Blueprint
Prophecy Development Appoints Joaquin Merino-Marquez as VP South
American Operation
Vancouver, British Columbia, November 5, 2019 – Prophecy
Development Corp. (“Prophecy” or the “Company”) (TSX: PCY, OTCQX:PRPCF, Frankfurt:1P2N)
is pleased to announce the appointment
of Joaquin Merino-Marquez as Company’s Vice President, South
American Operation, based in Bolivia effective November 1,
2019.
Joaquin
is a Professional Geologist
with 27 years of experience in the mining industry. Prior industry
affiliations include roles as Vice President, Exploration for
Primero Mining Corp. and Vice President 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. Joaquin is a native Spanish speaker and
fluent in English. He holds a MSc from Queens University, and a BSc
in Geology from University of Seville (Spain). He is a member of
the Association of Professional Geoscientists of
Ontario.
Michael Doolin, Prophecy’s CEO 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-meter drill campaign at Pulacayo and Paca
silver projects. The drill campaign was a success and defined over
90 million oz 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 NI43-101
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% 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, 1,680,000 incentive stock options (the
“Options“), to
certain
directors, officers, employees and consultants of the
Company. The Options are exercisable at a price of $0.44 per
share and vest at 12.5% 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 $0.41 per share, in
satisfaction of $43,030 of indebtedness currently owed by the
Company to some Directors of the Company.
About Prophecy
Prophecy is developing Pulacayo silver project in Bolivia and
Gibellini vanadium project in Nevada. Further information on
Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“Michael Doolin”
CEO
For more information about Prophecy, please contact Investor
Relations:
+1.604.569.3661 ext. 101
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services
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.