The independent study, authored by Todd McCracken, P.Geo., of Wardrop Engineering Inc., a Tetra Tech Company, incorporated drill data from 182 surface and 519 underground diamond drill holes, totaling 53,222 meters.

Using a 0.4 percent nickel-equivalent cut-off grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million metric tons at an average grade of 0.53 grams per metric ton platinum , 0.42 g/t palladium, 0.23 g/t gold, 0.38 percent nickel and 0.35 percent copper.

The deposit contains an additional indicated resource of 14.3 million metric tons at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold, 0.69 percent nickel, and 0.69 percent copper. The resource includes both the East Zone and the West Zone of the Wellgreen project.

Combining the inferred and indicated resources, the Wellgreen deposit is estimated to contain 5.39 million ounce of platinum, 4.25 million ounce of palladium, 2.38 million ounces of gold, 2.64 billion pounds of nickel, 2.43 billion pounds of copper and 207.07 million pounds of cobalt.

“This initial independent resource report confirms Wellgreen as one of the largest platinum group metals projects in Canada, and one of few outside of South Africa’s Bushveld complex. We intend to aggressively expand total resource at Wellgreen in Yukon, Canada,” said Prophecy Platinum Chairman John Lee.

Prophecy Platinum adopted believes the 0.4 percent nickel-equivalent cut-off represents a conservative cut-off value with a demonstrated nickel-equivalent value 0.74 percent for the inferred resource and 1.36 percent nickel-equivalent for the indicated resource. Additional payable metals such as rhodium, iridium, osmium and ruthenium are not figured into the current resource estimate.

Wellgreen was discovered in 1952 and optioned to Hudson Bay Mining and Smelting Ltd., now Hudbay Minerals Inc. Over a 20 year period, Hudbay sank four shafts and developed over 4,000 meters of underground workings.

Prophecy Platinum said the historical production was focused on the massive sulfide pods/embayments. Recent exploration by Prophecy Platinum has concentrated on the evaluation of the Wellgreen property to host larger, lower grade, tonnages of PGM-enriched nickel-copper mineralization.

Pockets of semi-massive sulfides with grades greater than 1 percent copper and nickel and 2 g/t platinum, as historically mined by Hudson Yukon, are expected to continue to be located through exploration efforts. These higher grade pockets, although not continuous, may be targeted in a potential open-pit operation in order to accelerate the project’s payback.

The ongoing 2011 diamond drill program announced by Prophecy Platinum on June 2 is designed to augment this reported resource in recognition of the significant tonnage that was overlooked by previous operators on the property. There are two diamond rigs operating on the property since May, with drill results expected in the summer.