Gerald Panneton Appointed as Prophecy's President and CEO

2018-10-10 / @accesswire

VANCOUVER, BC / ACCESSWIRE / October 10, 2018 / Prophecy Development Corp. ("Prophecy" or the "Company")(TSX: PCY, OTCQX: PRPCF, FSE: 1P2N) is pleased to announce the appointmentof Gerald Panneton as the Company's President and new Chief ExecutiveOfficer, effective October 10, 2018, replacing John Lee, who will remainas Chairman of the Board of Directorsof the Company.

Mr. Panneton is ageologist with over 30 years experience in mineral exploration and development,and was the founder, President and CEO of Detour Gold Corporation ("DetourGold") from its incorporation in July 2006 until November2013. Under his leadership, the Detour Lake project grew over tenfold from 1.5million ounces in resources to over 16 million ounces in reserves and intoproduction. Today, the Detour Lake mine ranks as one of the largest gold minesin Canada. Mr. Panneton helped raise approximately $2.6 billion incapital while at Detour Gold.

Mr. Panneton and hisDetour Gold team were the recipients of the PDAC 2011 Bill Dennis Award forCanadian mineral discoveries and prospecting success of the year.

Mr. Panneton commentedthat: "I am very excited to join the Prophecy team to work on the Gibellini vanadiumproject in Nevada. The Gibellini project represents an excellent opportunity tobe developed in the very near future, as it stands to be a low-cost producerdue to its very low strip ratio, and a low-cost heap leach operation in themining friendly state of Nevada. I envision the Gibellini open pit project tohave an excellent chance of expanding its resource base, in much the same way thatI lead Detour Gold in exploring, financing and developing the Detour Lake projectto become Canada's top gold mine with an annual gold production inexcess of 500,000 oz today."

John Lee commentedthat: "Gerald and I spent some time recently in Nevada, kicking rocks atGibellini, and meeting and talking to regulators, community leaders, geologists andengineers.It's clear Gerald shares the same passion as Prophecy’s teamfor 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 wasacquired via merger with Trek Mining Inc. and Anfield Gold Corp. (now namedEquinox Gold Corp.).

From 1994 to 2006,Mr. Panneton was with Barrick Gold Corporation ("Barrick Gold") wherefor the last six years of his tenure, he was Director of Advanced Projects andEvaluations for the exploration and corporate development group. He was veryinstrumental in bringing the Tulawaka and Buzwagi projects in Tanzania into productionafter the Pangea Goldfields Inc. acquisition in 2000.Prior to Barrick Gold, he worked for LacMinerals Ltd., Placer Dome Inc.andVior-Mazarin Group. Mr. Panneton received his Bachelor of Science in Geology fromthe University of Montreal and his Master of Science in Geologyfrom McGill University.

Pursuant to theterms of Mr. Panneton's employment agreement with the Company and its 2016Share-Based Compensation Plan, as amended (the "Plan"), the Company hasgranted to Mr. Panneton 1,000,000 bonus shares and 500,000 incentive stockoptions exercisable at a price of $0.26 per Common share for a term of fiveyears expiring on October 10, 2023 and which vest at 12.5% per quarter for thefirst two years following the date of grant.

Also, effectiveOctober 10, 2018, Mr. Panneton and Louis Dionne were appointed to the Company'sBoard of Directors to replace Harald Batista and Daniel Fidock, both of whomwill remain key advisors to the Company.

Mr. Dionne is a corporate director, miningconsultant, and professional engineer who has spent over 30 years in theoperation and development of gold properties. He served as President and ChiefExecutive Officer of Richmont Mines Inc., a Canadian gold producer until 2005.

From 1981, Mr. Dionne worked forCamflo Mines Ltd., American Barrick Resources Corporation, and Barrick Gold asSenior Vice President Operations until 2003, where he also provided technicalinput and leadership in the area of corporate mergers and acquisitions. Mr. Dionneobtained his Bachelor's degree in Mining Engineering from Laval University. Healso served as a director with Detour Gold, Aurizon Mines Ltd. and other boards.

Pursuant to theterms of the Plan, the Company has granted to Mr. Dionne 50,000 incentive stockoptions exercisable at a price of $0.26 per Common share for a term of fiveyears expiring on October 10, 2023 and which vest at 12.5% per quarter for thefirst two years following the date of grant.

About Prophecy

Prophecy is developing the Gibelliniproject – the only large-scale, open-pit, heap-leach vanadium project of itskind in North America. Located in Nevada, Gibellini has the largest NI 43-101compliant measured and indicated primary vanadium resource known in the USA andis currently undergoing EPCM and EIS preparation. Further information onProphecy can be found at www.prophecydev.com.

PROPHECY DEVELOPMENT CORP.

ON BEHALF OF THE BOARD

"JOHN LEE"
Chairman

Formore information about Prophecy, please contact Investor Relations:

+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com

Neither the Toronto Stock Exchange nor its RegulationServices Provider (as that term is defined in the policies of the Toronto StockExchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statementscontained in this news release, including statements which may contain wordssuch as "expects", "anticipates", "intends", "plans", "believes", "estimates",or similar expressions, and statements related to matters which are nothistorical facts, are forward-looking information within the meaning ofapplicable securities laws. Such forward-looking statements, which reflectmanagement's expectations regarding Prophecy's future growth, results ofoperations, performance, business prospects and opportunities, are based oncertain factors and assumptions and involve known and unknown risks anduncertainties which may cause the actual results, performance, or achievementsto be materially different from future results, performance, or achievementsexpressed or implied by such forward-looking statements.

These factors should beconsidered carefully, and readers should not place undue reliance on theProphecy's forward-looking statements. Prophecy believes that the expectationsreflected in the forward-looking statements contained in this news release andthe documents incorporated by reference herein are reasonable, but no assurancecan be given that these expectations will prove to be correct. In addition,although Prophecy has attempted to identify important factors that could causeactual actions, events or results to differ materially from those described inforward looking statements, there may be other factors that cause actions,events or results not to be as anticipated, estimated or intended. Prophecyundertakes no obligation to release publicly any future revisions toforward-looking statements to reflect events or circumstances after the date ofthis news or to reflect the occurrence of unanticipated events, except asexpressly required by law.

SOURCE: Prophecy Development Corp.