The Shakespeare nickel-copper-PGM mine near Webbwood is being put on care and maintenance, and Prophecy Platinum anticipates providing an update on the project in early 2013.

The company will review various infrastructure, processing and transportation options before providing an update.

According to Prophecy’s most recent assessment, at a C$50/tonne net smelter return cutoff, Shakespeare’s Underground East Zone contains an indicated resource of 3.57 million tonnes grading 0.32 per cent nickel, 0.39 per cent copper, 0.02 per cent cobalt, 0.34 grams per tonne platinum, 0.37 grams per tonne palladium, and 0.2 grams per tonne gold.

The East Zone also contains an inferred resource of 1.87 million tonnes grading 0.32 per cent nickel, 0.36 per cent copper, 0.02 per cent cobalt, 0.34 grams per tonne platinum, 0.36 grams per tonne palladium, and 0.21 grams per tonne gold. This resource update adds approximately 30 per cent to Shakespeare's global resource.

Prophecy chair John Lee remains optimistic about Shakespeare’s prospects.

“Prophecy develops nickel-copper-PGM mining project in Canada and provides leverage to those metals,” Lee said in a news release. “The Shakespeare nickel-copper-PGM project is a fully permitted mine with proven metallurgy. The marked increase in total global resource demonstrates the potential longevity of Shakespeare as a mine.”

Prophecy acquired Shakespeare following a merger with Ursa Major Minerals in July.