TSX-V Symbol: PCY
VANCOUVER, Nov. 30 /CNW/ - Prophecy Resource Corp. (TSX-V: PCY) is pleased to announce the appointment of Mr. Greg Hall and Dr. George Gale as Special Advisors of the company.
Mr. Greg Hall is a financial market professional with over 25 years of experience. Currently a director of Silvercorp Metals Inc (NYSE: SVM, TSX: SVM), he was part of the team that helped build Silvercorp into China's largest primary silver producer and the lowest cost silver producer among its industry peers.
Mr. Hall has previously held senior positions at Haywood Securities Inc., Canaccord Capital Corporation, and Leede Financial Markets and will be guiding Prophecy's corporate strategy and financing activities.
Dr. George Gale has been a mineral deposit geologist for more than 40 years. Currently VP Exploration and a director of VMS Ventures Inc. (TSX-V: VMS), he led the exploration activities that resulted in their discovery of the high-grade Manitoba Reed Lake VMS deposit in 2007.
Dr. Gale was the head of the Mineral Deposits Section of the Manitoba Geological Survey from 1977 to 1999. He will advise Prophecy's exploration activities based on his extensive geological expertise in Manitoba.
In conjunction with the foregoing appointments, John Lee, a current director of Prophecy, has been appointed Chairman and CEO of the Company, with James Brown, the former President, continuing to serve as a Director. In addition, the Company has agreed to grant options to consultants on 200,000 shares at an exercise price of $0.38 per share for a period of five years.
John Lee states "Mr. Hall and Dr. Gale will have an immediate impact in shaping the future of Prophecy. The recent $192 million acquisition of Canadian Royalties Inc. by China's Jilin Jien Nickel Industry Co. Ltd has set a positive tone for Prophecy, which is in the process of acquiring the former Lynn Lake nickel mine in Manitoba, one of the significant undeveloped NI 43-101 compliant nickel resources in Canada. We are thrilled with the addition of those two veterans to our team and we will work tirelessly to duplicate their previous success within Prophecy."
About Prophecy Resource Corp.
Prophecy has entered into an agreement to acquire the Lynn Lake Nickel Project in Manitoba, which contains a National Instrument 43-101 compliant Measured and Indicated resource of 17 million tonnes with an average grade of 0.62% Nickel and 0.31% Copper at a 0.4% nickel cut-off grade. The Lynn Lake Technical Report, dated December 5, 2007, was prepared by Wardrop Engineering Inc. for Independent Nickel Inc. and is available under Independent Nickel's filings at www.sedar.com. This agreement is subject to acceptance for filing by the TSX Venture Exchange.
Prophecy has also earned a 60% interest in the Okeover Copper-Molybdenum property in B.C. where, in 2006, Dr. N.C. Carter, PhD, P.Eng, completed a technical report on the Okeover Property pursuant to NI 43-101 that estimated an inferred mineral resource of 86.8 million tonnes grading 0.31% copper and 0.014% MoS2 at a 0.20% copper cut-off grade. This report is available at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Prophecy Resource Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE PROPHECY RESOURCE CORP.
For further information: For further information: about Prophecy, please contact us toll-free at 1-800-459-5583 or visit our web site at www.prophecyresource.com