Wellgreen Platinum Announces Option Amendments and Cancellations

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 24, 2014) - Wellgreen Platinum Ltd. (TSX VENTURE:WG)(OTCQX:WGPLF) announces that, in keeping with its on-going commitment to strong corporate governance, it has completed a detailed review of historical option grants. The Company's review focused on options that were granted to various persons on June 17, 2011 (the "June 2011 Options") at an exercise price of $0.90. As a result of this review, the Company has determined that the terms of certain remaining June 2011 Options should be amended, and that certain other remaining June 2011 Options should be cancelled, subject to regulatory approval.

The Company has accordingly amended the price of 4,529,285 of the June 2011 Options to $0.91 (with the amendment to 2,309,285 of these options being subject to regulatory approval). Most of these options will expire within 90 days of today's date in accordance with their terms. All other terms of such options remain unchanged.

The Company's review has also resulted in the cancellation of 670,715 of the June 2011 Options (subject to regulatory approval).

About Wellgreen Platinum Ltd.

Based in Vancouver, Canada, Wellgreen Platinum Ltd. is a platinum group metals focused exploration and development company with advanced Canadian projects in the Yukon Territory, Ontario, and Manitoba. Our 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon, is one of the world's largest undeveloped PGM deposits and one of the few significant PGM deposits outside of southern Africa or Russia. Our Shakespeare PGM-Ni-Cu project is a fully-permitted, production-ready brownfield mine located in the well-established Sudbury mining district of Ontario, and our Lynn Lake project is a former operating mine located in Manitoba, Canada.

Our experienced management team has an extensive track record of successful, large-scale project discovery, development, permitting, operations and financing combined with an entrepreneurial approach to sustainability and collaboration with First Nations and communities.

Further information about the Company and its projects can be found at www.wellgreenplatinum.com.

Forward Looking Information: This news release includes certain information, particularly with respect to the anticipated receipt of regulatory approval, that may be deemed "forward-looking information". Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.

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.