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Prophecy Development beteiligt sich an 198 Claims bei Gibellini
2017-12-05 09:50 ET - Pressemitteilung
Mr. John Lee berichtet
PROPHEZEIUNG ERWEITERT GIBELLINI STAKING UND SKIZZIERT VANADIUM-GESCHÄFTSSTRATEGIE
Prophecy Development Corp. hat die Landposition bei seinem Gibellini-Projekt, das sich in der Battle Mountain Region von Nevada, etwa 25 Meilen südlich der Stadt Eureka, befindet, erheblich erweitert.
Abstecken
In unmittelbarer Nachbarschaft des Gibellini-Projekts wurden insgesamt 198 neue Claims mit einer Fläche von 4.091 Acres abgesteckt, die ausreichen, um die künftige Vanadiumgewinnung, -verarbeitung und -förderung zu ermöglichen.
Die Absteckung erfolgt nach der Überprüfung der Basisstudien und des Betriebsplans durch das Unternehmen, die vom vorherigen Betreiber des Projekts erstellt und eingereicht wurden und vom Bureau of Land Management als abgeschlossen betrachtet werden. Prophecy prüft, ob es notwendig ist, Anpassungen der Grundlinie und des Plans vorzunehmen, um den für 2018 geplanten Prozess des National Environmental Policy Act zu starten.
Hintergrund und nächster Schritt
Gibellinis früherer Betreiber investierte seit 2009 rund 20 Millionen US-Dollar in Genehmigungs-, Engineering- und Machbarkeitsstudien, um das Projekt 2016 aufgrund der niedrigen Vanadiumpreise aufzugeben. Der Preis für Vanadiumpentoxid (V2O5) ist seitdem um etwa 400 Prozent gestiegen, ausgehend von seinem Tiefstand im Jahr 2016, um heute zwischen 9 und 10 Dollar pro Pfund zu handeln.
Im November 2017 erhielt das Unternehmen einen unabhängigen technischen Bericht mit dem Titel "Gibellini Vanadium Project Nevada, USA NI 43-101 Technical Report" mit dem Stichtag 10. November 2017, erstellt von Amec Foster Wheeler E&C Services Inc. über das Gibellini-Projekt. Der Bericht enthüllte geschätzte 49,62 Millionen Pfund Vanadiumpentoxid in der gemessenen Kategorie und 79,67 Millionen Pfund Vanadiumpentoxid in der angegebenen Kategorie für die Gibellini-Lagerstätte.
Notizen:
Die qualifizierte Person für den Kostenvoranschlag ist E.J.C. Orbock III, RM SME, ein Mitarbeiter von Amec Foster Wheeler. Die Mineralressourcenschätzung hat einen Stichtag am 10. November 2017.
Mineralische Ressourcen werden bei verschiedenen Cut-off-Graden für Oxid, Übergangs- und reduziertes Material ausgewiesen.
Mineralressourcen werden innerhalb einer konzeptionellen Schachtgrubenhülle berichtet, die folgende Annahmen verwendet: Preis der Mineralressource V2O5 von $10,81 pro Pfund; Bergbaukosten von $2,21 pro Tonne abgebaut; Prozesskosten von $13.14 pro verarbeitete Tonne; allgemeine und administrative Kosten von 99 Cent pro verarbeitete Tonne; Annahmen zur metallurgischen Verwertung von 60 Prozent für Oxidmaterial, 70 Prozent für Übergangsmaterial und 52 Prozent für reduziertes Material; Tonnagefaktoren von 16.86 Kubikfuß pro Tonne für Oxidmaterial, 16,35 Kubikfuß pro Tonne für Übergangsmaterial und 14,18 Kubikfuß pro Tonne für reduziertes Material; Lizenzgebühr von 2,5 Prozent Netto-Hüttenrückgabe (NSR); Versand- und Umwandlungskosten von 37 Cent pro Pfund. Es wurde eine allgemeine 40-Grad-Horizontalwinkelannahme verwendet.
Rundungen, wie sie in den Berichtsrichtlinien vorgeschrieben sind, können zu offensichtlichen Summendifferenzen zwischen Tonnen, Sorte und enthaltenem Metallgehalt führen. Die Tonnage- und Gehaltsangaben sind in US-Einheiten angegeben. Die Noten werden in Prozent angegeben.
Zurzeit prüft Prophecy eine Machbarkeitsstudie, die von Amec für den bisherigen Betreiber des Projekts erstellt wurde, mit der Absicht, eine aktualisierte Studie im Jahr 2018 zu veröffentlichen.
Wenn die Machbarkeitsstudie veröffentlicht wird und alle Betriebsgenehmigungen für den Bergbau vorliegen, wird eine Entscheidung über den Bau des Bergwerks vom Vorstand des Unternehmens geprüft und, falls positiv, von einem umsetzbaren Projektfinanzierungsplan begleitet.
Geschäftsstrategie
Prophecy hat eine fokussierte Geschäftsstrategie - Gibellini zur ersten in Betrieb befindlichen primären Vanadiummine in Nordamerika zu machen und bietet das qualitativ hochwertigste Vanadiumpentoxidprodukt an, das die Kundenanforderungen in einer Vielzahl von Hochtechnologieanwendungen wie Batterien und Luft- und Raumfahrt übertrifft.
Alle gemessenen und angezeigten Ressourcen der Gibellini-Lagerstätte befinden sich in den Oxid- und Übergangszonen der Woodruff-Formation Schwarzschiefer, wo die Mineralisierung einen geringen Gehalt an schädlichen Elementen aufweist (weniger als 1% Eisen-, Titan- und Magnesiumoxid). Die Lagerstätte ist für den Tagebau geeignet, und die Mineralisierung scheint für Heap-Leach-Methoden ohne einen ersten Röstschritt zugänglich zu sein, um V2O5 als Sackware vor Ort zu produzieren, die den Spezifikationen für High-Tech-Anwendungen entspricht.
Während traditionelle Stahlbewehrungskunden Vanadiumpentoxid niedrigerer Qualität als der Industriestandard von 98 Prozent akzeptieren können, verlangen und zahlen einige Hersteller von Vanadiumbatterien eine Prämie, um Vanadiumpentoxid mit einer Reinheit von mindestens 99,5 Prozent und maximal 0,06 Prozent (in einigen Fällen weniger als 0,02 Prozent) einer Vielzahl von schädlichen Elementen wie Eisen, Calcium und Chrom zu sichern. Solche strengen Spezifikationen sind für Vanadium, das von Magnetitminen geliefert wird, nur sehr schwer zu erreichen, da das vanadiumhaltige Mineral mit dem eisenhaltigen Mineral in Erzen gemischt wird, die 30 % bis 50 % Eisen oder mehr enthalten.
Nach dem Treffen und dem Gespräch mit einer Gruppe von verschiedenen Vana
http://www.miningscout.de/unternehmensprofile/...vanadium-ltd/detail/
2017-12-18 17:39 ET - News Release
Mr. John Lee reports
PROPHECY SHAREHOLDERS PASS ALL RESOLUTIONS AT SPECIAL MEETING
Prophecy Development Corp. shareholders approved all of the proposed resolutions at the company's special meeting of shareholders held on Dec. 15, 2017, in Vancouver, B.C.
An ordinary resolution of the shareholders of the company was approved with respect to the issuance of 1,139,711 units underlying an equivalent number of special warrants previously issued at a price of $3.50 per special warrant under one of two tranche closings of a private placement as previously announced on Sept. 20, 2017, and Oct. 16, 2017. Pursuant to the terms of the special warrant subscription agreements, each special warrant has been exercised for one unit at no additional cost to the holder. Each unit is composed of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at an exercise price of $4.00 until Sept. 20, 2020, or Oct. 16, 2020, depending on which tranche closing the overlying special warrant was previously issued under. All common shares attached to the units issued in connection with the above conversion of the special warrants, are subject to a four-month-and-one-day hold period beginning on the date of issuance of the overlying special warrants.
The total subscription proceeds of $3,651,800 from the sale of the special warrants under the placement have now been released to the company from escrow.
An ordinary resolution of the disinterested shareholders of the company was approved with respect to the issuance of 42,254 debt settlement units (which bear identical terms to those units referenced above, except that the attached warrants expire on Dec. 18, 2020) to some of the company's directors and officers at a price of $3.50 per debt settlement unit as previously announced on Oct. 16, 2017.
An ordinary resolution of the disinterested shareholders of the company was approved with respect to the issuance of 98,420 compensation units (which bear identical terms to those units referenced above, except that the attached warrants expire on Dec. 18, 2020) to Skanderbeg Capital Advisors Inc. at a price of $3.50 per compensation unit as previously announced on Oct. 16, 2017.
As a result of the above issuances, the company now has a total of 7,472,179 common shares issued and outstanding, and 2,575,803 common share purchase warrants outstanding exercisable at prices ranging from $4.00 to $7.00 and which expire between January, 2018, and June, 2022.
Voting results for all resolutions noted above are reported in the Report on Voting Results as filed under the company's SEDAR profile on Dec. 15, 2017.
About Prophecy Development Corp.
Prophecy Development is a Canadian public company which aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions.
Vancouver, British Columbia, January 31, 2018 – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCPK:PRPCF, Frankfurt:1P2N) announces further to its news release updating the status of the Company’s Titan property dated July 11, 2017, that Prophecy has now received results from batch metallurgical testing of samples obtained from its Titan property. The Company’s 100% owned, Titan vanadium-iron-titanium property (the “Titan Property”) is located at Flett and Angus Townships, 120 kilometres northwest of Sudbury, Ontario. The goal of the batch testing was to determine the percentage of metals soluble by hydrochloric acid and the effect of time and temperature under conditions for maximum recovery. The tests were carried out by NMR360, an independent laboratory located in Ville St. Laurent, Quebec, Canada.
A core sample was obtained by NMR360 staff and remained securely in their possession during transport, storage and through testing. The sample was crushed to -60 mesh. A representative subsample was obtained for a head analysis. The head analysis results are shown below in Table 1.
Sample§TiO2 (wt %) V2O5 (wt %) Fe2O3
(wt %)
1 19.2 0.64 62.2 §
2 19.2 0.63 61.9§
Two 200g representative subsamples of -60m material were leached in 800mL of concentrated (33%) hydrochloric acid at two different temperatures (60°C and 90°C).
The results indicate that vanadium dissolution occurred almost instantaneously at both temperatures, with extraction rates >95%. A summary of the acid dissolution results are shown below in Table 2.
Temperature
(°C) Time §
(hr)§Solution (g/L)
Fe Ti V Extraction (%)
Fe Ti V
60 2 §
4§75.6 4.2 0.80
75.5 5.6 0.83 73.1 16.1 96.3
74.6 21.7 96.6
90 2 §
5§NA 14.2 0.77
NA 18.6 0.82 52.9 95.1
99.9 74.9 97.7
Note: Fe extraction for 90°C test calculated on solids analyses only.
Temperature
(°C) Time §
(hr)§Residue Fall
(%)§Solids (%)
Fe Ti V
60 4 47.2§24.1 18.9 0.027
90 5 22.0§14.6 10.4 0.032
These quick tests suggest the possibility of recovering both vanadium and titanium in solution through a simple processing circuit.
The circuit could include a selective vanadium leach (with little accompanying titanium extraction) at lower temperature and short duration, followed by a higher-temperature, longer duration titanium leach.
Prophecy is very encouraged by these positive preliminary results and is considering further work. One scope of work under consideration would involve the testing of a 150kg sample of Titan Property material under realistic conditions that would be adequate to generate preliminary engineering and cost data. Simultaneously, such a program would generate samples of vanadium pentoxide (0.5-1.0 kg) and titanium dioxide (10-15 kg) and hematite for end-user evaluation.
Titan
A technical report titled “Technical Report, Titan Project, Ontario, Canada” dated October 23, 2017 was prepared by Mine Development Associates (the “Technical Report”). The Technical Report (available under the Company’s SEDAR profile at www.sedar.com) was prepared in compliance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and reports an inferred resource for the Titan Property as follows:
Resource Category Tonnes (t)* Fe2O3 (%) V2O5 (%) TiO2 (%)
Inferred§46.0 million 48.32 0.24 14.88
Note:
(1)§V converted to V2O5: 0.24 % V = 0.43% V2O5.
(2)§The metal content calculated by the Company totals 434 million pounds of vanadium pentoxide and 6,844 million kg of titanium dioxide**.
*Based on resource estimated at cutoff grade of 40% Fe2O3 inside an optimized pit.
**100% metals recovery is assumed.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
The Technical Report is authorized by Neil Prenn, P. Eng. and Neil Pettigrew, P. Geo., who were independent Qualified Persons under NI 43-101 at the time the report was prepared.
Dabolava
Further, to the Company’s news release dated August 25, 2017, wherein Prophecy announced that it entered into a binding letter agreement with an arm’s-length party (the “Seller”) to acquire the Dabolava gold project located in the Republic of Madagascar, due to an ongoing plague epidemic in Madagascar, Prophecy was unable to complete project due diligence and enter into a comprehensive definitive agreement with the Seller before the November 30, 2017 deadline. The parties are continuing discussion on a non-binding basis with no assurance that a transaction will be consummated.
Qualified Persons
The technical contents of this news release have been prepared under the supervision of Christopher M. Kravits, CPG, LPG, General Mining Manager of Prophecy. Mr. Kravits is a Qualified Person as defined in NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company since most of his income is derived from the Company.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“JOHN LEE”
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or 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 and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: all required third party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of Prophecy’s properties and the Chandgana power plant; there being no significant disruptions affecting operations, whether due to labour disruptions or other causes; currency exchange rates being approximately consistent with current levels; certain price assumptions for vanadium, silver, coal and other metals, prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy’s current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy’s current expectations; any additional required financing will be available on reasonable terms; and market developments and trends in global supply and demand for vanadium, energy, silver, coal and other metals meeting expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct.
Numerous factors could cause Prophecy’s actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading “Risk Factors” in Prophecy’s most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy’s website: Prophecy’s history of net losses and lack of foreseeable positive cash flow; exploration, development and production risks, including risks related to the development of Prophecy’s mineral properties; Prophecy not having a history of profitable mineral production; commencing mine development without a feasibility study; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy’s projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Bolivia and Mongolia, which are developing countries and being subject to their local laws; the availability and timeliness of various government approvals, permits and licenses; the feasibility, funding and development of Prophecy’s projects; protecting title to Prophecy’s mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy’s reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy’s need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risk; anti-corruption legislation; recent global financial conditions; the payment of dividends; the inability of insurance to cover all potential risks associated with mining operations; and conflicts of interest.
These factors should be considered carefully, and readers should not place undue reliance on Prophecy’s forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
Prophecy Development acquires 105 mining claims
2018-02-15 16:17 ET - News Release
Mr. John Lee reports
PROPHECY ACQUIRES ADDITIONAL MINING CLAIMS ADJACENT TO ITS GIBELLINI VANADIUM PROJECT, RESUMES ENVIRONMENTAL WORK
Prophecy Development Corp. has acquired an additional 105 unpatented lode mining claims located adjacent to its existing Gibellini project in Eureka county, Nev., through the arm's-length acquisition of 1104002 B.C. Ltd., a privately held company incorporated in British Columbia, and its subsidiary, a privately held company incorporated in Nevada.
As consideration, the company paid a total of $335,661 and issued 50,000 common share purchase warrants to the shareholders of 1104002 B.C. Ltd., in addition to settling $14,338 in debt owed by the acquired companies. Each warrant entitles the holder upon exercise, to acquire one common share of the company at a price of $5.00 per common share until Feb. 15, 2021.
Closing of the acquisition will be subject to the final approval of the Toronto Stock Exchange.
Prophecy now controls over eight square kilometres of contiguous parcel closely matching the footprint of the multiyear Gibellini baseline studies prepared and submitted by the project's previous operator and deemed complete by the Bureau of Land Management. The maps of the Gibellini project are available at the company's website.
John Lee, Prophecy's executive chairman, states, "With the land acquisition phase now complete, Prophecy is progressing discussion with BLM on any necessary adjustment to the prior submitted baseline studies and plan of operations in order to start the National Environmental Policy Act process for our Gibellini vanadium project in 2018."
Prophecy is very encouraged by the following recent developments:
On Dec. 20, 2017, United States President, Donald Trump, signed the executive order Recognizing Strategic Importance of Minerals Mining to Domestic Economy, National Security, Infrastructure. Among other things, he called on U.S. government agencies to identify ways to both: streamline the permitting processes and ensure that miners and producers have electronic access to the most advanced topographic, geologic and geophysical data within U.S. territory.
On the same day, the U.S. Geological Survey listed vanadium as one of 23 critical mineral resources of the U.S.; yet there is not a primary vanadium mine currently in the country. Vanadium is used primarily in the production of steel alloys; as a catalyst for the chemical industry; in the making of ceramics, glasses, and pigments; and in vanadium redox-flow batteries for large-scale storage of electricity. World vanadium resources in 2012 were estimated to be 63 million metric tons, which include about 14 million metric tons of reserves. The majority of the vanadium produced in 2012 was from China, Russia and South Africa."
According to Metal Bulletin in January, 2018, the Chinese vanadium market may swing to a deficit this year, underpinned by revised standards for the tensile strength of rebar products and a ban on vanadium slag imports. The new standard proposes eliminating 335MPa-tensile strength rebar and replacing it with 600MPa-tensile strength rebar that will have greater earthquake resistance, which will mean producers will have to add greater quantities of vanadium to the production mix. The overall consumption of vanadium in crude steel varies widely across the world. It averages 37 grams per 1,000 tonnes in China, far less than the 73 grams per kilotonne in Europe and 93 grams per kilotonne in North America.
Mr. Lee further states: "Gibellini is unique in:
its oxide mineralization which is amenable to conventional heap leach metal extraction without a pre-roasting step;
the extensive multi-year, multi-million dollars of permitting work and engineering study by the project's prior operator, which enables Prophecy to expedites preconstruction project development efforts;
its location with infrastructure in a mining friendly jurisdiction. Gibellini is less than 100 miles from producing operations such as Barrick Gold Corps. cortez surface mining-heap leach project."
Prophecy intends to advance Gibellini to become America's first primary vanadium mine through permitting, engineering, construction to production of commercial vanadium pentoxide onsite.
In April, 2018, the company expects to receive an independent economic study that demonstrates the robustness of the Gibellini project at the current vanadium pentoxide price of $13 per pound.
Qualified person
The technical contents of this news release have been prepared under the supervision of Christopher Kravits, CPG, LPG, general mining manager of Prophecy. Mr. Kravits is a qualified person as defined in NI 43-101. Mr. Kravits is a consultant to the company and is not independent of the company since most of his income is from the company.
About Prophecy Development Corp.
Prophecy is a Canadian public company listed on the Toronto Stock Exchange. The company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.
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Prophecy appoints VPs, permitting consultant
2018-02-26 10:34 ET - News Release
Mr. John Lee reports
PROPHECY APPOINTS VP OPERATIONS, VP EXPLORATION, AND ENVIRONMENTAL PERMITTING CONSULTANT TO DEVELOP GIBELLINI VANADIUM PROJECT
Prophecy Development Corp. has made the following executive management appointments.
Michael Drozd, Vice-President, Operations
Based in Elko, Nevada (within 110 miles of the Company's Gibellini project), Mr. Drozd has 40 years of experience in underground and open pit mining operations, hydrometallurgical and mineral processing facilities, mining project development, metallurgical research and development, and design and engineering of processing facilities in the USA, Canada, Brazil, Peru, Australia, Turkey, Argentina, Nicaragua, Honduras, Panama, El Salvador and the CIS.
Most recently, Mr. Drozd was contracted by Barrick Gold Corp. ("Barrick") as Project Manager of Project Expansion at its Pueblo Viejo gold project where he led a team and developed a prefeasibility study with an overall project budget of US$900,000,000.
Prior to Barrick, Mr. Drozd spent seven years as Vice President of Metallurgy with Scotia International of Nevada, Inc. ("Scotia") where he led a multi-disciplinary team to manage the Gibellini project's engineering, procurement, construction management (EPCM) contract and completed: (i) process flow design; (ii) instrumentation design; (iii) general arrangement site layout design; (iv) civil and foundation design; (v) structural design; (vi) process piping designs; and (vii) coordinated with consultants, NewFields, on the heap leach pad design and overall project cost estimate.
Prior to Scotia, Mr. Drozd was the Principal Metallurgist at Amec Foster Wheeler ("AMEC"), where he was a co-author of the feasibility report entitled "Gibellini Vanadium Project Eureka County, Nevada, USA" published by AMEC for the Gibellini project's previous operator in 2011. Specifically, Mr. Drozd was responsible for the Metallurgical section which included metallurgical testing and mineralogy examination, trench column test work, solvent extraction testing, final vanadium pentoxide production with recovery estimates, as well as the Recovery Method section which included plant design, process flowsheet, equipment, labor, and electrical power.
Prior to AMEC, Mr. Drozd was Barrick's Chief Metallurgist, Goldstrike Joint Venture for five years.
Mr. Drozd is a Founding Registered Member of SME, member of the Society of Mining, Metallurgy and Exploration, and Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
Mr. Drozd has authored publications in gold flotation, gold processing, heap leach operations, cyanide detoxification, and carbon absorption technology. He also holds patents in molybdenum flotation, cyanide detoxification, and vanadium recovery.
John Young, Environmental Permitting Consultant
Based in Reno, Nevada, Mr. Young is the principal of Great Basin Environmental Services, LLC, which has been engaged by Prophecy on a non-exclusive basis to lead the Gibellini project's environmental permitting efforts.
Mr. Young has over 40 years of experience in diverse areas of environmental compliance, mine permitting and development, due diligence reviews, and mine reclamation and closure activities. His previous positions include Environmental Manager at Barrick, Kinross Gold Corp. and Santa Fe Pacific Gold Corporation (now Newmont Mining Corporation). His experience includes managing regulatory permitting processes for exploration, mine development, and reclamation and closure projects including the successful completion of several environmental impact statements (EIS) for mines in the western United States. Mr. Young has also functioned in senior environmental coordination roles for project development on a global basis for copper, gold, and platinum mining.
Danniel Oosterman, Vice-President, Exploration
Based in Toronto, Ontario, Mr. Oosterman has worked for over 17 years in the mining and exploration business specializing in exploration and development of projects from grass roots, brown field, to feasibility stage. His background includes occupying both technical and executive roles, with an early career joining exploration efforts for mining companies such as Falconbridge Ltd. and Inco Limited before transitioning to the junior mining sector to manage many technical projects across Canada before advancing to President and CEO of a TSX Venture Exchange-listed company. He holds a B.Sc. (Hons) degree in Geology from Laurentian University and is a member of the Association of Professional Geoscientists of Ontario. Mr. Oosterman will be closely involved in development of the Company's Gibellini project and exploration of its Bolivian project. Mr. Oosterman is a Qualified Person as defined in NI 43-101.
In connection with his appointment, the Company has granted to Mr. Oosterman 20,000 incentive stock options exercisable at a price of $3.10 per Common share for a term of five years expiring on February 20, 2023 pursuant to the terms of its Share-Based Compensation Plan.
Bekzod Kasimov, Vice-President, Business Development
Based in Bolivia, Mr. Kasimov has been with Prophecy since 2012, having previously been stationed in Mongolia. With the appointment of Mr. Drozd, Mr. Kasimov will transition from the position of Vice-President, Operations to Vice-President, Business Development and continue to represent the Company with government officials in Mongolia and Bolivia, attend various official and marketing functions, and liaise with Prophecy's business partners (such as product offtakers and technical consultants) and strategic investors. Mr. Kasimov also leads due diligence efforts for Prophecy's prospective acquisitions, and of the Company's projects by potential investors. Mr. Kasimov is fluent in Russian, English, Spanish and Mongolian. As Vice-President, Business Development, Mr. Kasimov will frequently visit the Company's Gibellini project and investment community in North America.
Based in Salina, Utah, Chris Kravits, Prophecy's General Mining Manager and an invaluable member of its core management team, has been with the Company since 2009 and will continue as an advisor to the Company on a part-time basis.
The Company incorporated a Nevada subsidiary on November 8, 2017 - Vanadium Gibellini Company LLC and successfully assumed the Gibellini project operator role in December 2017. It has engaged the US law firm, Parsons Behle & Latimer ("PBL"), to represent Prophecy and assist it with various legal matters relating to the Gibellini project's development efforts. PBL is one of the largest Utah-based law firms and has grown to more than 130 attorneys with offices in Boise, Idaho Falls, Las Vegas, Reno, Salt Lake City and Washington, D.C.
Over the past 130 years, PBL has assisted more than 100 mining companies, including Utah Copper Company (now known as Kennecott Utah Copper LLC), Hercules Powder Company, and Columbia Geneva Iron Mining Company.
Multi-year Gibellini baseline studies and a Plan of Operations were prepared and submitted by the project's previous operator and deemed complete by the Bureau of Land Management ("BLM"). Prophecy is pursuing discussion with the BLM on any necessary adjustment to the prior submitted baseline studies and Plan of Operations in order to start the National Environmental Policy Act process for our Gibellini vanadium project in 2018. The Company expects to issue an update on the permitting process in March 2018.
John Lee, Prophecy's Executive Chairman who recently returned from a Gibellini site visit, states: "With the core team now in place, Prophecy intends to advance Gibellini to become America's first primary vanadium mine through permitting, engineering, construction to production of commercial vanadium pentoxide on-site.
"Prophecy believes the Gibellini black shale vanadium project is unique in that the oxide mineralization is low in iron and titanium (less than 1%) which is amenable to conventional heap leach metal extraction without a pre-roasting step."
In April 2018, the Company expects to receive an independent economic study that demonstrates the robustness of the Gibellini project at the current vanadium pentoxide price of US$13/lb.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. Further information on Prophecy can be found at www.prophecydev.com.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.
OTC Markets Group Welcomes Prophecy Development Corp. to OTCQX
2018-02-27 07:00 ET - News Release
NEW YORK, Feb. 27, 2018 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced Prophecy Development Corp. (TSX: PCY, Frankfurt:1P2N, OTCQX: PRPCF), a company aiming to provide exposure and leverage to rising vanadium prices, has qualified to trade on the OTCQX® Best Market. Prophecy Development Corp. upgraded to OTCQX from the Pink Market.
Prophecy Development Corp., begins trading today on OTCQX under the symbol "PRPCF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"Trading on OTCQX will enable Prophecy Development Corp. to offer a transparent trading and information experience for its U.S. investor base," said Jason Paltrowitz, Executive Vice President of OTC Markets Group. "We welcome Prophecy Development Corp. to the OTCQX market and wish the company continued success."
John Lee, Executive Chairman of the Company stated today that: "Trading on OTCQX marks a further step in our commitment to enhance Prophecy's international recognition and facilitate liquidity of its Common shares to our broad international shareholder base."
Prophecy Development Corp. was sponsored for OTCQX by Dorsey & Whitney LLP, a qualified third-party firm responsible for providing guidance on OTCQX requirements and recommending membership.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. Further information on Prophecy can be found at www.prophecydev.com.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market, and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.
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View original content with multimedia:http://www.prnewswire.com/news-releases/...rp-to-otcqx-300604539.html
SOURCE OTC Markets Group Inc.
© 2018 Canjex Publishing Ltd. All rights reserved.
PROPHECY DEVELOPME
Symbol U : PRPCF
Recent Sedar Documents
Prophecy and Northwest Nonferrous Metals Mining Group Enter Technical Advisory and Cooperation Agreement to Advance Gibellini Vanadium Project
2018-03-12 08:11 ET - News Release
VANCOUVER, BC / ACCESSWIRE / March 12, 2018 / Prophecy Development Corp. ("Prophecy" or the "Company") (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2N) is pleased to announce it has entered into a technical advisory and cooperation agreement with Northwest Nonferrous Metals Mining Group Co., Ltd. ("NWME") to advance the Gibellini vanadium project located in the mining-friendly Battle Mountain region in northeastern Nevada, USA.
The scope of work for NWME includes technical design and engineering of vanadium ore processing facilities to recover vanadium pentoxide at Gibellini with the goal of producing a high-grade vanadium pentoxide commercial product on site.
NWME owns and is currently operating the world's largest black-shale vanadium mine in China with an environmentally friendly, hydrometallurgical leach processing technology without the need of a pre-roasting step.
NWME is an affiliated enterprise of Shaanxi Huayuan Mining Co., Ltd. which is one of the largest comprehensive geological and mineral resources research and development institutions in northwest China with over 5,000 employees. NWME owns and operates over a dozen mines (lead-zinc, gold, vanadium) in China, and has extensive experience in vanadium exploration, mining, processing, and recovery.
During a recent visit to NWME's headquarters and mines in China, Prophecy was particularly impressed with their vanadium operation, which is generating positive cash-flow according to NWME. NWME's modern laboratory center represents the forefront of research in black-shale vanadium processing with comprehensive geological and metallurgical data collected from many dozens of private and government-owned black shale vanadium projects in China.
As part of the agreement, NWME reviewed the historic Gibellini feasibility study commissioned by the project's previous operator, including metallurgical studies, prepared by SGS and McClelland labs of Denver, Colorado.
The NWME technical team recently concluded a visit to the Gibellini site and collected representative oxide and supergene samples. The samples will be used in metallurgical work to enhance heap leaching of the black-shale vanadium ore and process recoveries which averaged 66% in prior studies with low acid consumption and no pre-roasting.
Michael Drozd, Prophecy's Vice-President, Operations, met with NWME officials in Nevada, where the parties engaged in productive technical exchanges toward an optimized vanadium processing flowsheet and engineering design specific to Gibellini's mineral suite to produce high purity vanadium pentoxide on site.
John Lee, Prophecy's Executive Chairman, states, "NWME's patented leaching, processing, and extraction technology are commercially proven to produce 99.9% pure vanadium pentoxide while carrying a low carbon footprint. With over 12 operating mines and hundreds of geologists and metallurgists, NWME reduces the processing risk for the Gibellini project and is an ideal partner endowed with technological and financial capabilities."
According to a January 2018 Bloomberg article, the vanadium pentoxide price soared more than 130% in 2017, outperforming better-known battery components like cobalt, lithium, and nickel. Further, Bank of Montreal research published in January 2018 stated that Chinese vanadium pricing would see significant further upside as the market adjusts to lower Chinese shipments due to the upgrade of Chinese rebar standards and the growing adoption of vanadium redox batteries. Fittingly, the vanadium pentoxide price has increased 40% in 2018 to date, with European V2O5 price at US$14.1/lb., surpassing the Chinese V2O5 price of $13.8/lb., an anomaly not often seen, demonstrating a global shortage of vanadium inventories.
High purity vanadium pentoxide (99%+), which sells at up to a 50% premium to standard vanadium pentoxide (98%), is required for the vanadium redox flow battery and other high-tech applications such as aerospace engines and composites.
In November 2017, the Company received an independent technical report titled "Gibellini Vanadium Project Nevada, USA NI 43-101 Technical Report" with an effective date of November 10, 2017 (the "Report") prepared by Amec Foster Wheeler E&C Services Inc. ("AMEC") on the Gibellini project. The Report disclosed an estimated 49.62 million pounds of vanadium pentoxide in the measured category and 79.67 million pounds of vanadium pentoxide in the indicated category for the Gibellini deposit.'
1. The Qualified Person for the estimate is Mr. E.J.C. Orbock III, RM SME, an AMEC employee. The Mineral Resource estimate has an effective date of 10 November 2017.
2. Mineral Resources are reported at various cut-off grades for oxide, transition, and reduced material.
3. Mineral Resources are reported within a conceptual pit shell that uses the following assumptions: mineral resource V2O5 price: $10.81/lb; mining cost: $2.21/ton mined; process cost: $13.14/ton processed; general and administrative (G&A) cost: $0.99/ton processed; metallurgical recovery assumptions of 60% for oxide material, 70% for transition material and 52% for reduced material; tonnage factors of 16.86 ft3/ton for oxide material, 16.35 ft3/ton for transition material and 14.18 ft3/ton for reduced material; royalty: 2.5% net smelter return (NSR); shipping and conversion costs: $0.37/lb. An overall 40º pit slope angle assumption was used.
4. Rounding as required by reporting guidelines may result in apparent summation differences between tons, grade and contained metal content. Tonnage and grade measurements are in US units. Grades are reported in percentages.
Prophecy has initiated discussion of environmental and permitting work with both the state of Nevada and federal regulatory agencies. A plan of operation accompanied by baseline studies are expected to be filed in Q2 2018 along with state permit applications. Because of prior baseline and feasibility work carried out by Gibellini's prior project operator, Prophecy anticipates significant cost and time savings in environmental impact statement preparation and the state permitting process. At the same time, the Company expects to receive an independent economic study in April that demonstrates the robustness of the Gibellini project at recent vanadium pentoxide prices.
The Prophecy team looks forward to collaborating with NWME and the project's key stakeholders to advance Gibellini through engineering, permitting, and construction, to eventual production to become America's first primary vanadium mine.
Qualified Person
The technical contents of this news release have been prepared under the supervision of Christopher M. Kravits, CPG, LPG, General Mining Manager of Prophecy. Mr. Kravits is a Qualified Person as defined in NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company since most of his income is from the Company.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. Further information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
"JOHN LEE"
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or 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 and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: all required third party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of Prophecy's properties and the Chandgana power plant; there being no significant disruptions affecting operations, whether due to labour disruptions or other causes; currency exchange rates being approximately consistent with current levels; certain price assumptions for vanadium, silver, coal and other metals, prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; any additional required financing will be available on reasonable terms; and market developments and trends in global supply and demand for vanadium, energy, silver, coal and other metals meeting expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct.
These factors should be considered carefully, and readers should not place undue reliance on Prophecy's forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable positive cash flow; exploration, development and production risks, including risks related to the development of Prophecy's mineral properties; Prophecy not having a history of profitable mineral production; commencing mine development without a feasibility study; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Bolivia and Mongolia, which are developing countries and being subject to their local laws; the availability and timeliness of various government approvals, permits and licenses; the feasibility, funding and development of Prophecy's projects; protecting title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risk; anti-corruption legislation; recent global financial conditions; the payment of dividends; the inability of insurance to cover all potential risks associated with mining operations; and conflicts of interest.
SOURCE: Prophecy Development Corp.
© 2018 Canjex Publishing Ltd. All rights reserved.
Prophecy Receives Interest on Ulaan Ovoo Project and Provides Update on Progress in Bolivia
2018-03-20 07:32 ET - News Release
VANCOUVER, BC / ACCESSWIRE / March 20, 2018 / Prophecy Development Corp. (''Prophecy'' or the ''Company'') (TSX: PCY; OTCQX: PRPCF; Frankfurt: 1P2N) is pleased to provide the following updates on its Pulacayo and Paca silver-lead-zinc projects in Bolivia, and Ulaan Ovoo and Chandgana Projects in Mongolia.
Bolivia:
A delegation led by the Bolivian Minister of Mining and Metallurgy attended the Prospectors & Developers Association of Canada (PDAC) mining conference in Toronto earlier this month. The Minister discussed advances in foreign investment, new mining projects, and productive infrastructure for mining development among other topics. The Minister encouraged and invited foreign investment which will be protected under the mining production contract legal framework which provides investors with undivided working interests in Bolivia's mining projects. Prophecy's management met with the Minister while in Toronto, on March 6, 2018, whereby he re-iterated his support for Prophecy's endeavors in Bolivia.
The Company's Bolivian subsidiary, ASC Bolivia LDC Sucursal Bolivia has so far invested approximately US$28 million at Pulacayo and already acquired the necessary environmental and social licenses to mine at Pulacayo. The Company is working with the Bolivian Ministry of Mining and Corporacion Minera De Bolivia (COMIBOL) to obtain authorization to allow Prophecy to mine at Pulacayo while transitioning from the current joint venture contract to a mining production contract.
Mongolia:
Ulaan Ovoo Thermal Coal Mining Project
Prophecy has recently received unsolicited interest in leasing its Ulaan Ovoo coal project, which is located in northern Mongolia, 17km from the Zeltura border to Russia by dirt road, and 120km by road from Mongolia's Sukhbaatar railway station (which connects to the Trans-Siberian railway network). The mine has so far, received over $50 million in investment and been on standby since 2014.
During 2012 to 2015, Prophecy successfully delivered approximately 500,000 tonnes of Ulaan Ovoo coal to 28 Mongolian and Russian customers, with a track record of timely delivery and meeting or exceeding the required coal quality specifications.
Ulaan Ovoo coal (5,000 kcal/kg GCV, < 1% Sulphur, < 8% Ash, < 3% rock) is well-suited for power plant, cement plants, and heat boiler applications.
While parties continue discussion and due diligence, there is no assurance that any potential transaction will be concluded.
Chandgana Mine Mouth Power Plant Project
Due to continued political uncertainty, the Chandgana power plant project, with over $14 million in investment to date, has advanced at a slower pace than anticipated. Accordingly, the Company has determined to write-off its Chandgana investment in its 2017 year-end financial statements while continuing to explore strategic alternatives for the Company's Chandgana Khavtgai and Chandgana Tal coal licenses in order to maximize shareholder value.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. Further information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
''JOHN LEE''
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as ''expects,'' ''anticipates,'' ''intends,'' ''plans,'' ''believes,'' ''estimates,'' or 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 and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Prophecy's forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
SOURCE: Prophecy Development Corp.
© 2018 Canjex Publishing Ltd. All rights reserved.
PROPHECY DEVELOPMENT CORP. J
Symbol C : PCY
Close 2018-03-27 C$ 2.57
Recent Sedar Documents
ORIGINAL: Prophecy's Gibellini Vanadium Project to Undergo Streamlined NEPA Review Process (US Secretary of the Interior Order No. 3355)
2018-03-28 08:05 ET - News Release
VANCOUVER, BC / ACCESSWIRE / March 28, 2018 / Prophecy Development Corp. ("Prophecy" or the "Company") (TSX: PCY; OTCQX: PRPCF; FSE: 1P2N; LSE: 0VDT) is pleased to announce that following a meeting between the Company and staff of the Battle Mountain District-Mt. Lewis field office of the Bureau of Land Management (the "BLM") on March 23, 2018, Prophecy's Gibellini vanadium project (the "Gibellini Project") will be one of the first projects to undergo National Environmental Policy Act ("NEPA") review under Secretary of the Interior Order No. 3355 with the following subject: Streamlining National Environmental Policy Reviews and Implementation of Executive Order 13807 (the "Order").
The Order
The full text of the Order may be accessed through the following link: https://elips.doi.gov/elips/0/doc/4581/Page1.aspx
The Order states as one of its intentions to "immediately implement certain improvements to [NEPA] reviews conducted by the Department of the Interior (Department)".
Background
The Order provided background to this intention, stating "Both the Department and the Council on Environmental Quality (CEQ) have issued regulations to implement NEPA. Because the purpose of NEPA's requirements is not the generation of paperwork, but the adoption of sound decisions based on an informed understanding of environmental consequences, the regulations encourage agencies to: 1) focus on issues that truly matter rather than amassing unnecessary detail; 2) reduce paperwork, including by setting appropriate page limits; 3) discuss briefly issues that are not significant; and 4) prepare analytic (rather than encyclopedic) documents, among other measures."
Directives
The Directives laid out in the Order concerning page and timing limitations for environmental impact statements ("EISs") included for "…all EISs 1) for which a bureau is the lead agency and 2) that have not reached the drafting stage shall not be more than 150 pages or 300 pages for unusually complex projects, excluding appendices.... To ensure timely completion of EISs, and consistent with the timelines established for major infrastructure projects in E.O. 13807, each bureau shall have a target to complete each Final EIS for which it is the lead agency within 1 year from the issuance of a Notice of Intent (NOI) to prepare an EIS."
Prophecy Comment
At the end of the meeting, the BLM and Prophecy tentatively agreed to the following:
Prophecy is to revise and submit the baseline studies and Plan of Operation for the Gibellini Project in May 2018 based largely on submissions from the project's previous operator;
the BLM and Prophecy will then identify data and studies requiring updates, which Prophecy will engage contractors to perform;
in parallel, Prophecy will begin preparing an environmental report relating to the Gibellini Project; and
upon acceptance of the baseline studies, Plan of Operation, and environmental report by the BLM, Prophecy expects to trigger a Notice of Intent by the BLM to prepare an EIS for the Gibellini Project, currently expected to be completed in 2019.
Prophecy has in a short period:
announced a National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") compliant resource estimate of 49.62 million pounds of vanadium pentoxide in the measured category and 79.67 million pounds of vanadium pentoxide in the indicated category and 37.27 million pounds in the inferred category for the Gibellini deposit (refer to the Company's news release dated November 20, 2017), prepared by Amec Foster Wheeler E&C Services Inc. ("AMEC E&C"). The Qualified Person for the estimate is Mr. E.J.C. Orbock III, RM SME, an AMEC E&C employee. The Mineral Resource estimate has an effective date of November 10, 2017;
secured a land package of eight square kilometers for processing needs with exploration potential (refer to the Company's news release dated February 15, 2018);
brought on a seasoned team with decades of experience in permitting, project management and vanadium metallurgy (refer to the Company's news release dated February 26, 2018);
brought on a Chinese technology partner with a proven commercial vanadium operation to engineer high grade vanadium production technology for Gibellini (refer to the Company's news release dated March 12, 2018);
re-engaged and reinitiated the environmental and permitting processes at the federal and state levels. Because of the baseline and feasibility work carried out by the Gibellini Project's prior operator, Prophecy anticipates significant cost and time savings in EIS preparation and the state permitting process; and
engaged AMEC E&C to prepare a preliminary economic assessment, with results due in late April 2018.
The price of vanadium pentoxide is up 65% this year according to Asian Metal Inc., a data vendor that provides metal prices. Bloomberg and Bank of Montreal have recently started coverage on this increasingly attractive metal. Vanadium is currently trading at USD14.9/lb up from the 2017 low of USD5/lb according to Asian Metal Inc. and is outperforming cobalt and lithium by a wide margin.
With the Order, Prophecy is on a predictable track to make the Gibellini Project the first operating primary vanadium mine and processing plant in North America, offering the best quality vanadium pentoxide product that exceeds customer requirements for a variety of high-tech applications such as batteries and aerospace.
John Lee, Prophecy's Executive Chairman, states, "To our shareholders, we want to offer the best leverage and a direct play that reflects vanadium prices. To our future customers, we want to be your reliable source for high quality vanadium supply in a politically-safe, mining-friendly jurisdiction."
Qualified Persons
The technical contents of this news release have been prepared under the supervision of Christopher M. Kravits, CPG, LPG, General Mining Manager of Prophecy. Mr. Kravits is a Qualified Person as defined in NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company since most of his income is derived from the Company.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company aims to provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. Further information on Prophecy can be found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
"JOHN LEE"
Executive Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or 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 and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: all required third party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of Prophecy's properties and the Chandgana power plant; there being no significant disruptions affecting operations, whether due to labour disruptions or other causes; currency exchange rates being approximately consistent with current levels; certain price assumptions for vanadium, silver, coal and other metals, prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; any additional required financing will be available on reasonable terms; and market developments and trends in global supply and demand for vanadium, energy, silver, coal and other metals meeting expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct.
Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable positive cash flow; exploration, development and production risks, including risks related to the development of Prophecy's mineral properties; Prophecy not having a history of profitable mineral production; commencing mine development without a feasibility study; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Bolivia and Mongolia, which are developing countries and being subject to their local laws; the availability and timeliness of various government approvals, permits and licenses; the feasibility, funding and development of Prophecy's projects; protecting title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risk; anti-corruption legislation; recent global financial conditions; the payment of dividends; the inability of insurance to cover all potential risks associated with mining operations; and conflicts of interest.
These factors should be considered carefully, and readers should not place undue reliance on Prophecy's forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
SOURCE: Prophecy Development Corp.
© 2018 Canjex Publishing Ltd. All rights reserved.
Nicht so schön ist die vage Aussage mit dem EIS in 2019 (geht wohl nicht genauer). Das sind im schlechten Fall noch 21 Monate (oder noch länger...). Bis dahin kann wieder viel passieren.
Moderation
Zeitpunkt: 19.04.18 13:25
Aktion: Löschung des Beitrages
Kommentar: Urheberrecht: Text ohne Einverständnis des Urhebers veröffentlicht
Zeitpunkt: 19.04.18 13:25
Aktion: Löschung des Beitrages
Kommentar: Urheberrecht: Text ohne Einverständnis des Urhebers veröffentlicht
Was besagt es für uns? danke!
Hat jemand weitere Erkenntnisse?
wir steigen! warum denn?