Joint News Release Lorraine Copper Acquires from Prophecy OK Copper Project in BC
September 22, 2016, Vancouver, BC – Lorraine Copper Corp. (“Lorraine Copper”) (TSX-V: LLC) and Prophecy Development Corp. (“Prophecy”) (TSX:PCY, OTC:PRPCD, Frankfurt:1P2N) are pleased to announce that they have entered into an agreement for Lorraine Copper to acquire Prophecy’s 60% interest in the OK (Okeover) copper-molybdenum project located near Powell River on the southern British Columbia coast.
Under the terms of the agreement and subject to regulatory approval, Lorraine Copper will issue 2,200,000 common shares of Lorraine Copper (valued at $0.08/share) to Prophecy and will assume Prophecy’s $19,078 payment obligation to Eastfield Resources Ltd. under such parties’ existing joint venture agreement. Prophecy will additionally be entitled to receive 30% of any payments or proceeds resulting from third party agreements related to the project entered into within a period of five years, which payments shall be limited to a maximum amount, payable to Prophecy, of $1,000,000.
The OK project consists of 17 mineral claims dating to 1966 encompassing 6,313 hectares. Central to the claims is a north-south trending zone of porphyry mineralization extending approximately 6.0 km. One of these zones, the North Lake Zone, hosts an NI 43-101 compliant inferred mineral resource of 86.8 million tonnes grading 0.31% copper and 0.014% Mos2 (0.009% Molybdenum) [N.C. Carter, P.Eng, 2006, filed on SEDAR and available for review under Lorraine’s SEDAR profile at www.SEDAR.com].
Lorraine Copper presently holds a 40% interest in the Okeover property, and, on closing this agreement will hold a 100% working interest in the Okeover property.
J.W. Morton, P.Geo., is the qualified person, as defined by NI 43-101, who has reviewed and takes responsibility for this news release.
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.
For more information about Prophecy, please contact Prophecy’s Investor Relations:
+1.888.513.6286
ir@prophecydev.com
www.prophecydev.com
Neither the Toronto Stock Exchange or its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the TSX – Venture Exchange have reviewed or accepts responsibility for the adequacy or accuracy of this release.
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.
