Mr. John Lee reports

PROPHECY PLATINUM REPORTS 1.04 MILLION OZ PGM+GOLD INDICATED AND 10.97 MILLION OZ PGM+GOLD INFERRED FOR THE WELLGREEN PROJECT, YUKON TERRITORY, CANADA

Prophecy Platinum Corp. has received an independent National Instrument 43-101-compliant report and mineral resource estimate for its Wellgreen platinum group element/nickel/copper property located in the Yukon Territory, Canada. The report is authored by Todd McCracken, PGeo, of Wardrop Engineering Inc., a Tetra Tech company, who is an independent qualified person under NI 43-101.

The independent study incorporated drill data from 701 diamond drill holes (182 surface and 519 underground) totalling over 53,222 metres. Using a 0.4-per-cent NiEq (nickel equivalent) cut-off grade, the Wellgreen deposit now contains a total inferred resource of 289.2 million tonnes at an average grade of 0.53 gram per tonne platinum, 0.42 g/t palladium, 0.23 g/t gold (1.18 g/t PGM plus gold), 0.38 per cent nickel and 0.35 per cent copper. Separately, the deposit also contains an indicated resource of 14.3 million tonnes at an average grade of 0.99 g/t platinum, 0.74 g/t palladium, 0.52 g/t gold (2.25 g/t PGM plus gold), 0.69 per cent nickel and 0.69 per cent copper. The resource includes both the East zone and the West zone of the Wellgreen project, which are tabulated showing respective metal grades which are also expressed as nickel equivalent (NiEq) values.

         WELLGREEN INDICATED AND INFERRED RESOURCE TOTALS

NiEq %  Cate-                   NiEq    Pt    Pd    Au PGM+Au   Ni   Cu   Co
cut-off gory  Zone      Tonnes    %  (g/t) (g/t) (g/t)  (g/t)  (%)  (%)  (%)

0.400  Indi-  East  14,308,000 1.36  0.99  0.74  0.52   2.25 0.69 0.62 0.05
       cated
0.400  Inf-   East 219,327,000 0.76  0.54  0.45  0.26   1.25 0.39 0.34 0.03
       erred
0.400  Inf-   West  69,919,000 0.67  0.50  0.34  0.12   0.96 0.34 0.38 0.02
       erred
Total
inferred           289,246,000 0.74  0.53  0.42  0.23   1.18 0.38 0.35 0.03

Several parameters were used in calculating the reported resource:
(i) NiEq equals ((Ni per cent multiplied by Ni dollar multiplied by 22.0462) 
plus (Cu per cent multiplied by Cu dollar multiplied by 22.0462) plus (Co per cent
multiplied by Co dollar multiplied by 22.0462) plus (Au grade multiplied by Au dollar
multiplied by 0.029167) plus (Pt grade multiplied by Pt dollar multiplied by 0.029167)
plus (Pd grade multiplied by Pd dollar multiplied by 0.029167)) divided by (Ni dollar
multiplied by 22.0462);
(ii) Long-term average metal prices in United States dollars at $9.52/pound nickel 
(NiEq prices based on this amount), $2.96/pound copper, $15.78/pound cobalt, 
$1,085/troy ounce gold, $1,776/troy ounce platinum and $689/troy ounce palladium;
(iii) Visual comparison of colour-coded block model grades with composite grades on 
section and plan;
(iv) Comparison of the global mean block grades for ordinary kriging (OK),    
inverse distance squared (ID2), nearest neighbour (NN) and composites;
(v) Swath plots comparing NN estimates and OK estimates;
(vi) There was a 701-drill-hole database used compiling over 12,000 assays.

                  CONTAINED METALS AT WELLGREEN (1)

Metal                  Indicated resource       Inferred resource

Nickel (Ni)              0.22 billion lb          2.42 billion lb
Copper (Cu)              0.20 billion lb          2.23 billion lb
Cobalt (Co)             15.77 million lb        191.30 million lb
Platinum (Pt)            0.46 million oz          4.93 million oz
Palladium (Pd)           0.34 million oz          3.91 million oz
Gold (Au)                0.24 million oz          2.14 million oz
PGM+Gold                 1.04 million oz         10.97 million oz

(1) Based on resource estimated at 0.4-per-cetn NiEq cut-off, and 100-per-cent 
metals recoveries.

"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," stated John Lee, chairman of Prophecy Platinum.

Prophecy Platinum has adopted a 0.4-per-cent nickel equivalent cut-off pending further work on the economics regarding the deposit. The company believes that this represents a conservative cut-off value with a demonstrated NiEq value 0.74 per cent for the inferred resource and 1.36 per cent NiEq for the indicated resource. Additional payable metals such as rhodium, iridium, osmium and ruthenium are not figured into the current resource estimate. Resource numbers at their various cut-off values are tabulated on a zone-by-zone basis (that is, East zone and West zone).

     EAST ZONE INDICATED RESOURCE TONNAGE AT VARIOUS NIEQ CUT-OFFS

NiEq                 NiEq     Pt     Pd     Au  PGM+Au     Ni     Cu     Co
cut-off     Tonnes      %   (g/t)  (g/t)  (g/t)   (g/t)    (%)    (%)    (%)

0.200   14,423,900  1.349  0.988  0.732  0.514   2.234  0.683  0.615  0.051
0.250   14,423,900  1.349  0.988  0.732  0.514   2.234  0.683  0.615  0.051
0.300   14,423,900  1.349  0.988  0.732  0.514   2.234  0.683  0.615  0.051
0.350   14,398,100  1.351  0.990  0.733  0.514   2.237  0.684  0.616  0.051
0.400   14,308,000  1.357  0.995  0.736  0.517   2.248  0.686  0.619  0.051
0.450   14,085,100  1.372  1.007  0.743  0.523   2.273  0.694  0.626  0.051
0.500   13,662,800  1.400  1.029  0.755  0.532   2.316  0.708  0.639  0.052
0.550   13,235,700  1.428  1.051  0.767  0.543   2.361  0.722  0.654  0.053
0.600   12,711,700  1.463  1.075  0.780  0.556   2.411  0.740  0.671  0.054
0.650   12,198,800  1.498  1.100  0.794  0.568   2.462  0.760  0.689  0.055
0.700   11,693,600  1.534  1.123  0.808  0.581   2.512  0.779  0.705  0.056
0.750   11,281,200  1.563  1.141  0.821  0.593   2.555  0.796  0.718  0.057
0.800   10,838,078  1.595  1.157  0.831  0.601   2.589  0.816  0.731  0.058
0.850   10,384,400  1.629  1.177  0.843  0.612   2.632  0.836  0.747  0.059
0.900    9,776,000  1.676  1.201  0.859  0.624   2.684  0.866  0.764  0.060
0.950    9,472,900  1.700  1.214  0.865  0.630   2.709  0.880  0.777  0.061
1.000    8,850,700  1.751  1.241  0.884  0.644   2.769  0.912  0.796  0.062

       EAST ZONE INFERRED RESOURCE TONNAGE AT VARIOUS NIEQ CUT-OFFS

NiEq                 NiEq     Pt     Pd     Au  PGM+Au     Ni     Cu     Co
cut-off     Tonnes      %   (g/t)  (g/t)  (g/t)   (g/t)    (%)    (%)    (%)

0.200  392,934,000  0.554  0.363  0.320  0.166   0.849  0.301  0.228  0.022
0.250  336,506,000  0.609  0.411  0.356  0.188   0.955  0.326  0.258  0.024
0.300  300,049,000  0.650  0.446  0.382  0.206   1.034  0.343  0.280  0.025
0.350  259,831,000  0.700  0.491  0.414  0.231   1.136  0.364  0.309  0.027
0.400  219,327,000  0.760  0.543  0.448  0.261   1.252  0.388  0.344  0.029
0.450  176,065,000  0.842  0.610  0.493  0.303   1.406  0.423  0.392  0.032
0.500  139,224,000  0.940  0.682  0.545  0.351   1.578  0.468  0.445  0.036
0.550  109,865,000  1.051  0.762  0.604  0.401   1.767  0.520  0.504  0.041
0.600   92,700,000  1.140  0.823  0.649  0.437   1.909  0.564  0.547  0.045
0.650   81,026,000  1.214  0.870  0.685  0.465   2.020  0.603  0.583  0.048
0.700   71,595,000  1.285  0.911  0.715  0.489   2.115  0.642  0.617  0.051
0.750   64,098,000  1.350  0.943  0.738  0.509   2.190  0.680  0.649  0.053
0.800   57,420,000  1.417  0.974  0.755  0.526   2.255  0.721  0.681  0.056
0.850   52,190,000  1.477  1.002  0.770  0.537   2.309  0.759  0.709  0.058
0.900   48,055,000  1.529  1.021  0.782  0.544   2.347  0.795  0.732  0.059
0.950   44,213,000  1.581  1.039  0.792  0.549   2.380  0.831  0.756  0.061
1.000   40,494,000  1.637  1.056  0.804  0.554   2.414  0.870  0.782  0.062

      WEST ZONE INFERRED RESOURCE TONNAGE AT VARIOUS NIEQ CUT-OFFS

NiEq                 NiEq     Pt     Pd     Au  PGM+Au     Ni     Cu     Co
cut-off     Tonnes      %   (g/t)  (g/t)  (g/t)   (g/t)    (%)    (%)    (%)

0.200   99,481,000  0.569  0.433  0.311  0.103   0.847  0.291  0.305  0.019
0.250   97,203,000  0.577  0.437  0.313  0.104   0.854  0.296  0.310  0.019
0.300   93,447,000  0.589  0.444  0.317  0.105   0.866  0.303  0.318  0.019
0.350   85,117,000  0.615  0.460  0.324  0.108   0.892  0.316  0.337  0.020
0.400   69,919,000  0.667  0.497  0.338  0.118   0.953  0.340  0.381  0.021
0.450   52,081,000  0.749  0.557  0.356  0.138   1.051  0.376  0.460  0.023
0.500   39,114,000  0.841  0.624  0.374  0.158   1.156  0.415  0.547  0.026
0.550   32,943,000  0.901  0.657  0.385  0.162   1.204  0.447  0.595  0.027
0.600   28,791,000  0.948  0.677  0.391  0.162   1.230  0.475  0.631  0.029
0.650   25,386,000  0.991  0.694  0.396  0.158   1.248  0.503  0.662  0.030
0.700   22,224,000  1.036  0.711  0.402  0.160   1.273  0.530  0.696  0.031
0.750   19,931,000  1.072  0.722  0.403  0.159   1.284  0.554  0.721  0.032
0.800   17,814,000  1.107  0.735  0.408  0.159   1.302  0.577  0.745  0.032
0.850   15,891,000  1.141  0.745  0.409  0.160   1.314  0.601  0.768  0.033
0.900   13,731,000  1.183  0.758  0.409  0.161   1.328  0.628  0.798  0.034
0.950   11,890,000  1.223  0.764  0.405  0.163   1.332  0.656  0.829  0.035
1.000   10,081,000  1.268  0.767  0.406  0.170   1.343  0.687  0.862  0.036

Historic production focused on the massive sulphide 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 Ni-Cu mineralization. The modelled resource in this press release demonstrates that the disseminated material extends from surface to at least 800 metres in depth, making a large volume of this material amenable to a low-cost, bulk-tonnage, open-pit mining scenario.

Higher-grade pockets of semi-massive sulphides (greater than 1 per cent Cu and Ni and greater than two grams per tonne Pt), as historically mined by Hudson Yukon, are expected to continue to be located through exploration efforts. These higher-grade pockets, although not continuous, could be targeted in a potential open-pit operation in order to accelerate the project's payback.

The continuing 2011 diamond drill program announced in the company's June 2, 2011, press release has been 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.

Overview of Wellgreen:

• Wellgreen is part of Kluane ultramafic nickel belt, which is the second largest behind the Thompson belt in Canada and remains vastly unexplored.
• The Wellgreen property is located approximately 35 kilometres northwest of Burwash Landing, Yukon, 15 kilometres from the paved two-lane Alaska Highway and 402 km from Alaska's Haines deep sea port. Prophecy Coal Corp. acquired 100 per cent of Wellgreen by merger with Northern Platinum on Sept. 23, 2010. Prophecy Platinum acquired 100 per cent of Wellgreen from Prophecy Coal on June 13, 2011.
• 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 four km of underground workings.
• A total of 701 holes (182 surface, 519 underground) totalling 53,222 metres (28,303 metres on surface and 24,919 metres underground) were drilled by the following mining and exploration companies -- HudBay, Chevron, All North, Galactic, Archer Cathro, Coronation and Northern Platinum.
• Prophecy Platinum holds 91 claims in two groups under renewable 21-year mining leases totalling approximately 22.1 square km.
• A shear zone was discovered in 2005 with rock samples yielding up to 70.1 g/t palladium, and 77.3 g/t platinum and 1.37 g/t rhodium over a three km strike.
• A Fugro helicopter-borne Mag and EM survey conducted in 2008 demonstrated that the magnetic signature of the peridotite extends approximately six km on Prophecy Platinum's ground.
• Past exploration and production focused on high-grade underground massive sulphide.
• Prophecy Platinum is re-examining the surveys, geology, past drill cores and economics of Wellgreen for a disseminated sulphide, open-pit scenario.
• The 2010 drill program has extended the 2008 resource to the east with widths as evidenced by hole WS10-177 (with 525.9 metres of 0.17 per cent Cu, 0.26 per cent Ni and 0.55 g/t PGM plus Au) and WS10-178 (566.78 m of 0.16 per cent Cu, 0.23 per cent Ni and 0.517 g/t PGM plus Au) which were drilled on the eastern edge of the resource envelope. The results from these two holes are highly encouraging as they demonstrate a potentially new mineralization trend starting and extending to the east across Arid Creek.

This news release has been reviewed and approved by Danniel Oosterman, PGeo, and a qualified person as defined in National Instrument 43-101.

We seek Safe Harbor.