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Jan 25, 2014 2:52 am: EST
WG.V0.89-0.11
WGPLF0.8172 -0.0818

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Prophecy Announces Highly Encouraging Rhodium, Ruthenium, Osmium & Iridium Assays from WS11-188 of Wellgreen Project (Full Assay Table Included)

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Vancouver, British Columbia, May 25, 2012: Prophecy Platinum Corp. ("Prophecy" or the "Company") (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) is pleased to provide results of full spectrum 6E (Pt, Pd, Rh, Ru, Os &, Ir) analysis of PGEs on the first batch of samples from the Company's 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon Territory, Canada.

The Company enlisted Activation Laboratories (Actlabs), based out of Ancaster, Ontario to conduct a full spectrum 6E analysis of samples taken from the 2011 drill hole WS11-188. Adding Rh, Ru, Os and Ir to Pt and Pd increased the total PGE content (6E) by an average of 28%, based on a population of 90 samples, most of which are from disseminated sulphide-type mineralization.

Assay results with 6E exceeding 0.50 ppm (0.5 g/t) (excluding copper and gold assays) are tabulated below. Assay results from the entire batch of 90 samples can be downloaded here.

Analyte Symbol
Os
Ir
Ru
Rh
Pt
Pd
Ni
Pt+Pd
6E
6E
Sample
ppb
ppb
ppb
ppb
ppb
ppb
%
g/t
g/t
%Increase
K918097
14
14.4
77
21.2
184
309
0.342
0.493
0.620
25.8%
K918110
38
17.3
53
14.6
113
241
0.432
0.503
0.592
17.7%
K918129
< 2
0.1
6
0.3
7
14
< 0.005
0.416
0.541
30.0%
K918131
21
16.1
39
17.2
124
165
0.33
0.448
0.568
26.8%
K918132
23
22
56
23.8
181
235
0.34
0.411
0.525
27.7%
K918140
12
12.8
40
17.5
136
207
0.392
0.56
0.680
21.4%
K918141
8
12
38
16
148
229
0.359
0.522
0.648
24.1%
K918142
12
12.8
40
17.2
160
241
0.363
0.43
0.553
28.6%
K918143
23
19
54
23.5
229
331
0.41
0.626
0.750
19.8%
K918145
25
20.5
55
22.9
187
243
0.334
0.512
0.657
28.3%
K918146
23
21.1
55
24.6
269
357
0.379
0.567
0.733
29.3%
K918147
< 2
< 0.1
< 5
< 0.2
< 5
< 2
< 0.005
0.548
0.695
26.8%
K918148
27
26.6
65
26.7
216
296
0.38
0.425
0.522
22.8%
K918150
29
25.8
65
27
237
311
0.404
0.513
0.621
21.1%
K918152
16
12.8
36
17
148
223
0.31
0.442
0.538
21.7%
K918154
13
14.1
45
19.1
156
247
0.389
0.539
0.666
23.6%
K918155
18
15.8
42
20
171
271
0.362
0.593
0.705
18.9%
K918157
14
15.9
42
20.7
155
246
0.326
0.446
0.607
36.1%
K918158
27
20.1
51
28.8
209
330
0.394
0.607
0.713
17.5%
K918164
12
10.1
35
14.1
89
154
0.331
0.414
0.520
25.6%
K918166
13
10.8
34
15.8
85
148
0.305
0.438
0.541
23.5%
K918168
22
13.3
38
17.6
104
178
0.332
0.546
0.739
35.3%
K918169
31
15.1
39
17.7
181
257
0.307
0.45
0.589
30.9%
K918171
50
30.3
78
35
212
334
0.476
0.559
0.718
28.4%
K918172
32
21.7
58
27.7
177
273
0.432
0.534
0.666
24.7%
K918184
< 2
8.3
23
13.1
115
173
0.318
0.623
0.745
19.6%
K918186
14
8.2
23
10.4
117
170
0.288
0.559
0.665
19.0%
K918187
23
22.8
46
30
259
364
0.435
0.952
1.150
20.8%

1 ppm = 1 g/t

Following are the initial assay results from WS11-188 which were reported in September 26, 2011:

From
To
Length
Ni
Cu
Pt+Pd+Au
NiEq
From Surface
 
 
m
%
%
g/t
%
m
7.53
464.91
457.38
0.29
0.18
0.72
0.47
7.07
268.38
389.29
120.91
0.36
0.30
1.26
0.67
252.19
280.72
298.55
17.83
1.03
0.75
3.14
1.77
263.79

6E assay results are still pending for an additional 260 samples taken from WS11-188, including samples from sections that showed higher Pt and Pd grades in the above table.

In 2007, 800 chip channel samples taken at 2 metre intervals along the underground workings were assayed for platinum and palladium at the ALS Chemex Lab in Vancouver, B.C. Of these, 174 samples where platinum or palladium grades exceeded 1 g/t were assayed for Rh, Ru, Os and Ir. The 2007 sampling program was overseen by Rory Calhoun, P. Geo. , now a consultant of Prophecy. Subsequent 6E assay results were announced in a Prophecy Coal's press release on November 3, 2010. For comparison, assay results where Rhodium exceeded 500 ppb (0.5 g/t) are tabulated below. Concentrations of Rh, Ru, Os and Ir were present in all of the follow-up samples, and the total PGE content (6E) increased by an average of 114.8% over prior assay results which only included Pt and Pd.

Analyte Symbol
Os
Ir
Ru
Rh
Pt
Pd
Pt+Pd
6E
6E
Sample
ppb
ppb
ppb
ppb
ppb
ppb
g/t
g/t
% Increase
C509697
850
1770
660
729
2260
900
3.16
7.169
126.9%
C509698
680
1590
830
754
2030
1300
3.33
7.184
115.7%
C509701
540
1230
510
591
1500
760
2.26
5.131
127.0%
C509704
660
1450
670
677
1500
530
2.03
5.487
170.3%
C509811
500
919
730
567
1600
1000
2.6
5.316
104.5%
C509813
810
1110
1200
758
830
1100
1.93
5.808
200.9%
C509814
920
1060
1400
839
1900
2070
3.97
8.189
106.3%
C509087
1170
1410
1500
795
1600
660
2.26
7.135
215.7%
C509089
1320
1600
1800
1140
1400
2700
4.1
9.96
142.9%
C509092
970
1390
1400
971
1900
1400
3.3
8.031
143.4%
C509097
1270
1720
1900
895
3700
2240
5.94
11.725
97.4%
C509098
700
983
840
629
2150
3540
5.69
8.842
55.4%
C509101
730
876
1100
551
2000
850
2.85
6.107
114.3%
C509104
630
776
800
698
2250
2360
4.61
7.514
63.0%
C509111
1030
1120
1400
966
3610
1100
4.71
9.226
95.9%
C509112
910
990
1100
853
2590
2880
5.47
9.323
70.4%
C509114
700
999
910
643
3670
3870
7.54
10.792
43.1%
C509131
880
1130
1300
675
4770
1800
6.57
10.555
60.7%
C509140
780
1120
1000
672
3010
3550
6.56
10.132
54.5%
C509145
940
1320
1500
653
1400
1200
2.6
7.013
169.7%
C509146
1390
2080
2000
827
1800
760
2.56
8.857
246.0%
C509147
760
1080
1000
725
3290
1200
4.49
8.055
79.4%
C509150
490
721
760
516
2890
3670
6.56
9.047
37.9%

 

Prophecy Platinum's Chairman, John Lee, notes: "The assay results suggest that 6E (Pt, Pd, Rh, Ru, Os & Ir) PGE composite grades increase by an average of 28% (disseminated sulphide) to 114.8% (massive sulphide) over grades previously announced when only platinum and palladium were considered. Today's results could potentially translate into a significant rare PGE resource addition to an already impressive platinum and palladium resource base* at Wellgreen. "

*Refer to July 14, 2011 news release regarding Wellgreen 43-101 resource update. Mineral resources that are not mineral reserves do not have demonstrated economic viability.  

Quality Control and Quality Assurance

Prophecy Platinum executes a quality control program to ensure best practice 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. ALS Chemex is an ISO/IEC 17025:2005 accredited laboratory and registered under ISO 9001:2000.

Full spectrum PGE analysis was completed by Activation Laboratories (Actlabs) based out of Ancaster, Ontario. Samples from 5 - 50 g in size are fire assayed using a nickel sulphide (NiS) fire assay procedure. With this procedure, the Ni, Cu, Cr and S content of the sample is predetermined and each sample is fluxed separately with the flux adjusted for sample composition. The flux contains high-purity Ni produced by the carbonyl process, borax, sodium carbonate, silica and high purity sulphur. The sample is fused at 1100C in fireclay crucibles and allowed to cool in the crucible. The nickel sulphide button at the base of the crucible is dissolved in concentrated HCl and the resulting residue which contains all the PGE and Au are collected on a filter paper. This residue undergoes 2 irradiations and 3 separate counts to measure all the PGE and Au.

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.

This news release has been reviewed and approved by Danniel Oosterman, P.Geo. , a Qualified Person as defined in NI 43-101.

About Prophecy Platinum

Prophecy Platinum Corp. is a mineral exploration company focused on developing platinum group metals (PGM) and nickel sulphide projects. Defining and driving the company is its flagship Wellgreen PGM Nickel property in Canada's Yukon Territory. Prophecy's further holdings include the Lynn Lake Nickel Copper project in Manitoba, the Las Aguilas Nickel PGM deposit in Argentina, as well as five prospective claims in Uruguay. In June 2011, Prophecy Platinum was spun off from Prophecy Coal (TSX: PCY). Prophecy Coal currently owns 22.5 million shares (approx. 42%) of Prophecy Platinum.

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

[email protected]

www.prophecyplat.com

Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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.  

Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements 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, 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 statements that involve various risks and uncertainties. . Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the Transaction, 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, 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 companies with securities regulators. 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 the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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."

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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