Wellgreen Project Preliminary Economic Assessment ... - OTCIQ.com

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6.0 HISTORY The exploration and production history of the Property dates back to its discovery in 1952. Table 6.1 summarizes the history of the Property. Table 6.1 Wellgreen Historical Activities Year Company Activities 1952 Wellington Green, C. Aird, & C. Hankins • Discovered surface showings 1952 Hudson Bay Exploration & Development (HBE&D) • Property optioned from prospectors by HBM&S 1952 Yukon Mining • Ownership transferred to HMB&S subsidiary Yukon Mining Company (Yukon Mining) from HBM&S subsidiary HBE&D 1952 Yukon Mining • 45,500 m of surface drilling completed 1953 Yukon Mining • 57,700 m of surface drilling completed 1954 Yukon Mining • 60,400 m of surface drilling completed 1955 Hudson Yukon Mining • Ownership transferred to HMB&S subsidiary Hudson Yukon Mining from HBM&S subsidiary Yukon Mining 1955 Hudson Yukon Mining • 32,400 m of surface drilling completed 1953-1956 Yukon Mining/ Hudson Yukon Mining • 4,267 m of underground development on 7 levels and 2 internal shafts • Metallurgical test work including a pilot plant • Historical mineralized material reserves estimated at 500,000 t @ 1.34% copper and 2.14% nickel 1956-1967 Hudson Yukon Mining • Idle 1968 Hudson Yukon Mining • Ground geophysics (magnetics and electromagnetics) • Soil survey • 762 m of surface drilling 1966-1970 Hudson Yukon Mining • Metallurgical work completed at Lakefield, HBM&S, Lurgi-Frankfurt, and Sumitomo 1969 Hudson Yukon Mining • Feasibility study completed with historical "Proven Reserves" estimated at 669,150 t @ 2.04% Cu, 1.42% Ni, 0.073% Co, 1.30 g/t Pt, 0.93 g/t Pd and 0.17 g/t Au table continues… Prophecy Platinum Corp. 6-1 1193460500-REP-R0001-02 Wellgreen Project Preliminary Economic Assessment, Yukon, Canada
Year Company Activities 1970 Hudson Yukon Mining • Property placed in production with concentrate to be shipped to Sumitomo in Japan • Development consisted of slashing out exploration drifts, development of sub-levels, construction of mine dry, powerhouse, and compressor facility • Mill with a 600 t/d concentrator and town site established 11.5 km from mine adjacent to the Alaska Highway 1972 Hudson Yukon Mining • Milling began on site 1973 Hudson Yukon Mining • Milling suspended due to falling metal prices, excessive dilution, and unexpected erratic distribution of massive sulphide lenses • A total of 171,652 t were milled to produce 33,853 t of concentrate. Grades of the concentrate based on smelter returns were 2.23% Ni, 1.39% Cu, 1,300 ppb Pt, 920 ppb Pd, 171 ppb Au, 400 ppb Rh, 420 ppb Ru, 250 ppb Ir, 200 ppb Os, and 200 ppb Re • Mine and mill dismantled and all equipment shipped to Snow Lake, Manitoba 1981 Foothills Pipelines • Leased the mill site and town site 1986 All-North/Chevron • Option to earn 50% interest of the Property from Hudson Yukon Mining 1987 Galactic Resources • Purchased 100% interest in Hudson Yukon Mining from HBM&S for Cdn$6.8 million and 3% NSR on the Hudson Yukon Mining portion of base metal and precious metal produced from the Property • Acquired All-North as a wholly owned subsidiary. Transfer title of the Hudson-Yukon Wellgreen to All-North. Resulting Wellgreen ownership All- North 75%, Chevron: 25% 1987 All-North/ Galactic Resources 1987 Kluane Joint Venture (Kluane JV) • Conducted 1:2500 geological mapping, 50 m x 100 m spaced soil sampling, 100 m x 20 m spaced very low frequency (VLF)-electromagnetic and magnetic survey, 15 bulldozer trenching totalling 10,000 m 3 • 4,932 m of diamond drilling in 45 holes • Joint venture formed between All-North, Chevron Minerals, Pak-Man Resources and Rockridge Mining to explore on the Arch Joint Venture Claims. Operated by Archer Cathro. • 1:10,000 geological mapping and sampling, VLF and magnetic survey, 50 h of bulldozer trenching table continues… Prophecy Platinum Corp. 6-2 1193460500-REP-R0001-02 Wellgreen Project Preliminary Economic Assessment, Yukon, Canada
Page 1 and 2: Report to: Wellgreen Project Prelim
Page 3 and 4: TABLE OF CONTENTS 1.0 SUMMARY .....
Page 5 and 6: 14.1.8 MINERAL RESOURCE TABULATION
Page 7 and 8: 26.1.2 PHASE 2 - QUILL CREEK ULTRAM
Page 9 and 10: Table 19.2 Palladium Demand and Sup
Page 11 and 12: Figure 19.3 London Metals Exchange
Page 13 and 14: litres per minute .................
Page 15 and 16: International All-North Resources L
Page 17 and 18: 1.0 S UMMARY 1.1 I NTRODUCTION Tetr
Page 19 and 20: This PEA has been prepared by Tetra
Page 21 and 22: Numerous operators have worked on t
Page 23 and 24: 1.6 M INING M ETHODS The Project is
Page 25 and 26: Figure 1.2 Wellgreen Project Overal
Page 27 and 28: Table 1.6 Capital Cost Summary (US$
Page 29 and 30: The following financial results wer
Page 31 and 32: Figure 1.3 illustrates that the Pro
Page 33 and 34: Figure 1.5 Project Execution Plan P
Page 35 and 36: 2.0 INTRODUCTION Tetra Tech was com
Page 37 and 38: 3.0 RELIANCE ON OTHER EXPERTS Tetra
Page 39 and 40: Figure 4.1 Location Map Prophecy Pl
Page 41 and 42: All work undertaken on the surface
Page 43 and 44: Figure 4.3 Wellgreen Surface Lease
Page 45 and 46: Other than those liabilities set fo
Page 47: 5.3 C LIMATE The climate is alpine,
Page 51 and 52: Year Company Activities 2008 Corona
Page 53 and 54: 6.2.3 NORTHERN P LATINUM 2009 PROGR
Page 55 and 56: Figure 7.1 Regional Geology Map Pro
Page 57 and 58: Figure 7.3 Property Geology Prophec
Page 59 and 60: Longitudinal faults and/or shears a
Page 61 and 62: Figure 7.4 Wellgreen Plan View Prop
Page 63 and 64: 7.2.3 NORTH ZONE The North Zone is
Page 65 and 66: Table 7.3 PGE-Bearing Minerals in t
Page 67 and 68: Gabbroid-associated Nickel, Copper,
Page 69 and 70: 10.0 DRILLING 10.1 H ISTORICAL D RI
Page 71 and 72: Figure 10.1 Prophecy Platinum Drill
Page 73 and 74: Table 10.4 Prophecy Platinum 2011 D
Page 75 and 76: • The course rejects returned fro
Page 77 and 78: Figure 10.4 Core Storage Facility P
Page 79 and 80: 11.0 SAMPLE PREPARATION, ANALYSES,
Page 81 and 82: 12.0 DATA VERIFICATION Tetra Tech
Page 83 and 84: Table 12.2 Check Assays Prophecy Pl
Page 85 and 86: 13.0 MINERAL PROCESSING AND METALLU
Page 87 and 88: An elemental analysis of typical co
Page 89 and 90: Minerals Peridotite Composite 1 Min
Page 91 and 92: Ni Deposits” shows that the grade
Page 93 and 94: 13.3 SGS V ANCOUVER - J UNE 2012 A
Page 95 and 96: 14.0 MINERAL RESOURCE ESTIMATES 14.
Page 97 and 98: Table 14.3 summarizes the grade cap
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The NiEq value was assigned to all
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Table 14.7 Wellgreen Variogram Summ
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Table 14.9 Estimation Criteria Zone
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Table 14.10 Search Parameters Zone
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NiEq Cut-off Tonnes NiEq (%) Ni (%)
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Figure 14.2 Wellgreen Platinum, Pal
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Figure 14.4 Wellgreen Platinum, Pal
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Figure 14.6 Wellgreen Pit Resource
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14.1.9 VALIDATION The Wellgreen mod
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Figure 14.9 East Zone Cross Section
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Figure 14.10 Wellgreen Nickel Secti
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Figure 14.14 Wellgreen Platinum Sec
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Figure 14.18 Wellgreen Cobalt Eleva
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14.2 P REVIOUS E STIMATES Table 14.
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15.0 MINERAL RESERVE ESTIMATES A mi
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The selected base case pit contains
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OVERALL O PEN P IT SLOPE ANGLE Tetr
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Table 16.4 Pit Optimization Results
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The pit optimization process includ
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16.4 P RODUCTION S CHDULE Using Pit
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Year Waste (t) Total (t) Strip Rati
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Figure 16.5 Sequence of Development
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PHASE III During Phase III, the pit
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16.5.4 EXPLOSIVES A contractor will
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Table 16.9 Pit Design Criteria Item
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Equipment Fleet Size Units Crew Bus
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Figure 17.1 Overall Wellgreen Proce
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17.2 P ROCESS D ESIGN C RITERIA The
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17.5 P ROCESS P LANT The process pl
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Figure 18.1 Wellgreen Project Overa
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ultimate impoundment surface area o
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Table 19.2 Palladium Demand and Sup
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Figure 19.3 London Metals Exchange
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Figure 19.5 Nickel Demand (2009 to
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20.0 ENVIRONMENTAL STUDIES, PERMITT
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Tailings and mill concentrate sampl
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20.2.4 AQUATIC RESOURCES The Proper
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Figure 20.2 Wildlife Ranges-Woodlan
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Figure 20.4 Wildlife Ranges-Mountai
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Figure 20.6 Wildlife Ranges-Grizzly
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Figure 20.8 Aquatic Resources Proph
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20.3.2 LICENSING The Project will b
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(Transport Canada 2010). New constr
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Table 20.1 Applicable Legislation,
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20.4 M I NE C LOSURE AND R ECLAMATI
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Umbrella Final Agreement, the White
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20.5.2 NON-ABORIGINAL COMMUNITIES T
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21.0 C APITAL AND O PERATING C OSTS
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Mine Equipment 21.2.2 SUSTAINING 20
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Table 21.7 Contingency (US$ million
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• mobilization and demobilization
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Spares • safety including safety
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21.3 O PERATING C OSTS 21.3.1 GENER
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Table 21.11 Summary of Mining Opera
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Mine Operations Position No. Annual
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22.0 ECONOMIC A NALYSIS 22.1 I NTRO
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Table 22.3 Metal Production from th
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Table 22.4 Summary of Pre-tax Finan
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22.4 M ETAL P RICE S CENARIOS The L
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Figure 22.3 IRR Sensitivity Analysi
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Figure 23.1 Adjacent Properties Pro
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Figure 24.1 Wellgreen Project Execu
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25.2 M INING Table 25.1 Wellgreen R
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Table 25.4 Process Capital Cost Sum
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Table 26.1 Wellgreen Expansion Budg
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26.2 M INING sample selection shoul
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Trade-off studies should be complet
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• develop a negotiation strategy
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METALLURGY Davis, David and Bruwer,
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Yukon Environmental and Socio-econo
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TODD MCCRACKEN, P.GEO. I, Todd McCr
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PHILIP BRIDSON, P.ENG. I, Philip Br
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APPENDIX A L IST OF C LAIMS
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District GrantNumber RegType ClaimN
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Certificate of Analysis First issue
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Hf µg/g 0.5 4 / 20 Ho µg/g 0.2 3
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assess laboratory results, users ar
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Constituent Unit Mean Table 2 - Pro
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Table 3 - Informational Values Cons
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CERTIFYING OFFICER ________________
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An Investigation into METALLURGICAL
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Prophecy Platinum Corporation - Wel
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Sample Fraction Mass Size Distribut
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Mass (% Chalcopyrite) Prophecy Plat
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Mass (% Pentlandite) Prophecy Plati
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Mass (% Pyrrhotite) Prophecy Platin
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Pyrrhotite Recovery % Prophecy Plat
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Cu Rec, % Ni Rec, % Gng Rec, % 100
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Grade (%) Cu + Ni Grade (g/t) PGE G
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Prophecy, Wellgreen samples 50149-0
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OnLine LIMS SGS Lakefield Research
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Certificate of Analysis Work Order:
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Final : VC120756 Revision REVISED O
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Final : VC120590A Revision REVISED
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SGS Minerals Services Standard Bond
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Project No.: 50149-001 Test No.: MC
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SGS Minerals Services STANDARD BOND
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SGS Minerals Services Project No. D
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Test No.: F1 Project No.: 50149-001
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Test No.: Sep-F1 Project No.: 50149
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Test: F30 Project: 11603-005 50149-
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Test: F32 Project: 11603-005 50149-
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Test: F34 Project: 11603-005 50149-
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Test: F36 Project: 11603-005 50149-
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Test: F38 Project: 11603-005 50149-
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Test No.: HNI-F1 Project No.: 50149
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Test: HNI-F3 Project: 11603-005 501
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Test: HNI-F5 Project: 11603-005 501
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Test: LCT-1 Project: 50149-001 Date
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Test: LCT-1 Overall Stability Total
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Test: LCT-2 Metallurgical Predictio
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Test: LCT-4 Project: 50149-001 Date
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Test: LCT-4 Overall Stability Total
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Prophecy Platinum Corp 50149-101 MI
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Mineral Abundance (wt.%) 100 90 80
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CAVM-50149-101 MI7018-MAR12 Sample
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CAVM-50149-101 MI7018-MAR12 Sample
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erra Mineralogical Services Inc. Mi
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TerraMS-12JUL-001 Wellgreen - Pt-Pd
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APPENDIX D M INING
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LG Phase Revenue Factor (%) Mineral
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Figure 3 Overall Ultimate Pit Produ
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Table 3 Penetration and Drilling Ra
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HAULAGE General Hauling Conditions
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Year Mechanical Availability (%) Us
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