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Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Releases 3rd Quarter Financial Statements and Project Update

Category : Stocks

Prophecy Platinum Corp. (“Prophecy Platinum” or the “Company”) (TSX-V: NKL; OTC-QX: PNIKF) reports the release of its unaudited interim consolidated financial statements for the three and nine month periods ended December 31, 2012 (the “Q3 Financial Statements”) and the related management’s discussion and analysis (the “Q3 MD&A”). The Company is also pleased to provide an update on its Wellgreen PGM-Nickel-Copper project in the Yukon Territory and its Shakespeare PGM-Nickel-Copper project in Ontario, Canada. Further information about the Company, including the Q3 Financial Statements, Q3 MD&A and technical information on each of the Company’s projects, are available on the Company’s website at www.prophecyplatinum.com and on SEDAR at www.sedar.com.

President’s Message

In early February, Prophecy Platinum released the final results of its 11,000 metre 2012 exploration drill program at the Company’s 100%-owned Wellgreen project. Some of the best results to date on the project were seen, with fourteen of fifteen drill holes showing significant mineralization across approximately two kilometres of the existing mineral resource area.

The results from our 2012 drill program indicate wide intervals of impressive mineralization on a grade and thickness basis. Six of these drill holes exceeded a grade thickness value of over 500 gram-metres of platinum equivalent and two drill holes returned nearly 1000 gram-metres, highlighting the strength of the Wellgreen system. In addition, the majority of these zones remain open to further expansion at depth and along trend.

Over the past several months our Wellgreen team has been integrating the geologic information from the 2012 drill program and updating the geologic model for the project. We are finding a nearly continuous zone of disseminated Platinum Group Metals (“PGM”), nickel and copper mineralization in ultramafic intrusive rocks of up to 200-500 metres in thickness, with a higher grade package of ultramafics lower in the section of up to 150-300 metres that contains substantially higher PGM content. This work will continue over the coming months ahead of the 2013 field season and will allow for the development of priority targets for testing in 2013.

In addition, geochemical and geophysical surveys have highlighted targets both to the west and to the east of the existing resource area which are of similar size to the Wellgreen system itself. Concurrent exploration drilling is planned for these areas which include the Far West, Quill, and Burwash areas. These targets are completely outside of the existing resource area and we believe they have the potential to significantly add to the existing substantial open pit resources defined at the Wellgreen project.

The primary objectives of our 2013 drilling program at the Wellgreen project are to upgrade Inferred category resources to Measured and Indicated and test priority expansion targets that have potential to add near surface higher grade material to the life of mine plan.

Ongoing metallurgical test work will focus on optimizing PGM, nickel and copper recovery, enhancing concentrate grades and determining the economic contribution of the rare PGMs that are present in the deposit. In addition, 2013 engineering studies will determine if the life of mine plan and economics can be further optimized by extracting higher grade portions of the resource early in the production schedule and utilizing a staged construction process that would defer pre-production capital requirements. These additional metallurgical and engineering studies will support an updated resource and economic assessment on the project planned for early 2014.

In parallel with exploration, metallurgical and engineering programs, the Company will continue to consult with the Kluane First Nation and the White River First Nation, as well as advance its 2012 Environmental Baseline data collection program.

The Company also believes that there may be a number of opportunities to decrease operating costs utilized in the technical report entitled “Wellgreen Project, Preliminary Economic Assessment, Yukon Canada” dated August 1, 2012 (the “2012 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. One of the underlying assumptions in the 2012 PEA was the use of diesel fuel for power generation. The 2013 engineering program will look at potential significant cost reduction associated with liquefied natural gas (LNG) power generation. The Company will also evaluate the potential for other power alternatives such as hydro-electric in cooperation with the Kluane First Nation. The 2012 PEA is available under the Company’s profile on SEDAR at www.sedar.com.

Baseline environmental studies continue on the Wellgreen project, including collection of meteorological data, surface water flows, surface water quality and analysis of recent wildlife studies. These baseline studies are being conducted with the assistance of the Kluane First Nation as part of our cooperation and benefits agreement with them that we announced on August 2, 2012. Under this cooperation and benefits agreement we will seek ways to facilitate local economic and business development opportunities through the various stages of project implementation.

The Shakespeare project recorded operational cash flow of $11.2 million on the sale of metals from the project from the year ending January 2012. In January 2012, all operations at the Shakespeare project were temporarily suspended due to low metal prices. The project is currently on care and maintenance with all permits in good standing.

Prophecy Platinum is also currently completing a comprehensive review of the opportunities for cost reduction on the Shakespeare PGM-Nickel-Copper project in the Sudbury mining district of Ontario. Our review has focused on decreasing operating costs in three key areas: contract mining; concentrate haulage; and toll milling/smelting, with the objective of returning the project to sustainable economical production. This includes participation with the Sagamok Anishnawbek First Nation as per the criteria established in our Impact Benefit Agreement. With operating cost improvements, the Shakespeare project has the potential to generate meaningful cash flow for the Company with minimal additional capital investment. In operation, the project is projected to produce 25,000 ounces of PGM+Au, 8 million pounds of nickel and 10 million pounds of copper on an annual basis.

The Company anticipates providing regular news updates over coming quarters as we undertake exploration programs and complete resource and engineering updates that should deliver meaningful milestones for increasing shareholder value. Prophecy Platinum offers compelling value and leverage to platinum and palladium with nearly 0.1 ounces of platinum equivalent from precious metals, equating to more than $150 worth of platinum, palladium and gold in the ground per share.

Current Market and Economic Conditions

The challenging market conditions for the resource sector in general, and precious metals equities in particular, continued from 2012 into the first two months of 2013. This includes PGM-focused equities despite the relative strength of platinum and palladium prices and favourable supply/demand conditions. However, global economic policy continues to have an expansionary and inflationary bias that should be positive for commodities in the long term. The fundamentals for platinum and palladium remain strongly positive with the market expected to be in a deficit situation in 2013.

The junior mining sector is off to a difficult start in 2013 with the S&P TSX Venture Composite Index down 9% year-to-date and the Market Vectors Junior Gold Miners Index down 23% year-to-date. Prophecy Platinum’s share price has been relatively stable averaging just over $1/share during this period of negative market sentiment towards junior mining stocks.

Over the past few months, however, the fundamentals associated with our key focus metals, platinum and palladium, have turned significantly more positive toward likely higher future prices. After trading at a discount to the gold price for almost a year and a half, platinum resumed trading at a premium to gold in January of this year. In fact, platinum and palladium have been the best performing precious metals thus far in 2013, with each up 5%, whilst gold is down 5%. The strength in PGMs relative to gold is primarily attributable to an increasing market awareness of the supply threats to platinum and palladium, particularly in South Africa and Zimbabwe.

Compared with gold or silver, the platinum and palladium markets are significantly smaller and mine production is heavily concentrated in high political risk countries. South Africa, Russia and Zimbabwe combined produce over 92% of the world’s platinum and 84% of the world’s palladium, but this supply has been in decline since 2006. According to Johnson Matthey, a total of 5,840,000 ounces of platinum was mined in 2012, with South Africa accounting for 73% of production and Russia 16% (http://www.platinum.matthey.com/publications/pgm-market-reviews) with North America accounting for only 6% of global production. South African platinum production in 2012 fell to its lowest levels in 11 years as violence and unrest between mining unions and demands for higher wages disrupted production. The recent and ongoing labour unrest is adding to the challenges already faced by South African platinum mining companies, in terms of depletion and a corresponding increase in deposit depth. The result has been increased production costs and the shutdown of mines that are no longer economical. In January, Anglo American Platinum (Amplats) announced that it would cease operations at two of its South African platinum mines and put another up for sale, resulting in the loss of 14,000 industry jobs.

The decline in platinum production in South Africa is likely to continue as cost pressures force even more mine closures and as companies refrain from investing capital into new projects and mine expansions. Social unrest and lower tax revenue also have the potential to further increase the pressure on the South African government to nationalize platinum mines. While the ruling African National Congress party rejected proposals to nationalize mines in favour of higher taxes at its national conference last December, political maneuvering in the lead up to the 2014 general election in South Africa could see this issue be revisited.

In Zimbabwe, the government announced in mid-February that it was nationalizing platinum reserves owned by Zimplats and handing them over to other investors. In addition, the government has given platinum miners two years to build a refinery within Zimbabwe for processing platinum ores. This follows the announcement last year that platinum mining companies would be forced to transfer 51% ownership to local groups. With the hostile investment climate in Zimbabwe, which has the second highest platinum reserves after South Africa, it seems unlikely that significant expansion of production or development of new mines in Zimbabwe is probable.

The palladium market also faces significant supply risks. Russia is currently the largest producer of palladium, accounting for 43% of global production in 2012, with South Africa second at 37% of the 6,570,000 ounces of palladium mined globally in 2012. The majority of Russian palladium production was from Norilsk Nickel, but sales from Russian stockpiles were estimated to be 250,000 ounces in 2012 with indications that the state stockpiles of palladium are close to being depleted. From 2008 to 2011, palladium sales from Russian stockpiles averaged over 900,000 ounces per year, or about 13% of annual global supply. If that supply is exhausted, the palladium market deficit could significantly exceed the deficit currently projected by analysts.

The market had largely ignored this decline over the past several years as PGM demand for use in autocatalysts (a.k.a. catalytic converters) dropped substantially as a result of lower automobile demand following the 2008 financial crisis. Now, however, with automobile demand recovering, supply deficits, that were projected for both platinum and palladium in 2012, are expected to continue into 2013.

From 1980 to 2008, platinum demand grew at an average rate of 5% per year. Demand then dropped 15% in 2009 due to the global economic crisis, primarily because of the decreased demand for autocatalysts. Autocatalyst consumption rebounded in 2010 but is still well below levels from 2008 due to lower automobile demand in Europe. The European automobile market is important for platinum demand due to the much higher proportion of diesel engines which tend to use more platinum than palladium. Rapid growth in automobile sales from emerging economies is anticipated to result in increased platinum and palladium consumption, and is expected to be bolstered by the increased adoption of stricter environmental standards in Asia. Strong automobile demand growth continues in China, which reported a 46% increase in automobile sales in January 2013. Platinum jewellery demand has also been strong due to demand from China and investment demand is also increasing due to investor interest in ETFs like Sprott’s recently launched Physical Platinum and Palladium Trust. Due to falling supply the platinum market is anticipated to see a reported 400,000 ounce deficit in 2012 or approximately 7% of global platinum supply.

While platinum demand increases have been somewhat moderated by lower European automobile sales, palladium demand has shown strong growth since 2002 and is now at record levels due in particular to autocatalyst demand and Johnson Matthey estimates the market was at a 915,000 ounce deficit in 2012, or approximately 14% of global palladium supply. Autocatalyst manufacturers have been substituting palladium for platinum as much as possible in the past decade due to the pricing disparity between platinum and palladium. Accordingly, palladium use in autocatalysts is now more than double the amount of platinum used and growth is strong due to the strength in automobile demand in China. That demand is expected to continue to grow rapidly as the number of cars per capita in China increases (it is currently about 85 cars per 1000 people, compared to about 812 cars per 1000 people in the United States), as emission standards improve and as more cars are sold to China’s burgeoning middle class. Palladium prices have moved from around 20% of platinum prices to 40% in the past four years due to demand growth for palladium in autocatalysts. This price convergence could continue if Russian palladium stockpiles are close to being depleted.

Based on these factors, we view the fundamentals for the PGM market as being the strongest of all the precious metals. Demand is likely to continue to improve, while supplies are likely to continue the declining trend in response to the structural challenges in South Africa, Russia and Zimbabwe. This background suggests the potential for significant spikes in PGM prices that could be amplified by speculative investments in this relatively small market. Given the lack of substitutes for PGMs in autocatalysts and the relatively low cost of PGMs compared to the total cost of an automobile, demand for PGMs is not likely to subside even with a dramatic increase in platinum and palladium prices.

Large PGM deposits are scarce outside of South Africa, Russia and Zimbabwe. With the improving fundamentals, investor interest in the PGM sector has been increasing, particularly over the past six months. We believe that the market will need to look for alternate sources of PGM supply in geopolitically stable and predictable environments. This may present a positive dynamic for PGM equities in the junior mining sector and particularly companies like Prophecy Platinum with large resources in politically stable countries like Canada, which was ranked 8th in the world in the Fraser Institute’s 2012/2013 Survey of Mining Companies.

While Prophecy Platinum’s primary focus is on developing its PGM resources, the Company also has significant exposure to nickel and copper. Nickel prices deteriorated for much of 2012 due to economic concerns globally, but especially due to concerns of a hard landing in China, combined with market expectations that the nickel market surplus would increase as several large nickel projects commence production. In the past few months, however, the nickel price has moved well off its August 2012 lows and technical challenges associated with large nickel laterite projects have resulted in less nickel production than expected. These technical challenges along with proposed export restrictions by Indonesia will likely curb new low cost laterite production and drive up marginal production costs. Another implication of the low nickel price environment is that there have been very few new nickel sulphide deposits being developed, which some analysts believe could create a dramatic shortfall for nickel sulphide smelter feed in the next few years. Therefore, while nickel prices remain weak in the short-term, they are not as poor as predicted in 2012 and could lead to a nickel deficit situation in the next several years due to a lack of development.

The copper market has remained fairly balanced and prices have remained in the $3.40-3.80/lb range for the past six months. Copper prices rose to their highest levels since October 2012 in early February of this year in response to improving economic data from China and the United States, before pulling back with markets and a typical slowdown in activity seen around the Lunar New Year. In addition to our positive outlook for platinum and palladium, we remain bullish over the long-term for both copper and nickel in the context of high demand growth from China and the rest of the developing world.

Looking Forward

With our new, experienced senior management team in place, 2013 should be a transformational year for Prophecy Platinum. Our Wellgreen technical team is currently updating geological model based on all of the historical exploration at the Wellgreen project and is targeting a significant drill program for 2013 that will include confirmatory drilling as well as test the resource expansion potential of several high priority targets. Infill confirmatory drilling will be done to upgrade Inferred Resources to the Indicated Resource category with a target to issue an updated resource model by Q1 2014.

The Company also expects to provide an updated preliminary economic assessment on the Wellgreen project in calendar Q1 2014 that will build on the 2012 PEA by evaluating the potential of further optimization of PGM and base metal recoveries, higher concentrate grades and developing a better understanding of the economic contribution of the rare PGMs. Our engineering activities will optimize surface infrastructure, determine if pre-production capital can be decreased and/or deferred and look to enhance cash flows by decreased operating costs.

At our Shakespeare project, we will continue our evaluation of potential cost savings opportunities to assess restarting mining operations there. This work will include discussions and negotiations with contract mining companies, trucking firms and milling operations in the Sudbury area.

With the scarcity of large PGM projects outside of southern Africa and Russia we believe that the scale of Prophecy Platinum’s projected North American PGM production will become of interest to potential investors in the sector. Our business strategy will be to demonstrate the full potential of the Wellgreen project and to de-risk the project through the next steps of engineering toward feasibility, which should support higher valuations in the market and expand our investor base. We look forward to reporting on the exciting developments ahead for the Company and its projects as we remain focused on delivering increased shareholder value.

About Prophecy Platinum

Prophecy Platinum Corp. is a growth-focused PGM exploration 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 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 mine district of Ontario, and its Lynn Lake project is a former operating mine located in Manitoba, Canada. The Company’s experienced management team has a track record of successful large scale project discovery, development, operations and financing combined with an entrepreneurial and collaborative approach to working 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.

Prophecy Platinum Contacts:
Greg Johnson
President & CEO
1-800-459-5583

Chris Ackerman
Senior Manager, Investor Relations
cackerman@prophecyplatinum.com

Forward Looking Information:
This news release includes certain information that may be deemed “forward-looking information”. All information in this release, other than information of historical facts, including, without limitation, information of 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, future production estimates, 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 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, 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, 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.

Cautionary Note to United States Investors: This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this news release have been prepared in accordance with the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies except in very rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

“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.”

See the original post: Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Releases 3rd Quarter Financial Statements and Project Update

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Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Closes Private Placement of Flow-Through Shares

Category : World News

Prophecy Platinum Corp. (“Prophecy” or the “Company”) is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) of 1,135,635 common shares of the Company, issued on a “flow-through” basis (each a “FT Share”) at a price of $1.10 per FT Share, for gross proceeds totalling approximately $1.24 million.

The gross proceeds of the Private Placement will be applied primarily to the continuing exploration of the Company’s flagship Wellgreen PGM-Ni-Cu property located in the Yukon Territory, and also for exploration on the balance of the Canadian projects in the Company’s mineral portfolio.

The FT Shares issued pursuant to the Private Placement are subject to a hold period expiring on April 28, 2013, in accordance with the provisions of the Securities Act (British Columbia).

Finder’s fees equal to 6.0% of the gross proceeds raised under the Private Placement were paid in respect of the Private Placement.

About Prophecy Platinum

Prophecy Platinum Corp. is a Canadian PGM, Nickel and Copper exploration company with projects in Canada and Uruguay. The Company’s flagship Wellgreen PGM-Ni-Cu project is located in the Yukon Territory, Canada. Prophecy’s Shakespeare PGM-Ni-Cu project (fully-permitted) is located in Ontario, Canada, and its Lynn Lake project is located in Manitoba, Canada. Further information can be found at www.prophecyplatinum.com.

For further information, contact:

Chris Ackerman
Senior Manager, Investor Relations

1-800-459-5583

cackerman@prophecyplatinum.com

www.prophecyplatinum.com

Forward Looking Statements: All statements in this release, other than statements of historical fact, including, without limitation, statements relating to future expenditures and exploration activity, 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 the Company 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 unsuccessful exploration results, changes in project parameters as plans continue to be refined, availability of capital and financing on acceptable terms, results of future resource estimates, future metal prices, 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.

Read more from the original source: Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Closes Private Placement of Flow-Through Shares

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Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Appoints Greg Johnson as President and Chief Executive Officer

Category : World News

Prophecy Platinum Corp. (“Prophecy” or the “Company”)
(TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P)
is pleased to announce
the appointment of Greg Johnson, as President and Chief Executive
Officer.

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Pacific North West Capital Corp. (PAWEF: OTC Link/FINRA BB) | Pacific North West Capital Update on Metallurgical Studies for River Valley PGM Project near Sudbury, Ontario

Category : Stocks

Vancouver, British Columbia, October 12, 2012 – Further to the announcement dated July 24, 2012 the assay results from the two metallurgical holes that were drilled in the Dana Area are illustrated in Table 1 below:

Table 1. Metallurgical Drill Hole Intersections

*PdEq=((Au grade*$Au*0.03215)+(Pt grade*$Pt*0.03215)+(Pd grade*$Pd*0.03215)+(Ni grade*$Ni*22.046)+(Cu grade*$Cu*22.046)) /($Pd*0.03215)
where $Au US$1271/oz, $Pt = US$1885/oz, $Pd = US$896/oz/, $Ni = US$9.74/lb, $Cu = US$3.00/lb
Two diamond drill holes were drilled inside the River Valley deposit (Table 2); one at Dana North and the other 600 metres to the south at Dana South (Figure 1). The holes were planned to validate the geological models and maximize amount of mineralized sample material for the metallurgical test-work study. Dana North and Dana South were selected for drill sampling because they are the most accessible and best understood of the eight known PGM mineralized zones, and therefore the likely starting location of any potential mining operation at River Valley. The hole at Dana North was drilled for 300 metres obliquely down-dip where the zone shows a consistent orientation laterally. The Dana South hole was drilled vertically for 300 metres in deference to its relatively more irregular orientation laterally.

The two drill holes each intersected PGM mineralization throughout their entire length (Table 1). Dana North hole DNZ2012-MET1 intersected 298 metres grading 1.9 g/t Pd+Pt+Au, 0.125% copper and 0.024% (i.e., 2.9 g/t PdEq) nickel from 2 metres down-hole. This long intersection included: 23 metres grading 2.5 g/t Pd+Pt+Au, 0.151% copper and 0.033% nickel from 126 metres down hole (i.e., 3.8 g/t PdEq); and 144 metres grading 2.6 g/t Pd+Pt+Au, 0.156% copper and 0.028% nickel (i.e., 3.9 g/t PdEq) from 156 metres down hole. The hole ended in PGM mineralization.

Dana South hole DSZ2012-MET1 intersected 299 metres grading 1.2 g/t Pd+Pt+Au, 0.076% copper and 0.016% nickel (i.e., 1.9 g/t PdEq) from 1 metre down hole (Table 2). This intersection included: 1) 46 metres grading 2.8 g/t Pd+Pt+Au, 0.168% copper and 0.031% nickel (i.e., 4.2 g/t PdEq) from 1 metre down hole; and 2) 90 metres grading 1.8 g/t Pd+Pt+Au, 0.096% copper and 0.018% nickel (i.e., 2.6 g/t PdEq) from 149 metres down hole. Lithologically the Dana South hole intersected more rock types than the Dana North hole, but it also ended in PGM mineralization.

Each hole provided approximately 700 kg of core material, allowing for: 1) extensive test work on a single composite sample from each zone plus an overall composite sample of the two zones; and 2) comprehensive assaying and QEMSCAN studies to follow the PGM during the test work.

The holes were drilled in July 2012 using a single drill rig operated by Major Drilling. After logging, each of the drill cores was cut into equal halves with a diamond saw. Half of the core was sent to SGS Canada Inc.’s processing facilities at Lakefield, Ontario for the metallurgical testwork. The remaining half was cut into equal halves, one of which was kept in storage for reference and the other half sampled at 1 metre intervals and shipped to SGS Canada Inc for sample preparation and assay. In total, 567 samples from the two drill holes were assayed (plus 63 QAQC samples).

The metallurgical testwork samples were received by SGS Lakefield in early August. A total weight of 713 kg was received for the Dana North hole and 710 kg for the Dana South hole. Composite samples for each of the holes (Dana North and Dana South) and for both holes (Dana North plus Dana South) were prepared, for a total of three samples. The prepared composite samples are stored in freezer storage.

Mr. Al Hayden, P.Eng. and Associate of NordPro Mine & Project Management Services (Thunder Bay) has been hired by PFN as its metallurgical consultant to supervise the study and review results. The test program is slated to be completed by the end of this year.

Bill Stone, President & COO of PFN commented: “Over the next 6 months we plan to advance the River Valley Project by continuing the metallurgical work required for Preliminary Economic Assessment level studies, while concurrently continuing exploration of our large and highly prospective landholdings around the deposit. PFN considers River Valley to be a highly prospective property with excellent potential for the discovery of additional significant PGM and nickel-copper mineralization”.

PFN has 100% ownership of the River Valley PGM Project and is currently seeking a strategic joint venture partner for the Project. Additional information on the River Valley Project, and all PFN’s properties, is available on the Company’s website (www.pfncapital.com).

Table 2. Collar Location, Orientation and Length of the 2012 Metallurgical Drill Holes
Note: Easting and Northing coordinates NAD83 Zone 17N

Figure 1. Geological map showing the collar locations of the two diamond holes drilled at Dana North and at Dana South for for sample material for the metallurgical testwork study by SGS Canada Inc.

About River Valley Project

In January 2011, Pacific North West Capital Corp. successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited. The River Valley Project is one of the largest undeveloped primary PGM Projects in North America. The project has excellent infrastructure support and is located 100 km from the city of Sudbury, Ontario, Canada’s largest nickel‐copper‐PGM mining and metal recovery centre.

The NI43-101 compliant mineral resources for the River Valley Project effective May 1, 2012 are as follows:

Notes to Mineral Resources in above table

  1. The mineral resource estimates in this press release use the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by CIM Standing Committee on Reserve Definitions and adopted by CIM Council on November 27, 2010. The mineral resource estimates provided in this report are classified as “measured”, “indicated”, or “inferred” as defined by CIM. According to the CIM definitions, a Mineral Resource must be potentially economic in that it must be “in such form and quantity and of such grade or quality that it has reasonable prospects for economic extraction”.
  2. For the River Valley project, a palladium equivalent (PdEq) cut-off grade was assigned based on economic assumptions from comparisons to other projects, and was used in the resource estimations. Resources reported in this press release use a cut-off of 0.80 g/t PdEq. Grades have assumed 100% recoveries. The parameters used to generate the PdEq value are provided below:
    PdEq=( (Au grade*$Au*Factor1)+(Pt grade*$Pt*Factor1)+(Pd grade*$Pd*Factor1)+(Ni grade*$Ni*Factor2)+(Cu grade*$Cu*Factor2) +(Co grade*$Co*Factor3))/ (Au = US$1271 per oz.
    $Pt = US$1885 per oz.
    $Pd = US$896 per oz.
    $Ni = US$ 9.74 per lb.
    $Cu = US$3.00 per lb.
    $Co = US$15.90 per lb.
    Factor1 = 0.0321508 (converts ounce per tonne to grams per tonne)
    Factor2 = 22.04622 (converts pounds to grade percent)
    Factor3 = 0.002205 (converts pounds to ppm)
  3. The mineral resources were estimated using a block model with parent blocks of 10m x 10m x 5m and using ordinary kriging (OK) methods for grade estimation. A total of eight individual mineralized domains were identified. The determination technique of the mineral resource is based on the combination of geological modelling, geostatistics and conventional block modelling using the OK method of grade interpolation. The block model resource estimate prepared by the Tetra Tech, was based on more than 96,980 metres of diamond drilling in 462 diamond drill holes. The assay data was reviewed and a composite interval of 2.0 metres was used.
  4. Statistical and Variogram analyses were performed to determine the “nugget effect”.
  5. Rhodium grades were not estimated by the OK methodology. Rhodium values were determined using a regression formula based on the platinum and palladium grades. Rhodium values are not incorporated into the PdEq value. The PdEq value also does not include silver.
  6. The QAQC protocols and corresponding sample preparation and shipment procedures for the River Valley Project have been reviewed and approved by Tetra Tech.
  7. The NI43‐101 compliant technical report was filed on SEDAR June 14, 2012


Figure 2. Distribution of the NI43-101 compliant mineral resources on the River Valley PGM Project.

Qualified Person Statement

This news release has been reviewed and approved for technical content by Dr. William Stone, President & COO of PFN, a Qualified Person under the provisions of National Instrument 43-101.

About Pacific North West Capital Corp.

PFN is a mineral exploration company whose philosophy is to be a project generator, explorer and project operator in order to option-joint venture its projects through to production. PFN is focused on the discovery, exploration and development of PGM and nickel‐copper sulphide deposits in geologically prospective regions in North America, particularly Canada. The Company’s key asset is its 100% owned River Valley PGM Project in the Sudbury region of northern Ontario. PFN also has PGM and nickel‐copper projects and properties in northwest Ontario, Saskatchewan, and Alaska. The Company continues to evaluate PGM and nickel‐copper properties and projects in North America for potential acquisition opportunities.

Please send requests for further information to:

Harry Barr Chairman & CEO
Pacific North West Capital Corp.
Tel: 604-685-1870
Email: hbarr@pfncapital.com

Bill Stone President & COO
Pacific North West Capital Corp.
Tel: 416-368-5268
Email: bstone@pfncapital.com

On behalf of the Board of Directors

Harry Barr
Chairman and CEO

Disclaimer: Neither the TSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: Certain information presented, including discussions of future plans and operations, contains forward-looking statements involving substantial known and unknown risks and uncertainties. These forward-looking statements are subject to risk and uncertainty, many of which are beyond control of company management. These may include, but are not limited to the influence of general economic conditions, industry conditions, fluctuations of commodity prices and foreign exchange rate conditions, prices, rates, environmental risk, industry competition, availability of qualified staff and management, stock market volatility, timely and cost effective access to sufficient working capital or financing from internal and external sources. Actual results, performance, or achievements may differ materially from those expressed or implied by these forward looking statements.

Visit link: Pacific North West Capital Corp. (PAWEF: OTC Link/FINRA BB) | Pacific North West Capital Update on Metallurgical Studies for River Valley PGM Project near Sudbury, Ontario

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Pacific North West Capital Corp. (PAWEF: OTC Link/FINRA BB) | Pacific North West Capital Corp. Announces $1,100,000 Non-Brokered Private Placement

Category : Stocks, World News

October 12, 2012 Vancouver, Canada — Pacific North West Capital Corp. (TSX: PFN; OTCQX: PAWEF; Frankfurt: P7J) (the “Company”) is pleased to announce a non-brokered flow-through and non flow- through private placement of up to a combined 15,714,285 units for gross proceeds of up to $1,100,000.

Each non flow-through unit (“NFT Unit”) at a price of $0.07 per unit will consist of one common share and one-half of one, non-transferable, share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase one common share of the Company at a price of $0.13 for a period of 18 months from the closing date, subject to an accelerated expiry, such expiry to be accelerated to 30 days in the event the Company’s shares have closed at or above a price of $0.23 per share for 10 consecutive trading days on the Toronto Stock Exchange (“TSX”).

Each flow-through unit (“FT Unit”) at a price of $0.08 per unit will consist of one common flow-through share and one-half of one non flow-through, non-transferable, share purchase warrant. Each whole Warrant will entitle the holder to purchase one additional non flow-through common share of the Company at $0.14 for a period of 18 months from the closing date, subject to an accelerated expiry, such expiry to be accelerated to 30 days in the event the Company’s shares have closed at or above a price of $0.24 per share for 10 consecutive trading days on the TSX.

The proceeds from the private placement received from the sale of the units will be used for the further development and exploration of the River Valley PGM Project and exploration of two large adjacent properties, all located in the Sudbury region of Ontario. The proceeds from the sale of NFT Units will be used as working capital and for the additional projects that the Company currently holds in its portfolio situated in Ontario and Alaska, and for the evaluation and potential acquisition of additional platinum group metals and precious metal projects in Canada and the United States. Finder’s fees may be paid in connection with this private placement. The foregoing is subject to regulatory approval.

About Pacific North West Capital Corp.

PFN is a mineral exploration company whose philosophy is to be a project generator, explorer and project operator in order to option/joint venture its projects through to production. PFN is focused on the discovery, exploration and development of PGM and nickel‐copper sulphide deposits in geologically prospective regions in North America, particularly Canada. The Company’s key asset is its 100% owned River Valley PGM Project in the Sudbury region of northern Ontario. River Valley is one of the largest undeveloped primary PGM projects in North America. PFN also has PGM and nickel‐copper projects in northwest Ontario, Saskatchewan, and Alaska. The Company continues to evaluate PGM and nickel‐copper properties and projects in North America for potential acquisition opportunities.

About River Valley Project

In January 2011, Pacific North West Capital Corp. successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited. The River Valley Project is one of the largest undeveloped primary PGM projects in North America. The project has excellent infrastructure support and is located 100 km from the city of Sudbury, Ontario, Canada’s largest nickel‐copper‐PGM mining and metal recovery centre.

In May 2011, Pacific North West Capital Corp. commenced a $5 million drill program on the project. The program was successfully completed in May 2012. Data from 2011-2012 resource drilling was combined with holes drilled previously up to 2005, and delivered to Wardrop Engineering for a mineral resource update.

The NI43‐101 compliant mineral resources for the River Valley Project effective May 1, 2012 are illustrated in the table below:

  • Mineral resources which are not mineral reserves do not have demonstrated economic viability . The estimate of mineral resources may be materially effected by environmental, permitting legal, title, socio-political, marketing, or other relevant issues.

  • Please see Press Release dated May 1st 2012 for Notes to Mineral Resources

With these mineral resources, the River Valley Project is to be assessed for development potential as a large open pit PGM‐Cu‐Ni mining and milling operation as the project advances towards a Preliminary Economic Assessment Study. In support of this study, a metallurgical test program is in progress.

Qualified Persons Statement

This news release has been reviewed and approved for technical content by Dr. William Stone Ph.D., P.Geo. and Mr. Ali Hassanalizadeh M.Sc., P.Geo., both Qualified Persons under the provisions of National Instrument 43‐101.

Pacific North West Capital Corp. is an International Metals Group Company.

(www.internationalmetalsgroup.com)

On behalf of the Board of Directors

“Harry Barr’

Harry Barr
Chairman and CEO

Disclaimer: Neither the TSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: Certain information presented, including discussions of future plans and operations, contains forward-looking statements involving substantial known and unknown risks and uncertainties. These forward-looking statements are subject to risk and uncertainty, many of which are beyond control of company management. These may include, but are not limited to the influence of general economic conditions, industry conditions, fluctuations of commodity prices and foreign exchange rate conditions, prices, rates, environmental risk, industry competition, availability of qualified staff and management, stock market volatility, timely and cost effective access to sufficient working capital or financing from internal and external sources. Actual results, performance, or achievements may differ materially from those expressed or implied by these forward looking statements.

Read the rest here: Pacific North West Capital Corp. (PAWEF: OTC Link/FINRA BB) | Pacific North West Capital Corp. Announces $1,100,000 Non-Brokered Private Placement

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Pacific North West Capital Corp. (PAWEF: OTC Link/FINRA BB) | Pacific North West Capital Corp. Announces Results of AGM and Change of Director

Category : Stocks

September 10, 2012, Vancouver, BC — Pacific North West Capital Corp. (TSX: “PFN”; OTCQX: PAWEF; Frankfurt: P7J) is pleased to announce the results of the 2012 Annual General Meeting (the “AGM”) held September 6, 2012 at the Company’s executive offices in Vancouver, B.C.

At the AGM, James Stafford Chartered Accountants Inc. was re-appointed as the Company’s auditors. The approval of investments in other companies at the discretion of Management was further approved by the shareholders. The number of directors was set at five and the shareholders voted in favour of electing the Company’s nominees as directors: Harry Barr, Linda Holmes, John Londry, Jordan Point and Dennis Hop.

In light of being nominated and subsequently appointed as a director of the Company at the AGM, the Board of Directors further announce Dennis Hop’s decision to resign as a director of the Company. The Board wishes to thank Mr. Hop for his services as he has been a valuable member and played an important role to the Company. The Board and Company management wish him success in his future endeavors.

Further to Mr. Hop’s resignation, the Company’s Directors are pleased to announce Mr. Michael Neumann P. Eng. has been appointed to its Board of Directors at the Directors Meeting held immediately following the Company’s 2012 AGM.

Mr. Neumann brings significant experience in the mining arena and has been Proprietor of Neumann Engineering and Mining Services, Inc. since 1993 providing international engineering services focusing primarily on underground hard rock engineering facets such as mine design, productivity improvements, rock mechanics, second opinions, peer reviews and other types of studies.

Mr. Neumann is a graduate of Haileybury School of Mines and Michigan Technological University (Mining Engineering Degree) a member of the Canadian Institute of Mining, the International Society of Rock Mechanics and the Association of Professional Engineers of Ontario. Concurrent with his current position, from 2003 to 2006, Mr. Neumann was Director and Chief Operating Officer of Silver Eagle Mines Inc., (now Excellon Resources Inc.) a TSX listed Canadian-based silver exploration and development company focused on acquiring, exploring and developing high grade silver deposits among the silver mines in Mexico. Prior to this Mr. Neumann was Co- Founder and Director of the Engineering Seismology Group Inc. based in Kingston, Ontario. His early industry experience includes positions of Chief Engineer at Campbell Red Lake Mines and Underground Superintendent at Barrick’s Holt McDermott Mine.

Mr. Harry Barr, Chairman and CEO states, “We are very pleased to welcome Michael Neumann to our Company’s Board. His vast experience in mining will further enhance the strength of our Board.”

About Pacific North West Capital Corp

PFN is a mineral exploration company whose philosophy is to be a project generator, explorer and project operator in order to option/joint venture its projects through to production. PFN is focused on the discovery, exploration and development of PGM and nickel‐copper sulphide deposits in geologically prospective regions in North America, particularly Canada. The Company’s key asset is its 100% owned River Valley PGM Project in the Sudbury region of northern Ontario. River Valley is one of the largest undeveloped primary PGM projects in North America. PFN also has PGM and nickel‐copper projects and properties in northwest Ontario, Saskatchewan, and Alaska, and an option to joint venture a base metal project in northwestern BC’s Golden Triangle region. The Company continues to evaluate PGM and nickel‐copper properties and projects in North America for potential acquisition opportunities.

About River Valley Project

In January 2011, Pacific North West Capital Corp. successfully negotiated the 100% acquisition of the River Valley PGM Project from Anglo Platinum Limited. The River Valley Project is one of the largest undeveloped primary PGM projects in North America. The project has excellent infrastructure support and is located 100 km from the city of Sudbury, Ontario, Canada’s largest nickel‐copper‐PGM mining and metal recovery centre.

In May 2011, Pacific North West Capital Corp. commenced a $5 million drill program on the project. The program was successfully completed in May 2012. Data from 2011-2012 resource drilling was combined with holes drilled previously up to 2005, and delivered to Wardrop Engineering for a mineral resource update.

The NI43‐101 compliant mineral resources for the River Valley Project effective May 1, 2012 are illustrated in Table below:

  • Mineral resources which are not mineral reseves do not have demonstrated econamic viability . The estimate of mineral resources may be materially effected by environmental, permitting legal, title, socio-political, marleting, or other relavent issues.

  • Please see Press Release dated May 1st 2012 for Notes to Mineral Resources

With these mineral resources, the River Valley Project is to be assessed for development potential as a large open pit PGM‐Cu‐Ni mining and milling operation as the project advances towards a Preliminary Economic Assessment Study. In support of this study, a metallurgical test program is in progress.

Qualified Persons Statement
This news release has been reviewed and approved for technical content by Ali Hassanalizadeh M.Sc. P.Geo. a qualified Person under the provisions of National Instrument 43‐101.

On behalf of the Board of Directors

“Harry Barr”

Harry Barr
Chairman and CEO


Disclaimer: Neither the TSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: Certain information presented, including discussions of future plans and operations, contains forward-looking statements involving substantial known and unknown risks and uncertainties. These forward-looking statements are subject to risk and uncertainty, many of which are beyond control of company management. These may include, but are not limited to the influence of general economic conditions, industry conditions, fluctuations of commodity prices and foreign exchange rate conditions, prices, rates, environmental risk, industry competition, availability of qualified staff and management, stock market volatility, timely and cost effective access to sufficient working capital or financing from internal and external sources. Actual results, performance, or achievements may differ materially from those expressed or implied by these forward looking statements.

See the original post: Pacific North West Capital Corp. (PAWEF: OTC Link/FINRA BB) | Pacific North West Capital Corp. Announces Results of AGM and Change of Director

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Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Reports Multiple Ni-Cu-PGM Long-Range Intercepts Highlighted by 51.5 Metres of 0.69% NiEq (1.11g/t PGM+Au, 0.5% Cu, 0.31% Ni) (Diagrams Included)

Category : World News

Vancouver, B.C. , August 15, 2012 – Prophecy Platinum Corp. (“Prophecy” or the “Company”) (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) is pleased to announce further results of its 2012 underground infill drill program on the Company’s 100% owned Wellgreen PGM-Ni-Cu Project, located in the Yukon Territory, Canada. The five holes received and reported all intercepted significant mineralized widths, ranging from 94.2 metres (WU12-535) and up to 284.4 metres (WU12-521). Each hole reported ended in mineralization and was stopped due to difficult ground conditions. The grades are materially higher than the 0.22% NiEq cut off adopted in the PEA* resource model. Highlights include WU12-539 which returned 18 metres of 1.75 g/t Pt+Pd+Au, 0.82% Cu, 0.48% Ni within 51.5 metres of 1.11 g/t Pt+Pd+Au, 0.50% Cu, 0.31% Ni.
Results are tabulated below:

BHID
From
To
Length (m)
Cu%
Ni%
PGM+Au (g/t)
NiEq%
WU12-521
18.01
302.36
284.35
0.11
0.22
0.55
0.35
including. . .
35.66
81.38
45.72
0.27
0.29
0.72
0.52
and. . .
35.66
215.49
179.83
0.14
0.22
0.53
0.39
WU12-530
0.00
189.28
189.28
0.16
0.30
0.50
0.46
including. . .
0.00
13.11
13.11
0.67
0.35
1.24
0.81
and. . .
135.03
186.84
51.82
0.13
0.35
0.49
0.49
WU12-535
0.00
94.18
94.18
0.16
0.26
0.56
0.43
including. . .
0.00
31.39
31.39
0.30
0.21
0.88
0.48
WU12-538
0.00
213.06
213.06
0.13
0.25
0.51
0.40
including. . .
0.00
92.96
92.96
0.19
0.24
0.62
0.43
WU12-539
0.00
242.01
242.01
0.20
0.28
0.60
0.47
including. . .
0.00
51.51
51.51
0.50
0.31
1.11
0.69
and. . .
0.00
17.98
17.98
0.82
0.48
1.75
1.08
and. . .
56.08
66.75
10.67
0.23
0.41
0.95
0.66

Notes:

  1. NiEq calculations are based on long range pricing index of US$ 9.52/lb nickel, US$ 2.96/lb copper, US$ 15.78/lb cobalt, US$ 1,085/troy oz gold, US$ 1,776/troy oz platinum, and US$ 689/troy oz palladium. The equation for NiEq value is as follows: NiEq = ((Ni grade x Ni price x 22.04622) + (Cu grade x Cu price x 22.04622) + (Co grade x Co price x 22.04622) + (Au grade x Au price x 0.02916) + (Pt grade x Pt price x 0.02916) + (Pd grade x Pd price x 0.02916)) / (Ni price x 22.04622)
  2. *CuEq = NiEq * $9.52 / $2.96, calculated as those intercepts display substantial copper grades compared to nickel and PGE
  3. Reported widths are intersected widths and not true widths.
  4. “Central-East” and “Central-West” zones refer to “East Zone” and “West Zone”, respectively, as reported in the Company’s July 2011 NI43-101 compliant resource announcement for the Wellgreen Property.

PGM+Au Composites are tabulated below:

BHID
From
To
Length (m)
Pt (g/t)
Pd (g/t)
Au (g/t)
PGM+Au (g/t)
WU12-521
18.01
302.36
284.35
0.20
0.32
0.04
0.55
including. . .
35.66
81.38
45.72
0.33
0.32
0.07
0.72
and. . .
35.66
215.49
179.83
0.26
0.22
0.05
0.53
WU12-530
0.00
189.28
189.28
0.21
0.25
0.04
0.50
including. . .
0.00
13.11
13.11
0.66
0.47
0.11
1.24
and. . .
135.03
186.84
51.82
0.20
0.26
0.03
0.49
WU12-535
0.00
94.18
94.18
0.25
0.24
0.06
0.56
including. . .
0.00
31.39
31.39
0.43
0.30
0.15
0.88
WU12-538
0.00
213.06
213.06
0.24
0.23
0.05
0.51
including. . .
0.00
92.96
92.96
0.31
0.26
0.06
0.62
WU12-539
0.00
242.01
242.01
0.27
0.29
0.04
0.60
including. . .
0.00
51.51
51.51
0.57
0.45
0.09
1.11
and. . .
0.00
17.98
17.98
0.84
0.78
0.13
1.75
and. . .
56.08
66.75
10.67
0.36
0.55
0.05
0.95

WU12-521 was drilled from Station 1 (3411E) on the east portion of the Wellgreen resource. The remaining reported holes were drilled from Station 4 situated toward the centre of the east portion of the resource.

The header information, indicating dips and azimuths, is tabulated below:

Drill Station
BHID
Eastings
Northings
Elevation
Azimuth
Dip
Length (m)
1
WU12-521
3411
15244
1298.9
200
-27
302.36
4
WU12-530
3139
15235
1303.19
145
-2
186.84
4
WU12-535
3139
15235
1303.19
180
54
94.18
4
WU12-538
3139
15235
1303.19
210
-33
213.06
4
WU12-539
3139
15235
1303.19
145
-30
242.01

Notes:

  1. “Easting” and “Northing” coordinates are in local non-earth mine grid coordinates. Elevations reported are above mean sea level. All coordinates are reported in metres.
  2. Azimuths reported here are with respect to local mine grid.

The style and occurrence of mineralization reported here is consistent with the geological model adopted by the company for the Wellgreen deposit. Higher grade portions are noted nearer to the footwall contact that represents the paleo-basal portion of the intrusion. Each hole reported ended in mineralization and was stopped due to difficult ground conditions.

The underground drill program started in February and has since then completed 5,409 metres of diamond drilling over 28 holes at 3 stations. The program reached target production and the underground drill has been demobilized. So far, results of 18 holes have been reported, with assays pending for remaining 10 holes (2 holes from drill station 4 and all of 8 holes from drill station 5).

The surface drill program started in June and has now completed 13 holes (assays pending) with 2 rigs currently on site. The surface program is performing very well. Mineralization is encountered in all holes and generally starts from surface extending over significant widths to reach the footwall contacts, with several holes intercepting massive sulphides.

Results of infill and exploration drilling will be published monthly.
This news release has been reviewed and approved by Rory Calhoun, P.Geo. , a Qualified Person as defined in NI 43-101.

*Preliminary Economic Assessment on Wellgreen prepared by Tetratech dated July 6, 2012.

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.

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.


Cross sections of Station 1 (3411E)
Click to enlarge image

Cross sections of Station 4 (3139E)
Click to enlarge image

Cross sections of Station 4 (3139E)
Click to enlarge image

Cross sections of Station 4 (3139E)
Click to enlarge image

Wellgreen Plan View With Drill Targets
Click to enlarge image

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 located in Yukon Territory, Canada. Prophecy’s Shakespeare PGM-Cu-Ni project (fully permitted) is located in Ontario, and its 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

For further information:
Chris Ackerman
Senior Manager, Investor Relations
1-800-459-5583

cackerman@prophecyplat.com
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.

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Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Drills 50.9 Metres Of 0.6% NiEq (0.74g/t PGM+Au, 0.38% Ni, 0.23% Cu) Within 242 Metres of Mineralization at the Wellgreen Project (Diagrams Included)

Category : Stocks, World News

Vancouver, British Columbia, June 19, 2012: Prophecy Platinum Corp. (“Prophecy” or the “Company”) (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) is pleased to announce further results of its 2012 underground drill program on the Company’s 100% owned Wellgreen PGM-Ni-Cu Project, located in the Yukon Territory, Canada. WU12-523 intercepted significant widths of mineralization of 242.6 metres containing 0.47 g/t Pt+Pd+Au, 0.24% Ni and 0.13% Cu (0.39% NiEq), including 18.1 metres grading 1.05 g/t Pt+Pd+Au, 0.50% Ni and 0.27% Cu (0.78% NiEq), nested within 50.9 metres of 0.74 g/t Pt+Pd+Au, 0.38% Ni, and 0.23% Cu (0.60% NiEq).

Results are tabulated below:

BHID
From
To
Length (m)
Cu%
Ni%
PGM+Au (g/t)
NiEq%
WU12-523
28.65
271.27
242.62
0.13
0.24
0.47
0.39
including. . .
37.80
88.70
50.90
0.23
0.38
0.74
0.60
including. . .
55.32
73.46
18.14
0.27
0.50
1.05
0.78

Notes:

  1. NiEq calculations are based on long range pricing index of US$ 9.52/lb nickel, US$ 2.96/lb copper, US$ 15.78/lb cobalt, US$ 1,085/troy oz gold, US$ 1,776/troy oz platinum, and US$ 689/troy oz palladium. The equation for NiEq value is as follows: NiEq = ((Ni grade x Ni price x 22.04622) + (Cu grade x Cu price x 22.04622) + (Co grade x Co price x 22.04622) + (Au grade x Au price x 0.02916) + (Pt grade x Pt price x 0.02916) + (Pd grade x Pd price x 0.02916)) / (Ni price x 22.04622)
  2. *CuEq = NiEq * $9.52 / $2.96, calculated as those intercepts display substantial copper grades compared to nickel and pgm
  3. Reported widths are intersected widths and not true widths.
  4. “Central-East” and “Central-West” zones refer to “East Zone” and “West Zone”, respectively, as reported in the Company’s July 2011 NI43-101 compliant resource announcement for the Wellgreen Property.

PGM+Au Composites are tabulated below:

BHID
From
To
Length (m)
Pt (g/t)
Pd (g/t)
Au (g/t)
PGM+Au (g/t)
WU12-523
28.65
271.27
242.62
0.22
0.21
0.04
0.47
including. . .
37.80
88.70
50.90
0.31
0.40
0.04
0.74
and. . .
55.32
73.46
18.14
0.42
0.59
0.04
1.05

WU12-523 was drilled from Station 1 (3411E) on the east portion of the Wellgreen resource.

The header information, indicating dips and azimuths, is tabulated below:

BHID
Eastings
Northings
Elevation
Azimuth
Dip
Length (m)
WU12-523
3411
15244
1298.9
200
-6.9
271.27

Notes:

  1. “Easting” and “Northing” coordinates are in local non-earth mine grid coordinates. Elevations reported are above mean sea level. All coordinates are reported in metres.
  2. Azimuths reported here are with respect to local mine grid.

All of the completed holes to date for the 2012 drilling program are mineralized. WU12-523 was stopped due to poor ground conditions, with mineralization occurring to the very end of the hole at 271.3 metres. There are additional holes to be reported on station 4 and the company has moved the drill rig to station 5 (3095E), further into the adit where higher Ni-Cu-PGE grades have been modeled.

John Lee, Chairman of Prophecy states: “These infill drill results of significant widths and grades continue to define and enhance Wellgreen’s resource model. Production has been great and additional rigs have arrived on site. We have started to drill several exciting surface soil-anomalies to expand Wellgreen’s strike. ”

Results of infill and exploration drillings will be published monthly throughout summer.

In other news, further to the Company’s news release dated May 30, 2012, Prophecy and Ursa Major Minerals Incorporated have agreed to extend the time to complete the proposed business combination (as detailed in the Company’s press releases dated March 2, 2012, March 9, 2012 and April 16, 2012) to July 15, 2012.

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

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.

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.


Cross sections of Station 1 (3411E)
Click to enlarge image

Wellgreen Plan View With Drill Targets
Click to enlarge image

Wellgreen Drill Targets
Click to enlarge image

Wellgreen Section View With Drill Targets
Click to enlarge image

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 Copper 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.

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
dbrook@prophecyplat.com
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.

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Prophecy Platinum Corp. (PNIKF: OTC Link) | Prophecy Platinum Drills 10.4 metres of 0.98% Cu, 1.18g/t PGM+Au, 0.24% Ni (2.54% CuEq) within 129 metres of mineralization at the Wellgreen Project

Category : Stocks

Vancouver, British Columbia, June 4, 2012: Prophecy Platinum Corp. (“Prophecy” or the “Company”) (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) is pleased to announce further results of its 2012 underground drill program on the Company’s 100% owned Wellgreen PGM-Ni-Cu Project, located in the Yukon Territory, Canada. Wide and continuous mineralization continues to be intercepted with results from 2 drill holes, including higher grade intercepts of 10.4 metres of 0.98% Cu, 1.18 g/t Pt+Pd+Au, 0.24% Ni (2.54% CuEq; WU12-533), and 19.51 metres of 0.36% Cu, 0.89 g/t Pt+Pd+Au, 0.19% Ni (1.54% CuEq; WU12-534). These sub-intervals occur within appreciable widths of 129.2 metres and 117.0 metres respectively.

Results are tabulated below:

BHID
From
To
Length (m)
Cu%
Ni%
Pt+Pd+Au (g/t)
NiEq%
CuEq%
WU12-533
0.00
129.24
129.24
0.18
0.29
0.50
0.45
including. . .
0.00
10.36
10.36
0.98
0.24
1.18
0.79
2.54
and. . .
101.80
114.00
12.19
0.18
0.44
0.66
0.63
WU12-534
0.00
117.04
117.04
0.14
0.28
0.52
0.42
including. . .
0.00
19.51
19.51
0.36
0.19
0.89
0.48
1.54

Notes:

  1. NiEq calculations are based on long range pricing index of US$ 9.52/lb nickel, US$ 2.96/lb copper, US$ 15.78/lb cobalt, US$ 1,085/troy oz gold, US$ 1,776/troy oz platinum, and US$ 689/troy oz palladium. The equation for NiEq value is as follows: NiEq = ((Ni grade x Ni price x 22.04622) + (Cu grade x Cu price x 22.04622) + (Co grade x Co price x 22.04622) + (Au grade x Au price x 0.02916) + (Pt grade x Pt price x 0.02916) + (Pd grade x Pd price x 0.02916)) / (Ni price x 22.04622)
  2. *CuEq = NiEq * $9.52 / $2.96, calculated as those intercepts display substantial copper grades compared to nickel and pgm
  3. Reported widths are intersected widths and not true widths.
  4. “Central-East” and “Central-West” zones refer to “East Zone” and “West Zone”, respectively, as reported in the Company’s July 2011 NI43-101 compliant resource announcement for the Wellgreen Property.

PGM+Au Composites are tabulated below:

BHID
From
To
Length (m)
Pt (g/t)
Pd (g/t)
Au (g/t)
Pt+Pd+Au (g/t)
WU12-533
0.00
129.24
129.24
0.22
0.25
0.04
0.50
including. . .
0.00
10.36
10.36
0.65
0.41
0.12
1.18
and. . .
101.80
114.00
12.19
0.25
0.38
0.04
0.66
WU12-534
0.00
117.04
117.04
0.20
0.29
0.04
0.52
including. . .
0.00
19.51
19.51
0.42
0.36
0.11
0.89

John Lee, Chairman of Prophecy states: “Our early metallurgical results demonstrated excellent copper recovery, therefore these copper intercepts should bode well to the project economics. Further, the positive copper to PGM correlation serves well as a guide for our summer drilling, as we have identified a number of Cu soil-rich targets and will continue to systematically explore the 17.5 km belt.

To date all of the completed holes for the 2012 drilling program are mineralized and have mineralized intercepts in excess of 100 metres and were mineralized at their end-of-hole lengths. Mineralization is likely to continue, however the drillings were interrupted due to poor ground conditions. Both holes were drilled from Station 4 (3139E) near the centre of the Central-East Zone of the Wellgreen Resource.

The header information, indicating dips and azimuths, is tabulated below:

BHID
Eastings
Northings
Elevation
Azimuth
Dip
Length (m)
WU12-533
3139
15235
1303.19
180
-16
134.7
WU12-534
3139
15235
1303.19
180
21
117.04

Notes:

  1. “East” and “North” coordinates are in local non-earth mine grid coordinates. Elevations reported are above mean sea level. All coordinates are reported in metres.
  2. Azimuths reported here are with respect to local mine grid.

The current underground drilling was initiated in February and represents the first phase of an extensive infill drilling program designed to upgrade a significant portion of Wellgreen’s NI 43-101 inferred resource into the measured and indicated category. The intercepts and grades reported here appear to be consistent with the resource model. There are additional holes to be reported on station 4 and the company will soon move the drill rig to station 5 (3095E), further into the adit where higher Ni-Cu-PGE has been modeled.

A surface program, designed to supplement this underground phase, is anticipated to commence in early June, 2012.

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.

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.

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.


Wellgreen Plan View With Drill Targets
Click to enlarge image

Wellgreen Dighem Survey Magnetic Map
Click to enlarge image

Wellgreen Drill Targets
Click to enlarge image

Wellgreen Section View With Drill Targets
Click to enlarge image

About Prophecy Platinum

The new Prophecy will be a resource company with a robust pipeline of platinum nickel projects, including:

  • Flagship Wellgreen** (Yukon) PGM-Ni-Cu project with over 10 million oz. of Pt-Pd-Au inferred resource. Active drilling is ongoing with pending preliminary economic assessment study in June.
  • Fully-permitted open-pit Shakespeare* PGM-Ni-Cu mine (Ontario) close to Sudbury infrastructure with ore reserves and near term production capabilities.
  • Manitoba’s Lynn Lake*** Ni-Cu project with over 262 million lbs. Ni and 138 million lbs. Cu measured and indicated resource.

Prophecy’s further holdings include the Las Aguilas Nickel PGM deposit in Argentina, and prospective claims in Uruguay.
*Shakespeare contains a probable reserve of 11,828,000 tonnes grading 0.33% nickel, 0.35% copper, 0.02% cobalt, 0.33 g/t platinum, 0.36 g/t palladium and 0.18 g/t gold (Micon International Limited January 2006).
**Wellgreen contains an indicated mineral resource of 14 million tonnes at 0.69% nickel, 0.62% copper & 2.25 g/t PGM+Au and 289 million tonnes of inferred resource at 0.28% nickel, 0.35% copper & 1.18 g/t PGM+Au, all estimated at 0.4% NiEq cut-off (Wardrop Technical Report July 2011). ***Lynn Lake contains a measured mineral resource of 1 million tons at 0.76% nickel & 0.36% of copper, indicated resource of 21.9 million tons at 0.56% nickel & 0.30% copper, and 8.1 million tons of inferred resource at 0.51% nickel & 0.28% copper (Wardrop Technical Report April 2011).

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
dbrook@prophecyplat.com
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.

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