Ex COO of Klondex Mines Ltd joins Prophecy Development as CEO to Develop Gibellini Vanadium Mine
| Prophecy Development Corp. TSX: PCY OTC: PRPCF |
March 7, 2019 – Prophecy Development Corp. (“Prophecy” or the “Company”) announced the appointment of Michael Doolin as the Company’s COO and interim CEO. Mr. Doolin will manage Prophecy’s worldwide operations.
Mr. Doolin is a highly-regarded mine builder with over 30 years of operational and management experience in Nevada. Prior to joining Prophecy, Mr. Michael Doolin was Chief Operating Officer at Klondex Mines Ltd. (“Klondex”) from 2012 to 2018
| Klondex Mines – Cinderella Story with Happy Ending Klondex Mines (TSX: KDX) started out as Nevada exploration story in 2012 at US$35 million market cap At Permitting Stage, Gibellini is on track to become 1st major vanadium mine in the USA; In 4 years, Klondex commissioned 3 mines and grew annual gold production from 8,000 ounces per year to over 200,000 ounces per year, with revenues exceeding $250M Klondex stock went from $1 in 2012 to $6 by late 2016, 600{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d} gain in 4 years, with peak market cap over $1 billion. Klondex in 2018 was acquired by mining giant Hecla for $462million |
Klondex Mines Share Price September 2012 – September 2016
Mr. Doolin was with Klondex from the start with boots on the ground,and instrumental with its meteoric success. Specifically Mr. Doolin
- managed four underground portal mines, one shaft underground mine, and three mills including staffing of over 500 personnel, annual operating expenditures of over $180M and annual capital expenditures of over $120M;
- directed multi-year detailed mine planning and budgeting, achieved production target on schedule, under budget, while maintaining profit margin;
- worked with multi-disciplined staff and consultants to accomplish several NI 43-101 compliant reports for publication on schedule and on budget;
Now this guru from Reno wants torepeat his success with Prophecy’s Gibellini vanadium mine in Nevada, merely 2-hour drive from Klondex operating base.
| Why Prophecy’s Gibellini Prophecy Development Corp (TSX: PCY) owns the Gibellini project – the only large-scale, open-pit, heap-leach vanadium project of its kind in North America; At Permitting Stage, Gibellini is on track to become 1st major vanadium mine in the USA; Located in Nevada, premium location for mining- Ranked #1 for North America mining investment (Fraser Institute); The Gibellini Vanadium Project is Low Capex, Low Opex and High IRR Project based on independent preliminary economic study*; Vanadium price is up more than 600{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d} since 2016. |
Vanadium Pentoxide 98{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d} min since 2016, (Goto www.vanadiumprice.com to sign up for daily vanadium price and briefing)
| Why Vanadium Vanadium pentoxide is currently trading at $17.5/lb up from 2016 low of $2.5/lb and has outperformed all other metals in 2018. China has raised rebar standards in 2018 – a PARADIGM SHIFT which increases global vanadium demand by up to 20{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d} Chinese major Vanadium supply constraints due to environmental crackdown Vanadium is key in the current ‘green revolution’ – Vanadium batteries are far superior than lithium in grid scale deployment |
No wonder vanadium has Marin Katusa called the hottest metal in the World Right Now
Robert Friedland famouslystated:
“We think there’s a revolution coming in vanadium redox flow batteries,” he says. “You’ll have to get into the mining business and produce ultra-pure vanadium electrolyte for those batteries on a massive scale.
We’re very deeply interested in how you store electrical energy in the grid.
Jason Simpkins of the Outsider Club https://www.outsiderclub.com/ recently issued an alert to its subscribers highlighting:
“Vanadium has unparalleled power.
It’s already replacing those other metals in electric cars and it has a variety of other applications.
For that reason, vanadium demand is soaring. And the country that needs it most, China, is rapidly reducing its export.
That’s a problem, because as it stands now, America currently has NO producing vanadium mines.
However, our own Nick Hodge has found a tiny company (trading under $0.50 per share) that’s set to open US vanadium mine in short order.
That play could deliver investors early gains of at least 3,900{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d}.
Nick Hodge of Outsider club in late 2018 stated
“An updated, 2018 PEA pegged Gibellini the after-tax NPV at US$338.3 million and the IRR at 50.8{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d}. Gibellini contains 129.28 million pounds of vanadium pentoxide (V205) grading 0.294{3a701354f219a57e7e7d46a505b70225e975b940de2dd07556e20488ab77339d}. The current mine plan envisions producing 9.65 million pounds annually for over 13 years, paying back its capital cost of US$116.8 million in 1.72 years. The after tax net present value of the Gibellini vanadium project at today $17/lb is north of US$338 million, meaning Prophecy is trading at a significant discount to its project value*.”
With global vanadium supply declining and demand increasing, Gibellini is the right project at the right time.
Check out Prophecy Development Corp. (TSX-V: PCY) (OTC: PRPCF) just 95 million shares outstanding.
Watch Live Gibellini Footage
The only large-scale, open-pit, heap-leach vanadium project of its kind in North America
Louis James, long-time Doug Casey International Speculator team member interviews Prophecy’s Chairman John Lee about Prophecy’s flagship Gilbellini Vanadium Project, its progress, vanadium prices, and plans for the future. It has gathered over thirty thousand views and is a can’t miss.
Watch Independent Speculator Interview Prophecy’s Chairman John Lee
Trade Prophecy at links below:
US Brokers (OTC: PRPCF)
www.tdameritrade.com
www.etrade.com
www.fidelity.com
www.merrilledge.com
Canadian Brokers (TSX: PCY)
www.Td.com
www.rbcdirectinvesting.com
www.qtrade.com
www.questrade.com
www.scotiabank.com/itrade
www.bmo.com/investorline
Cautionary Note Regarding Forward-Looking Statements
*The Gibellini project attributes are taken from its May 29, 2018 PEA, which includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. And there is no certainty that the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Certain statements contained in this news release (including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, and 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. They involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by such forward-looking statements.
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