Page 40 The gross proceeds of the Private Placement is being applied towards the continuing exploration and de velopment of Prophecy s W ellgreen property as well as for studies at the company s Shakespeare property and for exploration on the balance of its Canadian projects Prophecy s president and CEO Greg Johnson said we are very pleased with the strong support demonstrated by our investors in this fnancing W e believe the success of this of fering re fects the recognition of the potential value of the company s PGM projects and the confdence investors have in the commitment of the company s ex perienced management team to create signifcant shareholder value These funds will allow us to complete the next phase of exploration and development activities at our W ell green project this season to support an updated economic assessment in the frst quarter of next year The feld programs and metallur gical test work have been initiated and we will be providing a detailed update on these programs in the near future The open pit Shakespeare is a Brownfeld project with ore ship ping potential to regional Xstrata or V ale processing facilities Evaluation of prior OPEX mining transport and milling costs is in prog ress with tar get of 2025 reduction to render it economic at current met als prices Assuming an OPEX reduction mini mal capital will be required for a po tential 2014 restart A verage annual production of 23000 oz PGMsgold 8M lbs nickel and 10M lbs copper over the life of the mine plan is estimated Potential exists for signifcant near term cash fow generation W ellgreen is a 7 Moz PGMAu in ferred openpittable road accessible project The company says lar ge platinum de posits are rare outside southern Africa or Russia Shakespear e Nickel Mine in the Sudbury Basin By Gregory Reynolds Prophecy Platinum Corp hopes to have an updated resource estimate and economic assessment in the frst quar ter of 2014 on its key W ellgreen proj ect in the Y ukon Prophecy and Ursa Major Minerals Inc mer ged in May of 2012 creating a junior with a strong base of plati num nickel and copper reserves and resources Ursa was a Canadian mining compa ny with a nickel mine and two nickel sulphide projects containing signif cant NI 43101 compliant nickel and copper reserves and resources Ursa s main focus was on expanding opera tions at the former producing Shake speare Nickel Mine in the Sudbury area and growing its nickel copper and platinum group metal PGM deposits through exploration and development primarily in Ontario Shakespeare contains a probable re serve of 1 1828000 tonnes grading 033 nickel 035 copper 002 cobalt 033 gt platinum 036 gt pal ladium and 018 gt gold The new Prophecy is a resource com pany with a robust pipeline of platinum nickel projects including Flagship W ellgreen PGMNiCu proj ect with over 10 million oz of PtPd Au inferred resource Active drilling is ongoing with a pending preliminary economic assessment study Fullypermitted openpit Shakespeare PGMNiCu mine close to Sudbury in frastructure with ore reserves and near term production capabilities Manitoba s L ynn Lake NiCu project with over 262 million lbs Ni and 138 million lbs Cu measured and indicated resource The 100 per cent owned W ellgreen contains an indicated mineral resource of 14 million tonnes at 069 nickel 062 copper 225 gt PGMAu and 289 million tonnes of inferred re source at 028 nickel 035 copper 118 gt PGMAu all estimated at 04 NiEq cutof f L ynn Lake a former producing mine contains a measured mineral resource of one million tons at 076 nickel 036 of copper indicated resource of 219 million tons at 056 nickel 030 copper and 81 million tons of inferred resource at 051 nickel 028 copper In June of this year Prophecy an nounced that it had completed a 59 million equity fnancing The Private Placement involved the issuance of 8386264 units of the company at a price of 070 per unit with each unit comprised of one fow through common share and one com mon share purchase warrant Each warrant is exercisable for one common share for a period of 24 months at a price of 090 Pr ophecy Platinum looking at production from 2 mines