The revised PEA will include Liquefied Natural Gas (LNG) as a primary power source, which will significantly decrease the $0.28 per kW/h unit operating cost cited in the 2012 PEA, as well as optimize the location and general arrangements of the mill, tailings storage facility and other site facilities.
In addition, the project team has commenced with a benchmarking analysis that establishes comparisons regarding pre-production CAPEX, production throughput, mineral processing requirements and metallurgical performance at similar projects.
John Sagman, Senior Vice President and Chief Operating Officer, indicated, "Prophecy Platinum has recruited additional personnel and engineering firms with the necessary expertise and experience to effectively contribute to the updated PEA that is expected to further define Wellgreen as a project with robust economics and one that is well supported by First Nations and stakeholders. Following completion of an updated PEA early in 2014, the Company expects to initiate Pre-feasibility level studies in 2014, and Feasibility level studies in 2015."
Shakespeare Project Activities
Concurrent with the advancements on the Wellgreen project, during 2013, Prophecy Platinum has been conducting a comprehensive review of its fully-permitted, production ready Shakespeare PGM-Nickel-Copper mine located in the Sudbury mining district of Ontario. This review has been focused on opportunities to reduce operating costs in three key areas: toll milling/smelting costs, reduction in ore haulage transport costs using a new route proposed by the Sagamok Anishnawbek First Nations, and refinement of the mine plan/site operations. At sustained recent metal prices Shakespeare could provide a source of funding for the exploration and engineering activities at Wellgreen as well as provide benefits to the Sagamok Anishnawbek First Nations and local community stakeholders.
We anticipate issuing regular news updates over the coming months as we undertake re-sampling and exploration programs, complete metallurgical optimization studies, and engineering updates.
About Prophecy Platinum
Prophecy Platinum Corp. is a growth-focused PGM exploration company with projects in the Yukon Territory, Ontario and Manitoba, Canada. The Company's 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon, is one of the world's largest undeveloped PGM deposits and one of few significant PGM deposits outside of southern Africa or Russia. The Company's Shakespeare PGM-Ni-Cu project is a fully-permitted, production-ready mine located in the Sudbury mining district of Ontario, and its Lynn Lake project is a former operating mine located in Manitoba, Canada. The Company's experienced senior management team has a track record of successful, large-scale project discovery, development, operations and financing combined with an entrepreneurial approach to sustainability and collaboration with First Nations and communities. The Company's shares are listed on the TSX Venture Exchange under the symbol "NKL" and on the US OTC-QX market under the symbol "PNIKF".
Further information about the Company and its projects can be found at www.prophecyplatinum.com.
Quality Assurance: The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). The Wellgreen Project geological technical information is supervised and reviewed by Neil Froc, P. Eng., Prophecy Platinum Wellgreen Project Manager, a "Qualified Person" as defined in NI 43-101 and the person who oversees exploration activities on the Wellgreen Project. All other technical information is supervised and reviewed by John Sagman, P.Eng., Prophecy Platinum's Senior Vice President and Chief Operating Officer and a "Qualified Person" as defined in NI 43-101. In addition, Mr. Sagman has reviewed and approved the geological technical information contained in this news release.
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