The mining newspaper for Alaska and Canada's North

Mining Explorers 2012: Prophecy Platinum Corp.


Chairman and Interim CEO: John Lee

Vice President, Corporate Development: Rob Bruggeman

General Manager: Joseph Li

Prophecy Platinum Corp. focused in 2012 on its flagship Wellgreen PGM Nickel Project located 320 kilometers (198 miles) from Whitehorse in southwestern Yukon Territory.

One of the few mineral deposits in North America with all of the platinum group elements in significant quantities, the Wellgreen property has mineralization known to extend for 17.5 kilometers (nearly 11 miles).

In January, Prophecy commenced a 9,000-meter underground diamond drilling program as part of an infill program for a NI 43-101-compliant resource estimated for the property in July 2011.

The company also outlined a plan to complete 20,000 meters of combined surface and underground drilling in 2012 with a combined budget of about C$15 million.

At a 0.4 percent nickel-equivalent cut-off, Wellgreen is estimated to contain 14.3 million metric tons grading 0.99 grams-per-metric-ton platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM + gold), 0.69 percent nickel, and 0.69 percent copper in indicated resources and inferred resources of 289.2 million metric tons grading 0.53 grams per metric ton platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18g/t PGM + gold), 0.38 percent nickel, and 0.35 percent copper at the same cutoff grade.

Prophecy envisions producing bulk nickel-copper-PGE concentrated in a conventional, diesel truck-shovel open pit mine using a conventional concentrator with a 32,000-metric-tons-per-day mill feed.

Over a projected mine life of 37 years, the mill would produce 1.959 billion pounds of nickel, 2.058 billion pounds of copper and 7.119 million ounces of platinum + palladium + gold in concentrate.

In mid-September, Prophecy reported results from four surface holes and four underground holes, all of which intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) to 459.5 meters (WS12-193).

Highlights include WU12-540, which returned 8.9 meters of 5.36 g/t platinum + palladium + gold, 1.73 percent copper and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum + palladium + gold, 0.20 percent copper, and 0.27 percent nickel.

In August Prophecy said it was well-funded to execute the 2012 summer drill program, with two active rigs and pending assays from more than 20 underground and surface holes.

Prophecy also reported preliminary results of metallurgical tests that indicate separate nickel-PGE-cobalt concentrates grading up to 12.9 percent nickel and copper-PGE-gold concentrates grading up to 23.2 percent copper can be produced from Wellgreen's disseminated PGE-Ni-Cu mineralization.

The company is also exploring its Burwash property located immediately east of the Wellgreen project and known to host extensive nickel-copper-PGM mineralization.

Prophecy is purchasing the Burwash property from Strategic Metals Ltd.

Cash and short-term deposits: C$ 1.20 million (at June 30, 2012)

Working capital: C$1.45 million (at June 30, 2012; raised C$3 million in August 2012)

Market capitalization: C$105.11 million (Sept. 14, 2012)

2nd Floor 342 Water St.

Vancouver, B.C. Canada V6B 1B6

Tel: 604-569.3690 • Fax: 604-893-8758


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