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Prophecy Development Corp.
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Tuesday, November 22, 2016 - 9:00 AM EST
Prophecy Signs LOI to Sell Pulacayo Lead-Silver and Zinc-Silver Concentrates to Transamine
Vancouver, British Columbia (FSCwire) - Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTC:PRPCD, Frankfurt:1P2N) is pleased to announce that it has signed a Letter of Intent ("LOI") to sell Pulacayo lead-silver and zinc-silver concentrates to Transamine Trading S.A. ("Transamine").
Prophecy and Transamine (the "Parties") intend to cooperate to negotiate a definitive sales and purchase agreement (the "SPA") for Transamine to purchase lead-silver and zinc-silver concentrates (the "Concentrates") from Prophecy's Pulacayo mining project.
The Parties will endeavor to finalize the SPA by no later than 45 days prior to the date of the first Concentrates shipment from the port of Arica in Chile, which is expected to be on or about April 1, 2017.
Prophecy is in the final phase of preparing to bring the Pulacayo mining project into production and expects to announce its 90-day action plan on Pulacayo shortly.
About Transamine
Founded in 1953 and headquartered today in Geneva, Switzerland, Transamine is the world's oldest independent and privately held commodities trading company specializing in non-ferrous raw materials.
About Prophecy
Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in developing mining and energy projects in Mongolia, Bolivia and Canada. 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.
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