. Platinum, palladium
and gold were determined by lead fusion fire assay with an ICP
atomic emission spectrometry finish. Copper, nickel and cobalt were
determined by four-acid digestion followed by an ICP atomic
emission spectrometry finish. ALS Global is an ISO/IEC 17025:2005
accredited laboratory and registered under ISO 9001: 2000. ALS
Global 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 Global
quality-assurance procedures are also included in this process.
Forward Looking Information: This news release includes certain
information that may be deemed "forward-looking information".
Forward-looking information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. All information in this release, other than
information of historical facts, including, without limitation, the
potential of the Wellgreen project, information regarding the 2013
field program with respect to resampling, drilling, metallurgical
optimization, engineering and mine planning, the timing and success
of exploration activities generally, the timing of future technical
reports and general future plans and objectives for the Wellgreen
and Shakespeare projects 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, 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.
"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."
(1) Wellgreen is a polymetallic deposit with mineralization that
includes the Platinum Group Metals (PGM's), nickel, copper and
cobalt. At current metal prices using anticipated metallurgical
recoveries for separate Ni and Cu concentrates, the net economic
contribution is anticipated to be largest for the 3E PGMs
(Pt+Pd+Au), followed by nickel and then by copper and cobalt. A
platinum equivalent value (Pt Eq) is intended to reflect total
metal equivalent content in platinum for all of the metals using
relative prices for each of the metals. Please see the detailed
footnotes below on Table 1 for the metal prices used for this
calculation.
Contacts: Prophecy Platinum Corp. Greg Johnson President &
CEO 1-800-459-5583 Prophecy Platinum Corp. Chris Ackerman Senior
Manager, Investor Relations
1-800-459-5583cackerman@prophecyplatinum.com
www.prophecyplatinum.com
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