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Prophecy Development Corp (2)
Symbol PCY
Shares Issued 110,607,557
Close 2019-10-07 C$ 0.49
Recent Sedar Documents

Prophecy gets right to mine Pulacayo, Paca for 30 years

2019-10-07 08:23 ET - News Release

Mr. Michael Doolin reports

PROPHECY'S PULACAYO (SILVER) MINING PRODUCTION CONTRACT APPROVED AND SIGNED

The Pulacayo mining production contract (MPC) between Prophecy Development Corp. and the Corporacion Minera de Bolivia (COMIBOL), a branch of the Bolivian Ministry of Mining and Metallurgy, was executed on Oct. 3, 2019.

Prophecy was notified of final government resolution approving the MPC on Sep. 27, 2019. The MPC grants Prophecy the 100-per-cent exclusive right to develop and mine at the Pulacayo and Paca concessions for up to 30 years. It is comparable with a mining licence in Canada or the United States.

Prophecy's Bolivian subsidiaries have spent $25-million on Pulacayo and Paca, with over 80,000 metres of drilling, a completed historic independent feasibility study, and an approved detailed environment impact assessment (DEIA).

Cesar Navarro Miranda, minister for mining and metallurgy of Bolivia, states:

"Damos la bienvenida a la Empresa Prophecy, que con inversion canadiense, el dia de hoy se une al trabajo arduo que realizamos como Gobierno para el desarrollo del sector minero.

"La firma del Contrato de Produccion Minera tendre incidencia economica y social positiva a nivel nacional, regional y de manera directa al municipio de Uyuni.

"Las Inversiones, como la de Prophecy seren siempre bienvenidas pues se enmarcan en el principio declarado por el Presidente del Estado Plurinacional:

"queremos socios y no patrones."

Translation by Prophecy

"We welcome the company Prophecy which, with Canadian investment, joins today the hard work we do as a government in developing the mining sector.

"The signing of the mining production contract will have a positive economic and social impact at the national and regional levels, and directly on the municipality of Uyuni.

"Investments such as Prophecy's will always be welcomed as they fit within the framework of the principle declared by the President of the Plurinational State of Bolivia:

"We want partners, not bosses."

Prophecy's founder and executive chairman, John Lee, commented from La Paz Bolivia: "The MPC is a landmark milestone in advancing Pulacayo. With great passion, our highly experienced and motivated technical team are ready to pursue Pulacayo resource expansion and to fast-track this top-tier silver project to production with unwavering support from our partners, the Bolivian government and local community."

Pulacayo has access to water, power and railway to the Antofagasta seaport. Only 30 per cent of the three-kilometre-long Pulacayo Tajo vein system has been drilled, according to historical and company records.

Further to the news dated Sept. 30, Prophecy reports that five diamond drill holes have been completed at Paca. The core samples have been sent to the ALS Chemex laboratory in Oruro, Bolivia, with assay results expected in November.

Qualified person

The technical contents of this news release have been prepared under the supervision of Danniel Oosterman, vice-president of exploration. Mr. Oosterman is not independent of the company in that he is employed by the company. Mr. Oosterman is a qualified person (QP) as defined by the guidelines in National Instrument 43-101.

About Prophecy Development Corp.

Prophecy is developing Pulacayo silver project in Bolivia and Gibellini vanadium project in Nevada.

We seek Safe Harbor.

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