Prophecy Platinum Appoints Mike Sylvestre as Director

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/06/12 -- Prophecy Platinum Corp. ('Prophecy' or the 'Company') (TSX VENTURE: NKL)(OTCQX: PNIKF)(FRANKFURT: P94P) is pleased to announce the appointment of Mike Sylvestre to its Board of Directors.

For most of his career, Mr. Sylvestre worked with Inco Ltd. where he most recently held senior management positions domestically and internationally. Most notably, he was the CEO Vale Inco, New Caledonia, President Vale Inco, Manitoba Operations and Vice President of Operations PT Inco, Indonesia. Mr. Sylvestre brings over 35 years of mining experience to Prophecy.

Mr. Sylvestre holds a MSc and a BSc in Mining Engineering from McGill University and Queen's University, respectively. He is also a member of the Professional Engineers of Ontario and the Canadian Institute of Mining.

John Lee, Chairman of Prophecy states: 'We are pleased to have Mr. Sylvestre join our Board. With his technical background and mining experience, Mike will play a valuable role in advancing our Wellgreen project from mine planning to eventual production.'

The Company also wishes to announce that it has granted options to acquire an aggregate of 240,000 common shares at a price of $3.68 per share for a period of five years to a director, employee and consultants of the Company. The above grant is subject to regulatory approval, including the approval of the TSX Venture Exchange.

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

Forward Looking Statements: This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, including, without limitation, statements 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 Prophecy 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 failure to obtain necessary approvals in respect of the Transaction, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, 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.

This news 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.

'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.'

Contacts:

Prophecy Platinum Corp.

David Brook

Manager, Investor Relations

1-800-358-5865
dbrook@prophecyplat.com
www.prophecyplat.com