Wellgreen Platinum Provides Wellgreen Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2015) - Wellgreen Platinum Ltd. (TSX:WG)(OTCQX:WGPLF) is pleased to provide an update on its ongoing project activities. In March 2015, we filed a Preliminary Economic Assessment (the 2015 PEA) Technical Report for the Wellgreen project, located in the Yukon Territory, Canada, which was completed in reference to the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). The 2015 PEA strengthened the Company's vision that the Wellgreen project has the potential to become one of the world's largest and lowest cost, open pit platinum group metals (PGMs) and nickel producers, with the added advantage of being located in one of the world's best mining jurisdictions.⁽¹⁾

Key highlights from the 2015 PEA included:

• A large, open-pit deposit with low strip ratio
• Low operating and capital costs as a conventional sulphide flotation concentrate producer
• Robust cash flow and strong economics, including a 32.4% pre-tax internal rate of return (IRR) and 25.3% post-tax IRR at base case metal prices
• Mid-tier level production potential averaging more than 200,000 ounces of platinum, palladium and gold annually (42% Pt, 51% Pd and 7% Au), along with 73 million pounds of nickel and 55 million pounds of copper over the first 16 years of operation
• Property adjacent to the Alaska Highway, providing access to existing deep sea ports
• Low political risk mining jurisdiction

The 2015 is preliminary in nature and includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the 2015 PEA will be realized. Mineral Resources are not Mineral Reserves because they do not have demonstrated economic viability.

The 2015 PEA showed strong economics based on a project relying on conventional processing methods to produce a sulphide flotation concentrate. The Company plans to implement additional metallurgical test programs designed to further optimize concentrate grades and metal recoveries from the main geo-metallurgical domains using conventional processing to produce a bulk concentrate or separate nickel and copper concentrates along with PGMs. In addition, as highlighted in the 2015 PEA, the Company is assessing a number of potential opportunities which, if successful, may improve the economics and production levels from the Wellgreen project. One of the opportunities currently under evaluation is the potential to supplement conventional processing with the secondary processing of certain flotation tail materials using hydrometallurgy or direct leaching, as this has the potential to increase total recoveries of PGMs and base metals. The targeted tailings material contains up to an estimated 20-30% of the total PGMs and gold, plus 10-20% of the nickel that does not report to the flotation concentrate. As highlighted in the 2015 PEA, preliminary testing of secondary processing methods by SGS Lakefield on magnetic concentrate and tail materials suggests the potential for PGM and base metal recoveries of over 90% using hydrometallurgy. The Company has initiated additional hydrometallurgical tests to better understand the amenability of Wellgreen mineralization for secondary processing and to assess the potential economics of such processes.