Exhibit 99.1
Gerald Panneton Appointed as Prophecy’s President and
CEO
Vancouver, British Columbia, October 10, 2018 – Prophecy
Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N)
is pleased to announce the
appointment of Gerald Panneton as the Company’s
President and new Chief Executive Officer, effective October
10, 2018, replacing John Lee, who will remain as Chairman of the
Board of Directors of the Company.
Mr. Panneton is a geologist with over 30 years experience in
mineral exploration and development, and was the founder, President
and CEO of Detour Gold Corporation (“Detour Gold”) from its incorporation in July
2006 until November 2013. Under his leadership, the
Detour Lake project grew over tenfold from 1.5 million ounces in
resources to over 16 million ounces in reserves and into
production. Today, the Detour Lake mine ranks as one of the largest
gold mines in Canada. Mr. Panneton helped
raise approximately $2.6 billion in capital while at Detour
Gold.
Mr. Panneton and his Detour Gold team were the recipients of the
PDAC 2011 Bill Dennis Award for Canadian mineral discoveries and
prospecting success of the year.
Mr. Panneton commented that: “I am very excited to join the
Prophecy team to work on the Gibellini vanadium project in Nevada.
The Gibellini project represents an excellent opportunity to be
developed in the very near future, as it stands to be a low-cost
producer due to its very low strip ratio, and a low-cost heap leach
operation in the mining friendly state of Nevada. I envision the
Gibellini open pit project to have an excellent chance of expanding
its resource base, in much the same way that I lead Detour Gold in
exploring, financing and developing the Detour Lake project to
become Canada's top gold mine with an annual gold
production in excess of 500,000 oz today.”
John Lee commented that: “Gerald and I spent some time
recently in Nevada, kicking rocks at Gibellini, and meeting
and talking to regulators, community leaders, geologists and
engineers. It's clear Gerald shares the same passion as
Prophecy’s team for the Gibellini project and there is great
chemistry”.
From
August 2016 to October 2017, Mr. Panneton was also President and
CEO of NewCastle Gold Ltd. (“NewCastle
Gold”), for the Castle
Mountain gold project in California, before NewCastle Gold was
acquired via merger with Trek Mining Inc. and Anfield Gold Corp.
(now named Equinox Gold Corp.).
From 1994 to 2006, Mr. Panneton was with Barrick Gold Corporation
(“Barrick Gold”) where for the last six years of his
tenure, he was Director of Advanced Projects and Evaluations for
the exploration and corporate development group. He was very
instrumental in bringing the Tulawaka and Buzwagi projects in
Tanzania into production after the Pangea Goldfields Inc.
acquisition in 2000. Prior to Barrick Gold, he worked for Lac
Minerals Ltd., Placer Dome Inc. and Vior-Mazarin Group. Mr.
Panneton received his Bachelor of Science in Geology from
the University of Montreal and his Master of Science in
Geology from McGill University.
Pursuant to the terms of Mr. Panneton’s employment agreement
with the Company and its 2016 Share-Based Compensation Plan, as
amended (the “Plan”), the Company has granted to Mr. Panneton
1,000,000 bonus shares and 500,000 incentive stock options
exercisable at a price of $0.26 per Common share for a term of five
years expiring on October 10, 2023 and which vest at 12.5% per
quarter for the first two years following the date of
grant.
Also, effective October 10, 2018, Mr. Panneton and Louis Dionne
were appointed to the Company’s Board of Directors to replace
Harald Batista and Daniel Fidock, both of whom will remain key
advisors to the Company.
Mr.
Dionne is a corporate director, mining consultant, and professional
engineer who has spent over 30 years in the operation and
development of gold properties. He served as President and Chief
Executive Officer of Richmont Mines Inc., a Canadian gold producer
until 2005.
From
1981, Mr. Dionne worked for Camflo Mines Ltd., American Barrick
Resources Corporation, and Barrick Gold as Senior Vice President
Operations until 2003, where he also provided technical input and
leadership in the area of corporate mergers and acquisitions. Mr.
Dionne obtained his Bachelor’s degree in Mining Engineering
from Laval University. He also served as a director with Detour
Gold, Aurizon Mines Ltd. and other boards.
Pursuant to the terms of the Plan, the Company has granted to Mr.
Dionne 50,000 incentive stock options exercisable at a price of
$0.26 per Common share for a term of five years expiring on October
10, 2023 and which vest at 12.5% per quarter for the first two
years following the date of grant.
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 EIS preparation. Further information
on Prophecy can be found at www.prophecydev.com.
PROPHECY
DEVELOPMENT CORP.
ON
BEHALF OF THE BOARD
“JOHN
LEE”
Chairman
For
more information about Prophecy, please contact Investor
Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
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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.