Gerald Panneton Appointed as Prophecy’s President and CEO
Gerald Panneton Appointed as Prophecy’s President and CEO
Vancouver, British Columbia, October 10, 2018 – Prophecy Development Corp.
(“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) is pleased to
announce the appointment of Gerald Panneton as the Company’s President and new Chief
Executive Officer, effective October 10, 2018 , replacing John Lee , who will remain as
Chairman of the Board of Directors of the Company.
Mr. Panneton is a geologist with over 30 years experience in mineral exploration and
development, and was the founder, President and CEO of Detour Gold Corporation (“Detour
Gold”) from its incorporation in July 2006 until November 2013. Under his leadership, the
Detour Lake project grew over tenfold from 1.5 million ounces in resources to over 16 million
ounces in reserves and into production. Today, the Detour Lake mine ranks as one of the
largest gold mines in Canada. Mr. Panneton helped raise approximately $2.6 billion in capital
while at Detour Gold.
Mr. Panneton and his Detour Gold team were the recipients of the PDAC 2011 Bill Dennis
Award for Canadian mineral discoveries and prospecting success of the year.
Mr. Panneton commented that: “I am very excited to join the Prophecy team to work on the
Gibellini vanadium project in Nevada. The Gibellini project represents an excellent
opportunity to be developed in the very near future, as it stands to be a low-cost producer
due to its very low strip ratio, and a low-cost heap leach operation in the mining friendly state
of Nevada. I envision the Gibellini open pit project to have an excellent chance of expanding
its resource base, in much the same way that I lead Detour Gold in exploring, financing and
developing the Detour Lake project to become Canada's top gold mine with an annual gold
production in excess of 500,000 oz today.”
John Lee commented that: “Gerald and I spent some time recently in Nevada, kicking rocks
at Gibellini, and meeting and talking to regulators, community leaders, geologists and
engineers. It's clear Gerald shares the same passion as Prophecy’s team for the Gibellini
project and there is great chemistry”.
From August 2016 to October 2017, Mr. Panneton was also President and CEO of NewCastle
Gold Ltd. (“NewCastle Gold”), for the Castle Mountain gold project in California, before
NewCastle Gold was acquired via merger with Trek Mining Inc. and Anfield Gold Corp. (now
named Equinox Gold Corp.).
From 1994 to 2006, Mr. Panneton was with Barrick Gold Corporation (“Barrick Gold”) where
for the last six years of his tenure, he was Director of Advanced Projects and Evaluations for
the exploration and corporate development group. He was very instrumental in bringing the
Tulawaka and Buzwagi projects in Tanzania into production after the Pangea Goldfields Inc.
acquisition in 2000. Prior to Barrick Gold, he worked for Lac Minerals Ltd., Placer Dome Inc.
and Vior-Mazarin Group. Mr. Panneton received his Bachelor of Science in Geology from
the University of Montreal and his Master of Science in Geology from McGill University.
Pursuant to the terms of Mr. Panneton’s employment agreement with the Company and its
2016 Share-Based Compensation Plan, as amended (the “Plan”), the Company has granted
to Mr. Panneton 1,000,000 bonus shares and 500,000 incentive stock options exercisable at
a price of $0.26 per Common share for a term of five years expiring on October 10, 2023 and
which vest at 12.5% per quarter for the first two years following the date of grant.
Also, effective October 10, 2018, Mr. Panneton and Louis Dionne were appointed to the
Company’s Board of Directors to replace Harald Batista and Daniel Fidock, both of whom will
remain key advisors to the Company.
Mr. Dionne is a corporate director, mining consultant, and professional engineer who has
spent over 30 years in the operation and development of gold properties. He served as
President and Chief Executive Officer of Richmont Mines Inc., a Canadian gold producer until
2005.
From 1981 , Mr. Dionne worked for Camflo Mines Ltd., American Barrick Resources
Corporation, and Barrick Gold as Senior Vice President Operations until 2003, where he also
provided technical input and leadership in the area of corporate mergers and acquisitions.
Mr. Dionne obtained his Bachelor’s degree in Mining Engineering from Laval University. He
also served as a director with Detour Gold, Aurizon Mines Ltd. and other boards.
Pursuant to the terms of the Plan, the Company has granted to Mr. Dionne 50,000 incentive
stock options exercisable at a price of $0.26 per Common share for a term of five years
expiring on October 10, 2023 and which vest at 12.5% per quarter for the first two years
following the date of grant.
About Prophecy
Prophecy is developing the Gibelli ni project – the only large -scale, open -pit, heap -leach
vanadium project of its kind in North America. Located in Nevada, Gibellini has the largest NI
43-101 compliant measured and indicated primary vanadium resource known in the USA and
is currently undergoing EPCM and EIS preparation. Further information on Prophecy can be
found at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
“JOHN LEE”
Chairman
For more information about Prophecy, please contact Investor Relations:
+1.888.513.6286
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 o f 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 assumption s 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.