Vancouver, British Columbia, February 10, 2017 – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) is pleased to announce that it has successfully closed the acquisition of the remaining 20% title interest of Randsburg International Gold Corp. (“Randsburg”) in the patented claims that comprise the Titan vanadium-titanium-iron project (“Titan”) in Ontario, Canada on the terms described in the Company’s news release dated January 27, 2017 (the “Acquisition”). Prior to the Acquisition, Prophecy owned the other 80% title interest in Titan.
As consideration, the Company issued to the parties designated by Randsburg, a total of 20,000 Common shares (the “Consideration Shares”) in the capital of the Company. The Consideration Shares are subject to a 4-month hold period. Closing of the Acquisition will be subject to the final approval of the Toronto Stock Exchange.
Prophecy is encouraged by recent news regarding vanadium car battery development and rising metal price trends whereby vanadium prices have doubled in the last 12 months. The Company intends to announce project development plans for Titan in due course.
A Technical Report prepared by Mine Development Associates dated February 26, 2010 (available at www.sedar.com and www.Prophecydev.com) disclosed in compliance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) an inferred resource for the Titan project:
|Resource Category||Tonnes (t)*||Fe2O3 (%)**||V (%) **||TiO2 (%)**|
V converted to V2O5: 0.24 % V = 0.43% V2O5
The Company estimates vanadium content at 259 million lbs and titanium dioxide content at 7,259 million kgs.
* Based on resource estimated at cutoff grade of 40% Fe2O3.
** 100% metals recovery is assumed.
The Technical Report is authored by Neil Prenn, P. Eng, who was an independent Qualified Person under NI 43-101 at the time the report was prepared.
The Technical Report can be downloaded from:
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in developing mining and energy projects in Mongolia, Bolivia and Canada. Further information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
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Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Prophecy’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Prophecy’s forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.