Prophecy Platinum Closes Private Placement of Flow-Through Shares

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VANCOUVER, British Columbia, December 27, 2012 – Prophecy Platinum Corp. (“Prophecy” or the “Company”) is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) of 1,135,635 common shares of the Company, issued on a “flow-through” basis (each a “FT Share”) at a price of $1.10 per FT Share, for gross proceeds totalling approximately $1.24 million.

The gross proceeds of the Private Placement will be applied primarily to the continuing exploration of the Company’s flagship Wellgreen PGM-Ni-Cu property located in the Yukon Territory, and also for exploration on the balance of the Canadian projects in the Company’s mineral portfolio.

The FT Shares issued pursuant to the Private Placement are subject to a hold period expiring on April 28, 2013, in accordance with the provisions of the Securities Act (British Columbia).

Finder’s fees equal to 6.0% of the gross proceeds raised under the Private Placement were paid in respect of the Private Placement.

About Prophecy Platinum

Prophecy Platinum Corp. is a Canadian PGM, Nickel and Copper exploration company with projects in Canada and Uruguay. The Company’s flagship Wellgreen PGM-Ni-Cu project is located in the Yukon Territory, Canada. Prophecy’s Shakespeare PGM-Ni-Cu project (fully-permitted) is located in Ontario, Canada, and its Lynn Lake project is located in Manitoba, Canada. Further information can be found at www.prophecyplatinum.com.

For further information, contact:

Chris Ackerman
Senior Manager, Investor Relations

1-800-459-5583

[email protected]

www.prophecyplatinum.com

Forward Looking Statements: All statements in this release, other than statements of historical fact, including, without limitation, statements relating to future expenditures and exploration activity, potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions.Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in project parameters as plans continue to be refined, availability of capital and financing on acceptable terms, results of future resource estimates, future metal prices, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.