Prochecy Coal Професи

Prophecy Drills 496.06 meters of 0.596 g/t PGM+Au, 0.27% Ni, 0.18% Cu, 0.02% Co (0.45% NiEq*) from Surface at Wellgreen, Yukon.

Vancouver, British Columbia, September 27, 2010: Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX-V:PCY, OTCQX: PRPCF, Frankfurt: 1P2)  announces the results from holes 177 and 178 at Wellgreen PGM Ni-Cu- property in Yukon. Northern Platinum (merged with Prophecy on Sep 23, 2010) drilled holes 177 – 182 during the summer of 2010. Results from Wellgreen holes 177 and 178 including NiEq% are outlined in the following table:

Hole 177 and 178 are drilled 50 meters apart, designed to extend the eastern edge of the known mineralization at Wellgreen.

John Lee, CEO of Prophecy states: "These results are very important as they demonstrate continuous disseminated sulphide mineralization. Prophecy is targeting Wellgreen to be a large scale deposit that could be mined by open pit and large tonnages. Such potential has never been seriously thought of in Wellgreen’s 5-decade-long history."

Assays from (2010 summer drill program) hole 179-182 are pending. Furthermore Prophecy has commenced surface drilling of 5 additional holes. Cross sections and locations of holes 177 to 182 as well as the 5 planned holes are available below. Please refer to the company’s morning news release on September 27 for its detailed development plans at Wellgreen.

Assay procedures at Wellgreen are as follows:  The mineralized intervals of drill core are cut using a core saw.  After cutting the core, one half of the core is bagged for assay using security seals. The samples are then delivered to ALS Chemex Laboratories in Whitehorse, Y.T. for sample preparation.  The pulps were sent to ALS Vancouver for assays; the rejects were returned to Wellgreen for secure storage.  In addition to the laboratory's quality control program, a rigorous on-site quality assurance and quality control program is implemented involving the insertion of blanks, standards and splits to ensure reliable assay results.

This news release has been reviewed and approved by John McGoran, P.Geo., and a Qualified Person as defined in NI 43-101. For more information about Prophecy, please contact Paul McKenzie at +1.604.642.2625 ext. 107 or Scott Parsons at +1.604.642.2625 ext. 106.

Wellgreen Mine Cross-section
Click to enlarge

Wellgreen 2580E Section
Click to enlarge

Wellgreen 2800E Section
Click to enlarge

Wellgreen 3000E Section
Click to enlarge

Wellgreen 3400E Section
Click to enlarge

Wellgreen Hole 177 - 178
Click to enlarge

Wellgreen Hole 179 - 182
Click to enlarge

Wellgreen Drill Hole Map
Click to enlarge

About Prophecy Resource

Prophecy Resource Corporation is an internationally diversified company engaged in developing energy, nickel and platinum group metals projects. The company controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). In Canada Prophecy owns Wellgreen PGM Project in Yukon, Lynn Lake Nickel Sulphide Project in Manitoba, and a 10% equity stake in Victory Nickel. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

ON BEHALF OF THE BOARD OF DIRECTORS Prophecy Resource Corp.
"JOHN LEE"
John Lee
Chairman
Telephone 1.800.851.1528
Email: [email protected]

 

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.