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July 24, 2014 --- Vol. 08, No. 30July 2014

Wellgreen reports resource estimate for Yukon project

Wellgreen Platinum Ltd. July 24 reported a significantly expanded and upgraded NI 43-101-compliant mineral resource estimate for its Wellgreen platinum group metals-nickel-copper project in Yukon Territory.

Highlights of resource estimate:

• Measured and indicated mineral resources increased to 330 million metric tons at 1.67 g/t platinum-equivalent, or 0.44 percent nickel equivalent at a 0.57 g/t Pt Eq. cut-off or 0.15 percent Ni Eq. cut‐off in a pit constrained resource containing 5.53 million ounces of 3E (platinum +palladium +gold) with 1,894 million pounds of nickel and 1,021 million lbs. of copper;

• Inferred mineral resource increased to 846 million metric tons at 1.57 g/t Pt Eq. or 0.41 percent Ni Eq. at a 0.57 g/t Pt Eq. cut-off or 0.15 percent Ni Eq. cut‐off in a pit constrained resource containing 13.8 million oz of 3E (platinum + palladium + gold) with 4,431 million pounds of nickel and 2,595 million lbs. of copper.

• Higher grade measured and indicated mineral resource of 72 million metric tons at 2.49 g/t Pt Eq. or 0.65 percent Ni Eq. at a 1.9 g/t Pt Eq. cut-off or 0.50 percent Ni Eq. cut‐off containing 2.13 million oz of 3E (platinum + palladium + gold) with 527 million lbs. of nickel and 462 million lbs. of copper.

• Higher grade inferred mineral resource of 174 million metric tons at 2.41 g/t Pt Eq. or 0.63 percent Ni Eq. at a 1.9 g/t Pt Eq. cut-off or 0.50 percent Ni Eq. cut‐off containing 5.06 million oz of 3E (platinum +palladium +gold) with 1,182 million lbs. of nickel and 1,153 million lbs.

This new resource estimate, together with the updated metallurgical testing results anticipated to follow in August, will be incorporated into the 2014 Preliminary Economic Assessment for the Wellgreen Project targeted for completion in September 2014. The company is fully-funded through completion of the PEA update and to initiate pre-feasibility level studies.

“We are extremely pleased with the results of the new resource estimate as it demonstrates the scale and potential of the Wellgreen deposit, which still remains open to further significant expansion down dip and along trend,” said Wellgreen Platinum President & CEO Greg Johnson. “The results of the drilling programs in 2012 and 2013 have dramatically expanded the previous 2012 Wellgreen project resources with Measured and Indicated resources increasing to more than 330 million metric tons from 14 million metric tons and nearly doubling the inferred category resources to 846 million metric tons. This makes the Wellgreen project one of the largest known undeveloped PGM resources with more than 5.5 million ounces of 3E (platinum + palladium + gold) measured and indicated resource and an additional 13.8 million ounces of 3E resources in the inferred category. The new modeling also has substantially increased the overall confidence level in the company’s estimates, with the conversion of a high percentage of the prior inferred resources into the measured and indicated categories, including over 92 million metric tons into the measured resource level.”

Johnson continued, “Within this pit constrained resource is a significantly higher grade component grading 2.49 g/t platinum-equivalent, or 0.65 percent nickel-equivalent containing 2.1 million ounces of 3E M&I resources and an additional inferred resource grading 2.41 g/t platinum-equivalent, or 0.63 percent nickel-equivalent containing 5.1 million 3E ounces. The higher grade material is one of our priorities for focus in the initial mine planning in the ongoing PEA engineering.”

“The new resource estimate is an important component for completion of the updated PEA, and will be followed by the conclusion of the metallurgical program and PEA engineering, which we expect to complete over the next two months. With the successful closing of our C$6.9 million equity financing in June the metallurgical and engineering programs are progressing well and we look forward to providing additional updates in the weeks and months ahead,” he added.


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