Mr. John Lee reports

PROPHECY DRILLS 49.5 METERS GRADING 1.27 G/T PGM+AU, 0.71% NI, 0.45% CU WITHIN 472 METERS GRADING 0.43% NIEQ AT YUKON WELLGREEN PROJECT

Prophecy Platinum Corp. has released the drill results received from its 2011 drilling program for its first completed hole on the Wellgreen project. Borehole WS11-184 encountered 472.6 metres of mineralization with a nickel-equivalent (NiEq) grade of 0.43 per cent (3.1 grams per tonne (g/t) platinum group metals equivalent (PGMEq)) from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 metres of 1.27 g/t PGM plus gold (PGM+Au), 0.71 per cent nickel and 0.45 per cent copper (1.11 per cent NiEq, or 8.10 g/t PGMEq). The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3 per cent Ni, 1.7 per cent Cu, 2.7 g/t platinum, 1.6 g/t palladium, 0.17 g/t gold and 3.4 g/t silver (from the drill core photo on the company's website). These zones and results are included in the accompanying tables.

                        DRILL RESULTS FOR WS11-184
                               (in metres)        
                                                                            
                            Ni     Cu  PGM+Au   NiEq    PGMEq  From surface 
From          To  Length   (%)    (%)   (g/t)    (%)    (g/t)           (m)

8.2        478.8   472.6  0.29   0.13    0.46    0.43    3.09           5.8 
including                                                             
137.2      478.8   343.6  0.33   0.17    0.58    0.50    3.66          97.0 
including                                                              
429.3      478.8    49.5  0.71   0.45    1.27    1.12    8.10         303.6 
including                                                              
455.6      478.8    23.3  0.97   0.59    1.38    1.46   10.60         322.2 

                        HOLE 184 PGM+AU COMPOSITE                       

From             To    Length       Pt        Pd        Au        PGM+Au
                                  (g/t)     (g/t)     (g/t)        (g/t)

8.2           478.8     472.6      0.20      0.23      0.03         0.46 
including
137.2         478.8     343.6      0.25      0.29      0.04         0.58 
including
429.3         478.8      49.5      0.65      0.52      0.10         1.27 
including
455.6         478.8      23.3      0.77      0.49      0.13         1.38 

(1) NiEq calculations are based on a long-range pricing index of 
$9.52 (U.S.) per pound Ni, $2.96 (U.S.) per pound Cu, $15.78 per pound
cobalt, $1,085 (U.S.) per troy ounce Au, $1,776 (U.S.) per troy ounce 
Pt and $689 (U.S.) per troy ounce Pd.

(2) NiEq equals ((Ni grade times Ni price times 22.04622) plus (Cu 
grade times Cu price times 22.04622) plus (Co grade times Co price 
times 22.04622) plus (Au grade times Au price times 0.02916) plus 
(Pt grade times Pt price times 0.02916) plus (Pd grade times Pd 
price times 0.02916)) divided by (Ni price times 22.04622).

(3) (PGMEq equals ((((Ni grade times Ni price times 22.04622) plus
(Cu grade times Cu price times 22.04622) plus (Co grade times Co 
price times 22.04622) plus (Au grade times Au price times 0.02916)
plus (Pt grade times Pt price times 0.02916) plus (Pd grade times 
Pd price times 0.02916)) divided by (Pt price times 0.02916)) plus
(((Ni grade times Ni price times 22.04622) plus (Cu grade times Cu 
price times 22.04622) plus (Co grade times Co price times 22.04622)
plus (Au grade times Au price times 0.02916) plus (Pt grade times 
Pt price times 0.02916) plus (Pd grade times Pd price times 0.02916))
divided by (Pd price times 0.02916)))) divided by two.

(4) Reported widths are intersected widths and not true widths.

WS11-184 is located on the eastern extent of Wellgreen and approximately 150 metres south of previous drilling along that section. The hole demonstrated mineralization continuity from surface to the footwall contact exceeding the 0.40-per-cent NiEq cut-off that was used in the July, 2011, resource announcement. The hole expands the width of the mineralized zone to approximately 500 metres while exhibiting an increase of grade toward the footwall, as well as showing continuity along strike away from historic mine development going eastward. WS11-184 also marks the first appearance of massive sulphide at this far eastern locale, indicating potential existence of a new massive sulphide system in this direction where a 2.3-kilometre strike of the Wellgreen intrusion east of WS11-184 has not been adequately tested by diamond drilling throughout the history of the property.

Currently, approximately 2,000 metres of drilling have been completed on the property in the 2011 exploration season. Prophecy Platinum is continuing with its drilling program and intends to release more results as assays are completed.

This news release has been reviewed and approved by Danniel Oosterman, PGeo, an independent consultant and a qualified person as defined in National Instrument 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 into one-half and then sawn into one-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 Ltd. These were inserted into the sample stream immediately after the second duplicate. The SRMs used are WMS-1a, 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 located in Whitehorse, Yukon. Pulverized (pulp) samples are shipped for analysis to ALS Chemex 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 scatter plots, 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.

We seek Safe Harbor.