08:30 EDT Thursday, November 03, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) - Prophecy Platinum Corp. (TSX VENTURE:NKL)(OTCQX:PNIKF)(PINK SHEETS:PNIKF)(FRANKFURT:P94P) ("Prophecy Platinum" or the "Company") announces the following senior appointments:

Mr. Gary Johnson: Metallurgical Advisor

Mr. Johnson is a metallurgist with over 30 years of experience in all aspects of the mining industry. In his early career, he gained broad operational and project experience in a range of metals at operations in Africa and Australia, including as a member of the team operating the metallurgical pilot plant at the giant Roxby Downs (also known as Olympic Dam) copper, gold and uranium project in South Australia.

Mr. Johnson spent ten years as Chief Metallurgist for a large gold producer before forming his own specialized hydrometallurgical consulting company in 1998. During this period, he worked closely with LionOre Mining International to develop the Activox process for treating sulphide concentrates. He also was closely involved with Tati Nickel Mining Company (Pty) Limited, in Botswana, which grew to become the largest nickel mine in Africa.

In 2006, LionOre acquired Mr. Johnson's company and he joined LionOre as a senior executive. In 2007, LionOre was successfully taken over by MMC Norilsk Nickel. Mr. Johnson became a Managing Director of Norilsk's Australian operations in 2009.

Mr. Johnson currently runs his own consulting company specializing in high-level metallurgical and strategic advice.

Ms. Irina Plavutska: Interim CFO

Ms. Plavutska has been with the Prophecy group of companies since 2010 and is currently interim CFO of Prophecy Coal Corp. She is a professional accountant with over 20 years of diverse international experience in financial reporting, auditing, and accounting. She is a member of Certified General Accountants Association of British Columbia. Ms. Plavutska replaces Mr. David McAdam. The Company thanks Mr. McAdam for his service.

Mr. Joseph W. Li: Board Director

Mr. Li is a Certified General Accountant (B.C.) and has a B.Com (Hons) from Laurentian University. For 13 years, he was a Senior Auditor with the B.C. Ministry of Finance, a position which allowed him to gain valuable insight into how diverse businesses and organizations of all sizes are operated. Mr. Li has been with the Prophecy group of companies since January, 2011 and oversaw the successful spinoff of Prophecy Platinum Corp. In addition to holding the positions of General Manager and Corporate Secretary with Prophecy Platinum Corp., Mr. Li is Director, General Manager and Corporate Secretary of Prophecy Coal Corp., which owns approximately 50% of Prophecy Platinum Corp.

Financing Update

Further to its news release dated November 1, 2011, due to substantial demand, the Company has increased the size of the non-brokered private placement of common shares to 3,500,000 shares at a price of $2.70 per share for gross proceeds of $9,450,000 (the "Placement").

Closing of the Placement is anticipated to occur on or about November 11, 2011.

About Prophecy Platinum

Prophecy Platinum Corp. is a Canadian-based Nickel PGM exploration company with projects in Canada, Argentina and Uruguay. Prophecy Platinum's flagship Wellgreen PGM-Cu-Ni project is in Yukon Territory, Canada and the Lynn Lake project is located in Manitoba, Canada. Further information can be found at www.prophecyplat.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF PROPHECY PLATINUM CORP.

John Lee, Chairman