Prophecy Resource Corp. Completes Spinout of Nickel Assets to Pacific Coast Nickel; To Change Name To Prophecy Coal Corp.

Prophecy Resource Corp. announced the completion of the sale of the Wellgreen and Lynn Lake nickel properties to Pacific Coast Nickel Corp., April 4, 2011 and June 1, 2011) by way of a plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the Transaction, PCNC issued 450,000,000 of its common shares to Prophecy. Prophecy retained 225,000,000 of these shares and will distribute 180,823,575 PCNC common shares to Prophecy shareholders as of June 14, 2011, and reserve 44,176,425 common shares for distribution to holders of Prophecy options and warrants, upon the exercise of such options and warrants. Immediately following the completion of the Transaction, PCNC will consolidate its share capital on a ten old for one new basis (the Consolidation) and will change its name to Prophecy Platinum Corp. PCNC will retain its existing symbol NKL.V. Prophecy will change its name to Prophecy Coal Corp. and will retain its existing symbol PCY.V. Post-Consolidation shares of PCNC and common shares of Prophecy are expected to commence trading under their new names in the next two to five days.