is pleased to announce that the Company will commence
drilling on its Wellgreen PGE-Ni-Cu project starting the
third week of January, 2012. Approximately 9,000
meters of underground drilling have been planned, targeting
the infill areas of the existing Wellgreen inferred
resource, and potential expansion of the resource southward
to fill the pit area currently being designed in the
Company's Preliminary Economic Assessment (PEA) due for
completion in Q1 of 2012.
Underground rehabilitation and development started in
November and will be ongoing throughout 2012. Drill permits
have been obtained and crews have been mobilized to prepare
drill stations, where drilling is to be conducted from the
historic workings on the Wellgreen property which are
accessible by an adit into the 4250 level. The Company
expects underground drilling to continue year round
covering the 1 km strike Wellgreen East Zone.
Separately, the company has also signed a contract for a
minimum 10,000 meters of surface drilling starting in the
spring of 2012. Between 2 to 4 surface drills will be
dedicated toward the surface program which will run
concurrently with the underground program upon its
commencement. The surface drilling will cover the proposed
pit area, the West zone, and the northernmost portions of
the Wellgreen intrusion with high grade channel samples in
excess of 241 g/t Pt+Pd+Au over 0.5 meters. Surface drills
will also be devoted toward continued exploration outside
of the 2 km resource strike boundaries, in order to test
open areas at depth and to the east as delineated by
magnetic anomalies and known lithological
contacts.
In close collaboration with Wardrop Engineering, a Tetra
Tech Company, Prophecy designed this underground and
surface drilling program primarily to potentially upgrade
the Wellgreen's 289 million tonnes* of inferred resource to
National Instrument 43-101 compliant measured and indicated
categories. The drill holes were planned to provide optimal
variography with off-section holes and on-section holes to
delineate the mineralization. Measured and indicated
resource categories will allow Wellgreen to move forward to
a pre-feasibility level of study after the completion of
the PEA in Q1. These data will also assist the Company with
future mine planning and detailed project economic
analysis.
John Lee, Chairman of Prophecy states: "This will be the
biggest drill campaign in Wellgreen's history. Our
project is merely 15 km from the paved 2 lane Alaska
Highway with port access. The company will continue to make
rapid strides toward de-risking this very unique,
high-profile PGM project in North America."
In addition to definition drilling, a separate Prophecy
exploration team, assisted by Dr. Larry Hulbert, P. Geo, is
compiling extensive historic data and planning an
exploration program covering the 17.5 km Quill Creek area
aiming at discovering additional massive sulphide systems.
Details will follow in Q1.
*July, 2011 Technical Report by Wardrop, a Tetra Tech
Company: 289 million tonnes of inferred resource with
grades 0.38% Ni, 0.35% Cu, 1.18 g/t PGM+Au and 14 million
tonnes of indicated resource with grades 0.69% Ni, 0.62%
Cu, 2.25 g/t PGM+Au.
This news release has been reviewed and approved by Danniel
Oosterman, P.Geo., an independent consultant and a
Qualified Person as defined in NI 43-101.
About Wardrop (Tetra Tech)
Wardrop, a Tetra Tech Company, is a multi-disciplined engineering and consulting firm that provides innovative solutions for the natural resource management, energy, and infrastructure markets globally. Wardrop is a subsidiary of Tetra Tech (NASDAQ:TTEK), a leading provider of consulting, engineering, program management, construction and technical services. The combined companies have more than 12,000 employees worldwide and capabilities that span the entire project lifecycle.
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.
ON BEHALF OF THE BOARD OF DIRECTORS of
Prophecy Platinum Corp.
"John Lee"
John Lee
Chairman
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 .
"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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