Prophecy Appoints Mark Lotz as CFO, Cliff Starke as Marketing VP, and Dr. John Morganti as Advisor, Grants options.

VANCOUVER, B.C. - May 10, 2010, : Prophecy Resource Corp. (TSX.V: PCY; OTC: PCYRF; Frankfurt: 1P2) is pleased to report the following appointments, effective immediately:

Mark Lotz, Chief Financial Officer ("CFO")


Mr. Mark Lotz is a Chartered Accountant with the Institute of Chartered Accountants of B.C. He is an experienced business leader in the Canadian financial sector, most recently he acted as both President and CEO of Gateway Securities Inc.

Mr. Lotz has sixteen years experience in senior finance and administration positions in addition to public accounting experience beginning with Coopers & Lybrand (now Pricewaterhouse Coopers). He served as Chief Financial Officer with Golden Capital Securities and as an examiner for the Vancouver Stock Exchange. His experiences with publicly traded corporations include positions with Tan Range Exploration Ltd. (now Tanzanian Royalty Exploration Corporation), Platinum Group Metals Ltd., and Derek Oil and Gas Ltd.

Cliff Starke, Vice President of Marketing:


Mr. Cliff Starke has an extensive background in sales and marketing that includes positions with both Blackmont Capital Inc. (now Macquarie Private Wealth) and Dundee Wealth Inc. of Toronto. Since 2007 Mr. Starke has brokered significant financings for a number of both public and private mining and energy companies some of which he Mr. Starke retains personal investments in.

Dr. John M. Morganti Ph.D. P.Geo, Advisor.


John Morganti is President of Morganti Advisers Inc., a company that specializes in advising mining and exploration companies on strategy, evaluation, investor relations and exploration issues that are critical to rational corporate growth.  Dr. Morganti currently advises a number of exploration, development and mining companies. 

Over the past 35 years Dr. Morganti has held senior positions Teck, Placer Dome and Silver King Mines, as well as David Lowell Consultants and other consulting firms. Dr. Morganti worked in both exploration management and corporate development with Teck in addition to previously being Vice President, Gold and Vice President, Evaluations with Teck.  At Placer he was Exploration Manager, Canada and subsequently Vice-President International Exploration.  Additionally  he worked in Placer's Engineering Department on evaluations, feasibilities and construction. Dr. Morganti has been a Director of several mining companies operating in numerous jurisdictions including Canada, Australia, Peru, Spain, Russia and U.S.

Dr. Morganti is a member of the Mining Technical and Advisory and Monitoring Committee which advises the Canadian Securities Commissions on National Instrument 43-101, the policy that governs to the release of mining and exploration technical information by Canadian public companies.  He has also been a past Director of the Geology Division of the CIM, Chairman of the Mineral Deposits Division of the GAC, and a Director of the PDAC.  Dr. Morganti obtained his Ph.D. in Economic Geology from the University of British Columbia and is a Registered Professional Geologist in British Columbia, Canada

The company wishes to thank Paul McKenzie and Stuart Rogers who diligently served as prior CFO's before the merger on April 12, 2010. Both Mr. McKenzie and Mr. Rogers will remain directors of the Company.

Incentive Stock Options Granted


The Company has agreed, subject to regulatory approval, to grant incentive stock options to directors and consultants on 2,500,000 common shares at an exercise price of $0.67 per share for a period of five years. For more information about Prophecy, please contact Paul McKenzie at +1.604.642.2625 ext. 107 or John Lee at +1.800.851.1528

ON BEHALF OF THE BOARD OF DIRECTORS
Prophecy Resource Corp.
"JOHN LEE"
John Lee
Chairman

About Prophecy
Prophecy controls over NI-43-101 compliant Measured and Indicated mineral resources of 232 million pounds of nickel, 1 billion tonnes of coal and 116 million pounds of copper as well as inferred resources of 82 million pounds of nickel, 500 million tonnes of coal, and 593 million pounds of copper.  The Company's Ulaan Ovoo Coal Project, Mongolia is expected to be in production this year. Prophecy will hold properties with significant exposure to vanadium and titanium.  All Prophecy's coal assets are located in Mongolia with its remaining assets located in Canada. The Company is currently reviewing additional opportunities for growth.

 


Mineral resources that are not mineral reserves do not have demonstrated economic viability. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  

 


Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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.  

 Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. . Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the Transaction, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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."


This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (“the U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

subscribe to us

Follow Prophecy Coal to get every newsreleases delivered to your Inbox

[-] Close

*Ulaan Ovoo: 174 million tonnes  of measured and 34 million tonnes of indicated coal. Ulaan Ovoo’s resource numbers are from the Behre Dolbear & Company (USA), Inc  report referenced in the Dec 2010, 43-101 Prefeasibility Study by Wardrop Engineering. Chandgana consists of two properties-Chandgana Tal and Chandgana Khavtgai. Chandgana Tal consists of 141 mt of measured resource. Chandgana Khavtgai consists of 509 mt measured and 539 mt indicated resource. Chandgana Khavtgai’s resource estimates are based on the September 2010 NI 43-101 Chandgana Khavtgai Technical Report by Kravits Geological Services, LLC. The report is authored by Christopher M. Kravits CPG, LPG of Kravits Geological Services, LLC., who was an independent Qualified Person under NI 43-101 at the time of report preparation. And the Chandgana Tal resource estimate is also based on the September 2007 NI 43-101 Chandgana Tal Technical Report by Behre Dolbear & Company (USA), Inc..The report is authored by Mr. Gardar G. Dahl, Jr., CPG of Behre Dolbear & Company (USA), Inc., who is an independent Qualified Person under NI 43-101.