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Prophecy’s Pulacayo Tailings Piles Samples Assayed up to 1,200g/t Ag, 7g/t Au, 154.5g/t In (Indium)

Exploration Programs Sampling & Geoscience Results

Vancouver, British Columbia, February 2, 2015 – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2) is pleased to announce the assay results received January 22, 2015 from ALS Minerals Ltda., for samples obtained during the reconnaissance sampling program of tailings piles materials. Please refer to the Company’s news release dated December 5, 2014.

The tailings piles are the remaining materials from processing ore, extracted from the Pulacayo mining district between approximately 1850 and 1950. The ore was processed by a mill on site which has since been dismantled.

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 (picture 1) to include Pero, Paca, Pacamayo, Flores, Candelaria and Rotchild tailings piles (picture 2) 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.

Table 1 shows the higher grade assay results.

Table 1. Higher grade assay results

SampleLocationSample TypeEastNorthAg g/tAu g/tIn g/tPb %Zn %
T-PUL-218Pacamayu TailingsExcav740618774737512000.516.83.590.21
T-PUL-310Pulacayo Tailings 3Excav74080977433547731.0154.53.801.13
T-PUL-240Pero Tailings 1Excav7410647744290716<0.23.21.020.40
T-PUL-039Pulacayo Tailings 1 - wallExcav7407177743457679<0.25.10.320.19
T-PUL-265Pero Tailings 1 - wallHand7410657744297576<0.22.31.000.45
T-PUL-272Pero Tailings 1 - wallHand74108177442985450.28.02.632.33
T-PUL-297Pero TailingsExcav74104077445055400.232.32.481.05
T-PUL-312Pulacayo Tailings 3Excav74079677433354520.5101.01.713.36
T-PUL-244Pero Tailings 1 - wallExcav7410617744324451<0.22.81.620.48
T-PUL-308Pulacayo Tailings 3Excav74078877433554372.311.32.270.18
T-PUL-266Pero Tailings - wallHand7410677744297432<0.22.00.730.20
T-PUL-259Pero Tailings - wallHand7410787744308427<0.23.70.890.22
T-PUL-258Pero Tailings 1 - wallHand7410767744309424<0.26.71.840.40
T-PUL-262Pero Tailings 1 - wallHand74108677443064190.24.21.430.32
T-PUL-260Pero Tailings 1 - wallHand7410817744308417<0.25.31.240.23
T-PUL-278Paca TailingsExcav7397447750251414<0.20.02.090.55
T-PUL-274Pero Tailings - wallHand7410857744298407<0.24.81.460.29
T-PUL-137Pulacayo Tailings 2 - wallHand74088077433624061.52.80.110.10
T-PUL-283Paca TailingsExcav7398197750613381<0.20.00.230.03
T-PUL-271Pero Tailings 1 - wallHand7410797744298375<0.24.41.430.37
T-PUL-257Pero Tailings - wallHand7410737744309368<0.26.71.460.51
T-PUL-242Pero Tailings 1 - wallExcav7410627744309360<0.23.90.970.26
T-PUL-269Pero Tailings - wallHand74107477442973460.25.11.440.30
T-PUL-299Pero Tailings 2Excav74104077444803270.235.01.510.85
T-PUL-281Paca TailingsExcav7398477750600317<0.20.00.400.03
T-PUL-131Pulacayo Tailings 2 - wallHand74088477433703151.29.30.280.22
T-PUL-038Pulacayo Tailings 1 - wallHand7407697743446297<0.214.81.300.82
T-PUL-247Pero Tailings 1 - wallHand7410667744320295<0.23.91.190.28
T-PUL-270Pero Tailings 1 - wallHand7410777744297288<0.24.00.620.25
T-PUL-267Pero Tailings 1 - wallHand7410707744297275<0.21.50.360.08
T-PUL-203Pulacayo Tailings 2 - wallHand74090677433182721.46.20.090.33
T-PUL-134Pulacayo Tailings 2 - wallHand74088277433662681.911.00.200.55
T-PUL-139Pulacayo Tailings 2 - wallHand74087977433602681.03.80.630.15
T-PUL-115Pulacayo Tailings 2 - wallHand74090877433762601.17.00.130.15
T-PUL-138Pulacayo Tailings 2 - wallHand74088077433612241.210.42.020.31
T-PUL-109Pulacayo Tailings 2 - wallExcav74090477433872051.223.60.150.16
T-PUL-169Pulacayo Tailings 2 - wallHand74086677434052041.916.40.390.77
T-PUL-171Pulacayo Tailings 2 - wallHand74086177434021885.87.50.140.37
T-PUL-198Pulacayo Tailings 2 - wallHand74090677433261801.78.90.210.11
T-PUL-122Pulacayo Tailings 2 - wallHand74092177433721611.43.50.040.09
T-PUL-180Pulacayo Tailings 2 - wallHand74090477433671601.14.90.110.07
T-PUL-194Pulacayo Tailings 2 - wallHand74090577433341591.63.00.090.05
T-PUL-123Pulacayo Tailings 2 - wallHand74092377433711571.77.30.040.26
T-PUL-168Pulacayo Tailings 2 - wallHand74086277433581571.52.90.180.21
T-PUL-181Pulacayo Tailings 2 - wallHand74090477433641451.83.00.120.05
T-PUL-150Pulacayo Tailings 2 - wallHand74087877433871401.117.00.060.18
T-PUL-189Pulacayo Tailings 2 - wallHand74090577433461361.19.50.250.24
T-PUL-170Pulacayo Tailings 2 - wallHand74086377434031331.67.70.120.15
T-PUL-204Pulacayo Tailings 2 - wallHand74090677433161321.76.10.140.41
T-PUL-197Pulacayo Tailings 2 - wallHand74090677433281311.36.10.140.37
T-PUL-120Pulacayo Tailings 2 - wallHand74091877433731242.512.30.230.60
T-PUL-196Pulacayo Tailings 2 - wallHand74090677433301241.14.00.240.07
T-PUL-037Pulacayo Tailings 1 - wallHand74076877434481151.04.60.170.09
T-PUL-159Pulacayo Tailings 2 - wallHand74087077433731133.39.50.070.06
T-PUL-200Pulacayo Tailings 2 - wallHand74090677433221101.96.70.080.12
T-PUL-143Pulacayo Tailings 2 - wallHand74087777433561101.021.40.431.65
T-PUL-184Pulacayo Tailings 2 - wallExcav74090477433581051.12.50.100.08
T-PUL-119Pulacayo Tailings 2 - wallHand74091677433731011.34.40.080.06
T-PUL-135Pulacayo Tailings 2 - wallHand74088177433641001.03.70.240.11
T-PUL-022Pulacayo Tailings 3Excav7408547743400972.16.70.130.11
T-PUL-110Pulacayo Tailings 2 - wallHand7409067743389951.12.90.060.06
T-PUL-188Pulacayo Tailings 2 - wallHand7409057743348941.34.60.160.11
T-PUL-111Pulacayo Tailings 2 - wallHand7409097743390933.621.90.120.25
T-PUL-144Pulacayo Tailings 2 - wallHand7408767743354931.24.80.400.38
T-PUL-146Pulacayo Tailings 2 - wallHand7408747743350841.14.60.950.39
T-PUL-117Pulacayo Tailings 2 - wallHand7409127743374801.74.80.370.14
T-PUL-195Pulacayo Tailings 2 - wallHand7409057743332781.14.90.130.05
T-PUL-185Pulacayo Tailings 2 - wallExcav7409057743355771.87.90.050.07
T-PUL-020Pulacayo Tailings 3Excav7408927743367761.09.40.190.22
T-PUL-193Pulacayo Tailings 2 - wallHand7409057743336741.23.20.140.06
T-PUL-130Pulacayo Tailings 2 - wallHand7408857743371741.110.80.110.38
T-PUL-145Pulacayo Tailings 2 - wallHand7408757743352741.34.80.260.09
T-PUL-192Pulacayo Tailings 2 - wallHand7409057743338711.62.70.420.02
T-PUL-199Pulacayo Tailings 2 - wallHand7409067743324691.54.00.150.12
T-PUL-118Pulacayo Tailings 2 - wallHand7409147743374681.13.60.090.09
T-PUL-152Pulacayo Tailings 2 - wallExcav7408777743386661.98.80.120.37
T-PUL-167Pulacayo Tailings 2 - wallHand7408637743360661.12.30.220.14
T-PUL-116Pulacayo Tailings 2 - wallExcav7409107743375651.56.60.090.17
T-PUL-147Pulacayo Tailings 2 - wallHand7408737743349623.67.50.730.26
T-PUL-136Pulacayo Tailings 2 - wallHand7408817743363601.02.80.350.10
T-PUL-113Pulacayo Tailings 2 - wallHand7409037743377601.79.40.120.05
T-PUL-128Pulacayo Tailings 2 - wallHand7409337743369591.13.80.060.09
T-PUL-177Pulacayo Tailings 2 - wallHand7408467743393581.36.40.160.16
T-PUL-107Pulacayo Tailings 2 - wallHand7409007743384581.92.10.110.25
T-PUL-172Pulacayo Tailings 2 - wallHand7408587743400572.214.50.410.52
T-PUL-112Pulacayo Tailings 2 - wallHand7409117743392531.03.60.140.21
T-PUL-155Pulacayo Tailings 2 - wallHand7408747743380521.42.90.060.08
T-PUL-173Pulacayo Tailings 2 - wallHand7408557743399521.210.60.220.32
T-PUL-157Pulacayo Tailings 2 - wallHand7408727743377421.311.70.090.86
T-PUL-187Pulacayo Tailings 2 - wallHand7409057743350371.15.10.170.14
T-PUL-029Pulacayo Tailings 1 - wallHand7407607743462372.513.10.130.25
T-PUL-023Pulacayo Tailings 3Excav7408677743418231.02.40.060.05
T-PUL-008Pulacayo Tailings 1 - wallExcav7407287743491201.41.10.040.02
T-PUL-014Pulacayo Tailings 3Excav7408697743406151.02.40.070.08
T-PUL-065Pulacayo Tailings 1 - wallHand7407427743451147.01.00.040.03

Silver, gold and indium reported in grams/ton.

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.

Table 2 shows a summary of the tailings piles assay results.

Table 2. Summary of the tailings piles sample assay results

Tailings PileSize of the pileArithmetic mean gradeNumber of Samples
Width mLength mHeight mAg g/tAu g/tIn g/tPb %Zn %
Pulacayo Tailings 11359025470.23.90.130.1591
Pulacayo Tailings 270100301111.27.20.210.24105
Paca Tailings 2125707227<0.20.60.550.065
Pacamayu Tailings352207119<0.29.40.910.3634
Pero Tailings 1903012296<0.23.40.990.3035
Pero Tailings 2656072240.218.11.040.524
Candelaria Tailings3080536<0.22.20.300.464
Flores Tailings 41395944<0.25.01.863.427
Pulacayo Tailings 3654533760.969.71.741.315
Paca Tailings 115455206<0.20.11.411.003
Flores Tailings 1825534<0.25.21.463.064
Rotchild Tailings4.53.53122<0.213.02.500.312

Silver, gold and indium reported in grams/ton. Arithmetic mean grade = total of all grade values/number of samples.

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.

Tailings processing, district exploration, and commissioning the Pulacayo mine to production are the three main Pulacayo project objectives of the Company going forward.

Picture 1. Tailings Piles in Pulacayo Project

Picture 2. Location of the Main Tailings Piles in Pulacayo, Pero, Paca, Pacamayo, Flores, Candelaria and Rotchild

Qualified Person

The technical content of this news release was reviewed and approved by Christopher M. Kravits, P.Geo., who is a Qualified Person within the meaning of National Instrument 43-101. Mr. Kravits has reviewed and approved the scientific and technical aspects of this news release.

About Prophecy

Prophecy Development Corp. is a Toronto Stock Exchange-listed (TSX: PCY) Canadian company focusing on 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:

Bekzod Kasimov +1.604.563.0699 +1.888.513.6286 [email protected] 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”, “potentially”, “indicates”, “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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