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 Wellgreen 2580E Section Wellgreen 2800E Section Wellgreen 3000E Section Wellgreen 3400E Section Wellgreen Hole 177 - 178 Wellgreen Hole 179 - 182 Wellgreen Drill Hole Map)
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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: john@prophecyresource.com
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 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.
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 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."
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.
