Prophecy’s Gibellini Vanadium Project 2019
Program:
Solid Objectives for Advancing the
Project
Vancouver, British Columbia, January 21, 2019 – Prophecy
Development Corp. (“Prophecy”
or the “Company”)
(TSX:PCY,
OTCQX:PRPCF,
Frankfurt:1P2N) is
pleased to provide a project update for its Gibellini
vanadium project, located in Eureka County, Nevada, USA. The
Company’s objective for 2019 is to continue advancing its
flagship vanadium project towards development and
production.
Gibellini
is the most advanced primary vanadium deposit in the United States,
with a contained NI 43-101 compliant combined measured and
indicated resource of 22.95 million tons at 0.286% V2O5 (technical
report filed on SEDAR titled “Gibellini Vanadium Project,
Eureka County, Nevada, NI 43-101 Technical Report on Preliminary
Economic Assessment” effective May 29, 2018), and vanadium is
a product classified as a strategic metal by the US Government.
Vanadium is primarily used for strengthening structural steel, but
is also used in the aerospace industry for Ti-Al alloys and more
recently, there is an increase in demand to supply the new-era of
redox flow batteries for long-term energy storage, which has long
been a challenge for the renewable energy sector.
The
Gibellini vanadium project’s objectives for 2019
are:
●
Update all
previous, and add all necessary, baseline studies to support our
Notice of Intent to initiate the EIS (Environmental Impact
Statement), which will trigger the 12-month period review by the
Bureau of Land Management (BLM) and Nevada Division of
Environmental Protection (NDEP) under the new streamlined National
Environmental Policy Act (NEPA) review process under Secretary of
the Interior Order No. 3355;
●
Update and complete
a full feasibility study in 2019 based on all of the previous work
done, with additional trade-off studies on economics and
engineering to be completed this year. For example, the Company is
also working to improve recovery optimization (currently averaging
62%) and higher vanadium pentoxide (V2O5) purity above 99.5% (from
the current 98.5%) product; and
●
Initiate drilling
program of some high grade in-fill on the Gibellini deposit
(approx. 3,000 feet) and bring the inferred resources of 6.83 Mt at
Louie Hill into the measured and indicated category (100-200 feet
spacing for another 12,000 to 15,000 feet of RC drilling), which
would lead to a resource update in 2019.
Drilling
is anticipated to commence in March, during the first quarter of
2019.
The
Louie Hill deposit was included in the Company’s 2017
Preliminary Economic Assessment released on May 29, 2018 (see
Company’s news release dated May 29, 2018) and is considered
an important continuation of the project’s future operation
after the Gibellini deposit is mined out.
Prophecy
will be participating in the upcoming Vancouver Resource Investment
Conference (VRIC) to be held in Vancouver from January 20-21, BMO
Capital Markets Global Metals & Mining Conference to be held in
Florida from February 25-28, and Prospectors & Developers
Association of Canada (PDAC) International Convention to be held in
Toronto from March 3-6 to name a few, during the First Quarter of
2019.
Qualified Person
The
technical contents of this news release have been prepared under
the supervision of Danniel Oosterman, VP, Exploration. Mr.
Oosterman is not independent of the Company in that he is employed
as a consultant to the Company and most of his income is derived
from the Company. Mr. Oosterman is a Qualified Person as defined in
NI 43-101.
About Prophecy
Prophecy
is developing the Gibellini project – the only large-scale,
open-pit, heap-leach vanadium project of its kind in North America.
Located in Nevada, Gibellini has the largest NI 43-101 compliant
measured and indicated primary vanadium resource known in the USA
and is currently undergoing EPCM and permit development. Further
information on Prophecy can be found at www.prophecydev.com.
PROPHECY
DEVELOPMENT CORP.
ON
BEHALF OF THE BOARD
“Gerald
Panneton”
President
and CEO
For
more information about Prophecy, please contact Investor
Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
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.