Tuesday, 19 June 2012

Prophecy extends Ursa Major acquisition completion date to July 16

Prophecy Platinum (CVE:NKL) has agreed to extend the proposed acquisition of Ursa Major Minerals (TSE:UMJ) to Monday July 16, the company said Tuesday.

Prophecy will issue one common share in exchange for every 25 outstanding shares of Ursa. Based on the 79.7 million Ursa shares, Prophecy is expected to issue 3.19 million shares.

The merger, which was first announced on March 1, will create a mid-tier resource company with a pipeline of Platinum and Nickel projects including the Shakespeare Nickel-copper mine near Sudbury, and the Wellgreen project, in Yukon Territory and Manitoba’s Lynn Lake.

Shakespeare has a probable reserve of 11.82 million tonnes grading 0.33% Nickel, 0.35% copper and 0.02% cobalt with 0.33 grams per tonne (g/t) Platinum. This includes 0.36 g/t palladium and 0.18 g/t gold.

Prophecy is a Canadian Nickel and Platinum group metals exploration explorer with projects in Canada, Argentina and Uruguay. In Canada, it holds the Lynn Lake project in Manitoba, as well as Wellgreen.

The Wellgreen project in the Yukon has over 10 million ounces of Platinum-palladium-gold inferred resource. Active drilling is ongoing with a pending preliminary economic assessment study.

Manitoba's Lynn Lake Nickel-copper has over 262 million pounds of Nickel and 138 million pounds of copper in the measured and indicated categories.

Separately, the Vancouver-based miner revealed underground drill results from its Wellgreen project.

Drill hole WU12-523 hit significant widths of mineralization of 242.6 metres containing 0.47 grams per tonne (g/t) Platinum, palladium and gold and 0.24% Nickel and 0.13% copper.

This includes 18 metres grading at 1.05 g/t Platinum, palladium and gold, and 0.50% Nickel and 0.27% copper nested within 50.9 metres of 0.74 g/t Platinum, palladium and gold.

“These infill drill results of significant widths and grades continue to define and enhance Wellgreen’s resource model,” Prophecy chairman John Lee said in a statement. 

“Production has been great and additional rigs have arrived on site. We have started to drill several exciting surface soil-anomalies to expand Wellgreen’s strike.”

Results of infill and exploration drillings will be published monthly throughout summer.

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