Prophecy Appoints Mr. Gary Johnson as Metallurgical Advisor
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/03/11 -- Prophecy Platinum Corp. (TSX VENTURE: NKL)(OTCQX: PNIKF)(PINK SHEETS: PNIKF)(FRANKFURT: P94P) ('Prophecy Platinum' or the 'Company') announces the following senior appointments:Mr. Johnson is a metallurgist with over 30 years of experience in all aspects of the mining industry. In his early career, he gained broad operational and project experience in a range of metals at operations in Africa and Australia, including as a member of the team operating the metallurgical pilot plant at the giant Roxby Downs (also known as Olympic Dam) copper, gold and uranium project in South Australia.
Mr. Johnson spent ten years as Chief Metallurgist for a large gold producer before forming his own specialized hydrometallurgical consulting company in 1998. During this period, he worked closely with LionOre Mining International to develop the Activox process for treating sulphide concentrates. He also was closely involved with Tati Nickel Mining Company (Pty) Limited, in Botswana, which grew to become the largest nickel mine in Africa.
In 2006, LionOre acquired Mr. Johnson's company and he joined LionOre as a senior executive. In 2007, LionOre was successfully taken over by MMC Norilsk Nickel. Mr. Johnson became a Managing Director of Norilsk's Australian operations in 2009.
Mr. Johnson currently runs his own consulting company specializing in high-level metallurgical and strategic advice.
Ms. Irina Plavutska: Interim CFO
Ms. Plavutska has been with the Prophecy group of companies since 2010 and is currently interim CFO of Prophecy Coal Corp. She is a professional accountant with over 20 years of diverse international experience in financial reporting, auditing, and accounting. She is a member of Certified General Accountants Association of British Columbia. Ms. Plavutska replaces Mr. David McAdam. The Company thanks Mr. McAdam for his service.
Mr. Joseph W. Li: Board Director
Mr. Li is a Certified General Accountant (B.C.) and has a B.Com (Hons) from Laurentian University. For 13 years, he was a Senior Auditor with the B.C. Ministry of Finance, a position which allowed him to gain valuable insight into how diverse businesses and organizations of all sizes are operated. Mr. Li has been with the Prophecy group of companies since January, 2011 and oversaw the successful spinoff of Prophecy Platinum Corp. In addition to holding the positions of General Manager and Corporate Secretary with Prophecy Platinum Corp., Mr. Li is Director, General Manager and Corporate Secretary of Prophecy Coal Corp., which owns approximately 50% of Prophecy Platinum Corp.
Financing Update
Further to its news release dated November 1, 2011, due to substantial demand, the Company has increased the size of the non-brokered private placement of common shares to 3,500,000 shares at a price of $2.70 per share for gross proceeds of $9,450,000 (the 'Placement').
Closing of the Placement is anticipated to occur on or about November 11, 2011.
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, Chairman
Forward-Looking Statements: This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, including, without limitation, statements potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties.. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the Transaction, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
'Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.'
Contacts:
Prophecy Platinum Corp.
Asif Visram
Manager, Investor Relations
1-800-358-5865
avisram@prophecyplat.com
www.prophecyplat.com