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Prophecy Development Corp (2)
Symbol PCY
Shares Issued 121,012,057
Close 2019-11-04 C$ 0.43
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Prophecy Development names Merino-Marquez as S.A. VP

2019-11-05 09:14 ET - News Release

Mr. Michael Doolin reports


Prophecy Development Corp. has appointed Joaquin Merino-Marquez as vice-president for its South American operation, based in Bolivia, effective Nov. 1, 2019.

Joaquin is a professional geologist with 27 years of experience in the mining industry. Prior industry affiliations include roles as vice-president of exploration for Primero Mining Corp. and vice-president of exploration for Apogee Minerals Ltd.

Prior to Apogee, Mr. Merino-Marquez was the exploration manager for Placer Dome at the Porgera mine and a mine geologist at Hecla Mining's La Camorra mine. Mr. Merino-Marquez is a native Spanish speaker and fluent in English. He holds a master of science from Queens University and a bachelor of science in geology from University of Seville (Spain). He is a member of the Association of Professional Geoscientists of Ontario.

Michael Doolin, Prophecy's chief executive officer, stated: "Joaquin's immense knowledge of the Pulacayo mine will accelerate Prophecy's effort in expanding Pulacayo resource and mine development. Joaquin, in his recent Pulacayo visit, was still recognized and well liked by the local community, which makes him a pleasure to work with and an excellent addition to our Prophecy team."

From 2006 to 2010, Mr. Merino-Marquez lived in Bolivia and led Apogee's 85,000-metre drill campaign at Pulacayo and Paca silver projects. The drill campaign was a success and defined over 90 million ounces of silver resources according to independent, third party estimates (which are now considered historic in nature and should not be relied up on as they are no longer National Instrument 43-101 compliant).

In 2015, Prophecy purchased Apogee's Bolivian subsidiaries, which have explored Pulacayo and Paca since 2005. In October, 2019, the Bolivian government granted Prophecy's Bolivian subsidiaries the 100-per-cent exclusive rights to develop and mine at the Pulacayo and Paca concessions for up to 30 years.

The company further announces that, pursuant to the terms of the company's share-based compensation plan, it has granted, in aggregate, 1.68 million incentive stock options to certain directors, officers, employees and consultants of the company. The options are exercisable at a price of 44 cents per share and vest at 12.5 per cent per quarter for the first two years following the date of grant. The company also announces that it has issued 104,951 shares at a deemed price of 41 cents per share, in satisfaction of $43,030 of indebtedness currently owed by the company to some directors of the company.

About Prophecy Development Corp.

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

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