Prophecy Platinum Under Inquiry by BCSC

Prophecy Platinum (TSXV:NKL,OTCQX:PNIKF) reported that it is under inquiry by the British Columbia Securities Commission with respect to the events leading up to the Company’s news release of July 14, 2011, which disclosed the findings of an independent mineral resource estimate for its Wellgreen property. In response, the Company has formed a special committee of independent directors to assess and make recommendations to the Board regarding the BCSC’s inquiries.

As quoted in the press release:

Specifically, the BCSC has made inquiries relating to: (i) the chronology of events which preceded the News Release; (ii) the Company’s insider trading policies and procedures in place during the relevant period; (iii) the individuals who had knowledge or awareness of the Resource Estimate prior to the issuance of the News Release; and (iv) communications relating to the Resource Estimate made or received by individuals who were directors, officers or employees of the Company between June 1, 2011 and July 15, 2011.

In keeping with Canadian principles of good corporate governance, the Company’s Board of Directors (the “Board”) has formed a special committee of independent directors, comprised of Wesley Hall (as Chair) and Mike Sylvestre, to assess and make recommendations to the Board regarding the BCSC’s inquiries. The Company is cooperating with the BCSC and a response has been provided to its specific requests for information. As of today’s date, no further request for information has been received by the Company.

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