Prophecy Closes Gibellini Vanadium Project Acquisition and Sets Company Priority

Prophecy Development (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) is pleased to announce that it has successfully acquired the Gibellini vanadium project on lease terms described in the Company’s news release dated May 8, 2017.
Prophecy is reviewing the Gibellini feasibility study that was prepared for the prior operator, American Vanadium (“AVC”) by AMEC E&C Services, with an effective date of August 31, 2011, in order to bring the project information current. The Company also plans to try to expedite completion of the Gibellini environmental and mine permitting processes that were previously started by AVC.
With control of the Gibellini and Titan projects, Prophecy is well-positioned to become a leading North American vanadium exploration company. The Company’s objectives for these two projects are to:

• provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions; and
•  build the first vanadium mine in North America by steadily advancing mine permitting, project financing and construction.

The Company’s Executive Chairman, John Lee, stated:

“Believing the resource market to have bottomed in early 2016, Prophecy is going back to its M&A roots in 2017 by focusing on acquiring and developing vanadium mining projects in North America in what could be the Company’s busiest year ever”.

Click here to read the full text release.