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Wellgreen Platinum Announces Additional PGM-Ni-Cu Drill Results from Central Zone

March 3, 2014, Vancouver, B.C., Wellgreen Platinum Ltd. (TSX-V: WG; OTC-QX: WGPLF) is pleased to announce further results from the most recent field program at its 100%-owned Wellgreen PGM-Ni-Cu project, located in Canada’s Yukon Territory. These latest results are from the Central Zone, which is located in the middle portion of the known main Wellgreen deposit approximately one kilometre west of the easternmost drilling in the Far East Zone. The mineralization in the Central Zone begins at surface and is continuous for nearly 500 metres in thickness, with significant sub-zones of higher grade material within it. New drilling data and assay results from historic drill core that was previously only selectively sampled have led to a new interpretation of the Central Zone that indicates that wide bands of higher grade mineralization, like those seen in the previously released Far East Zone, occur well away from the sediment contact related zones that were the historic focus at Wellgreen.

In the Central Zone, hole 214 intercepted 379.5 metres of PGM-Ni-Cu mineralization grading 1.98 g/t Platinum Equivalent (Pt Eq.) or 0.47% Nickel Equivalent (Ni Eq.) Within this broad intercept, an interval of 37.6 metres grading 4.96 g/t Pt Eq. or 1.18% Ni Eq. was intercepted approximately 50 metres from the existing underground workings (see Table 1 for additional details and Figure 1 for a cross section). It is believed that this higher grade zone is part of a broad band of mineralization that extends several hundred metres laterally to the south and was intercepted by hole 188, which intercepted a 24.7 metre interval grading 6.54 g/t Pt Eq. or 1.56% Ni Eq. within an intercept of 460 metres grading 1.84 g/t Pt Eq. or 0.44% Ni Eq. This large area of mineralization remains open to the south, laterally and to depth and represents an area of high potential for resource expansion from future programs (see area of “Priority Target” on the section below). These results extend the occurrence of these higher grade zones over a distance of nearly 1000 metres from the Far East zone.

New results from shallow drilling in the Central Zone have also confirmed the presence of areas with higher grade mineralization beginning from surface. Hole 222 intercepted 163.0 metres grading 2.20 g/t Pt Eq. or 0.53% Ni Eq. from surface, including a 24.0 metre section grading 5.22 g/t Pt Eq. or 1.26% Ni Eq. Hole 138, approximately 56 metres West of hole 222, intercepted 74.9 metres at 2.72 g/t Pt. Eq or 0.65% Ni Eq., including 26.8 metres at 5.10 g/t Pt. Eq. or 1.22% Ni Eq. Future drilling and metallurgical testing will evaluate the potential extraction of these mineralized areas as near surface starter pits designed to provide higher grade mill feed early in the life of the mine.

Greg Johnson, Wellgreen Platinum’s President and CEO, stated, “The identification of this band of higher grade mineralization in the Central Zone is very significant. This material is located just 50 metres from the existing underground workings, which could make this area amenable to low cost development. The updated preliminary economic assessment planned for Q2 will evaluate a combination of open pit mining and selective bulk underground mining of higher grade material at a reduced capital spending level. One of our key goals over the past year has been to develop a high confidence, predictive geologic model for Wellgreen to identify the controls to, and location of, higher grade mineralization in the deposit. The work on the model over the past year has significantly advanced our understanding and confidence in the geologic model and supports the upcoming resource update that will be the basis for the new engineering approach to the project. This new model shows that PGM-Ni-Cu mineralization occurs both within the often very high grade contact related zones that were the focus of historic mining and exploration as well as in the broad bands of higher grade mineralization up to 500 metres thick in the core of the ultramafic bodies that have been intercepted over one kilometre of strike length from the Far East Zone to the Central Zone.”

Investors should note that Wellgreen is a polymetallic deposit with mineralization that includes the platinum group metals (PGMs) platinum, palladium, rhodium and other rare PGM metals along with gold, nickel, copper and cobalt. At current metal prices using anticipated metallurgical recoveries and proportionally allocated costs for each of the metals, the net economic contribution is anticipated to be largest for platinum, palladium and gold (3E elements), followed by nickel and then by copper and cobalt. Platinum equivalent values referred to in this release are intended to reflect total metal equivalent content in platinum for all of the metals using relative prices for each of the metals. Refer to Table 1 for individual assays and the metal prices used to calculate Pt Eq. and Ni Eq.

Read more: http://www.wellgreenplatinum.com/news_2014_mar_03_wellgreen_platinum_announces_additional_pgm_ni_cu_drill_results_from_central_zone.php

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