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prophecy development corp (PCY) Snapshot

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03/6/14 - C$0.09
52 Week Low
06/19/14 - C$0.04
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prophecy development corp (PCY) Details

Prophecy Development Corp. engages in the acquisition, exploration, and development of coal properties in Mongolia. The company primarily has a 100% interest in the Ulaan Ovoo coal property located in Selenge province, Northern Mongolia, under the mining license MV-1231 that covers an area of 214 hectares and the mining license MV-14657 with an area of 355 hectares; a 100% interest in the Chandgana Tal coal exploration property consisting of mining licenses, MV-016767 and MV-010126 with coal-bearing portion of approximately 1,636 hectares located in the Nyalga coal basin, Mongolia; and a 100% interest in the Chandgana Khavtgai Uul coal exploration property with coal-bearing portion comprising approximately 1,636 hectares located in the Nyalga coal basin. It also has a 60% interest in the Okeover copper-molybdenum project located in the Vancouver mining division, Canada; a 100% interest in the Kanichee property located in Streathy Township, north of Toronto, Ontario, Canada; and an 80% interest in the Titan property, a vanadium-titanium-iron project located in Ontario, Canada. In addition, the company is developing Chandgana power plant project in Mongolia. The company was formerly known as Prophecy Coal Corp. and changed its name to Prophecy Development Corp. in January 2015. Prophecy Development Corp. is headquartered in Vancouver, Canada.

228 Employees
Last Reported Date: 03/28/14

prophecy development corp (PCY) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: C$45.3K
General Counsel and Corporate Secretary
Total Annual Compensation: --
Executive Director
Total Annual Compensation: --
Manager of Geology
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

prophecy development corp (PCY) Key Developments

Prophecy Development Corp. Announces Assay Results of Sampling Program of Tailings Piles Materials

Prophecy Development Corp. announced the assay results received January 22, 2015 from ALS Minerals Ltda., for samples obtained during the reconnaissance sampling program of tailings piles materials. A total of 12 tailings piles were identified at the start of the mapping and sampling program. Mapping of the whole property expanded the original program scope from the 3 tailings piles in Pulacayo town to include Pero, Paca, Pacamayo, Flores, Candelaria and Rotchild tailings piles among others to make a total of 12 A total of 299 samples from the 12 tailings piles were obtained. Samples were obtained at random locations on the top surface of those piles from small holes excavated with an excavator and systematically at 2 meter spacings in the walls (slopes) of the piles from hand dug or excavated trenches, all at depths of 1.2 to 1.5 meters. The samples were then preserved, stored, secured, and transported following industry standard methods. The assay program was performed by ALS Minerals Ltda. of Lima, Perú and included standard QA/QC samples to enforce the validity of the results. These results indicate silver grades up to 1200 g/t, gold grades up to 7 g/t and indium grades up to 154.5 g/t. The Pulacayo mine extracted ore mostly from the Tajo Vein System which is a High Sulphidation Epithermal System of 2.5 km wide by 2.7 km long, to minimum depths of 1,000 meters, and was the main source of the historical ore production. Only modest clay was encountered in the samplings, which potentially indicates reasonable metallurgical recoveries. The Company is very encouraged by the silver grades found in the sampling. Further, remarkable gold and indium grades found open a new dimension to this fascinating Pulacayo mining district. To the Company's knowledge, no historic gold sales are known, or production records are available, and indium has not previously been mentioned or evaluated at all at Pulacayo. Prophecy's team is analyzing historic and current drilling and sampling records to locate the source of the high grade indium and gold mineralization. As a next step, Prophecy intends to conduct a drilling program to determine the uniformity of tailings piles grades and a bulk sampling program for metallurgical testing to calculate metals recoveries. Further mapping has shown several additional tailings piles approximately 0.4 to 10 km away from Pulacayo, and the Company intends to conduct sampling, and if appropriate, drilling, and metallurgical testing programs to ascertain the economic viability of those piles.

Prophecy Coal Corp. has Changed its Name to Prophecy Development Corp

On December 19, 2014, Prophecy Coal Corp. changed its name to Prophecy Development Corp.

Prophecy Coal Corp. Proposes Amendments to its Articles

Prophecy Coal Corp. proposed amendments to its Articles to change the name of the company to Prophecy Development Corp.


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