Prophecy Submits New Operation Plan for Vanadium Project
Prophecy Development (TSX:PCY, OTCQX:PRPCF, FWB:1P2N) has submitted an updated plan of operations for its Gibellini vanadium project to the United States Department of the Interior.
As quoted from the press release:
The POO [plan of operations] which was submitted on schedule and prepared under budget, incorporated data and information from a number of consulting companies that are working on the project. Having submitted all the requisite environmental baseline studies, Prophecy’s POO submission is the last major step before the publication of the Notice of Intent (NOI) which will initiate the Environmental Impact Statement (EIS) process under the Secretary of Interior Order No. 3355 (Streamlining National Environmental Policy Reviews and Implementation of Executive Order 13807; see Company’s press release dated March 28th, 2018). The streamlined EIS process from NOI to the record of decision (ROD) is one year. Upon receipt of a positive ROD and issuance of Nevada State permits, Prophecy plans to start mine construction in 2021 subject to project financing completion, and begin vanadium production by Q4 2022.
This POO details the development plans for the open pit mining operations and processing facilities to extract and recover vanadium from the Gibellini project with stated average mine production during the seven-year mine life of 15.7 million tons of materialized resource containing 120.5 million pounds of vanadium. The POO also includes an exploration plan to fully define all the additional mineralized target areas within the project claim block. The primary facilities include the: pit, waste rock disposal facility, mine office, auxiliary facilities such as water and power, crushing facilities and stockpile, heap leach pad, process facility, water ponds, borrow areas, and mine and access roads.
Prophecy’s CEO, Mike Doolin, states: “With the filing of our Plan of Operations, we expect the NOI will be published in Q1 of 2020. We are confident to meet the NOI schedule, just as we have done with the filing of the POO as announced today.”
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