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Prophecy Platinum Unveils "Encouraging" Assays From Wellgreen Project

Prophecy Platinum Corp. (CVE:NKL)(OTCQX:PNIKF) Friday provided results of a full spectrum analysis of Platinum group elements (PGE) on the first batch of samples from its 100 percent-owned Wellgreen project, located in the Yukon.

Activation Laboratories conducted the analysis of samples taken from the 2011 drill hole WS11-188, whose initial results were announced last September.

The company said that adding rhodium (Rh), ruthenium (Ru), osmium (Os) and iridium (Ir) to Platinum (Pt) and palladium (Pd) increased the total PGE content (6E) by an average of 28 percent, based on a population of 90 samples, most of which are from disseminated sulphide-type mineralization.

"The assay results suggest that 6E PGE composite grades increase by an average of 28 percent (disseminated sulphide) to 114.8 percent (massive sulphide) over grades previously announced when only Platinum and palladium were considered," Prophecy Platinum's chairman John Lee noted.

"Today's results could potentially translate into a significant rare PGE resource addition to an already impressive Platinum and palladium resource base at Wellgreen."

Full details of the assay results are available at http://www.prophecyplat.com.

The company said 6E assay results are still pending for an additional 260 samples taken from hole WS11-188, including samples from sections that showed higher Platinum and palladium grades.

The 120 claim, 2,500-hectare flagship Wellgreen property is located in the south west of Canada's mining-friendly Yukon Territory. The site is approximately 35 kilometres northwest of the airstrip at Burwash Landing, and just 15 km from the Alaska Highway and 402 km from Alaska's Haines deep sea port.

A July 2011 technical report gave the project 289 million tonnes of inferred resource grading 0.38% nickel, 0.35% copper, 1.18 grams per tonne PGM (Platinum group metals) plus gold, and 14 million tonnes of indicated resource at 0.69% nickel, 0.62% copper, 2.25 grams per tonne PGM plus gold.

Platinum group metals have a variety of uses including catalysts in automobiles and fuel cells, jewellery as well as glass and others industrial uses.

Prophecy Platinum is focused on developing Platinum group metals and nickel sulphide projects. The company's other 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.