Prophecy Resource Corp.
TSX VENTURE : PCY
FRANKFURT : 1P2
OTCQX : PRPCF

Prophecy Resource Corp.

April 01, 2011 09:01 ET

Prophecy Resource Corp.: Deputy CEO of En+ Group of Companies Joins Prophecy's Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - Prophecy Resource Corp. (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) ("Prophecy" or the "Company") is pleased to announce the appointment of Mr. Jivko Savov as a non-executive director of the Company.

Mr. Savov spent over 12 years in the energy and power sector within asset management, business development and structured finance roles across a number of international companies. Currently, Mr. Savov is Deputy Chief Executive Officer of En+ Group and is in charge of capital markets and fund raising activities. Mr. Savov served as a Managing Director of Power and Energy at En+ since joining in 2006, and as a Chairman and Deputy Chairman of EurosibEnergo.

From 2002 to 2006, Mr. Savov managed private equity investments in power and renewable energy projects, oil and gas, and metals in Eastern Europe and Russia working for Equest Partners and MMC Energy. Before that Mr. Savov worked for EDF Trading and Enron Europe in project finance, structured marketing and business development roles responsible for Eastern European and Benelux markets. Mr. Savov began his career in 1996 at the World Bank, as Project Officer for the Energy and State Enterprise sectors.

Mr. Savov holds an MBA from INSEAD, France and an MSc in International Relations (with Honours) from MGIMO, Russia and speaks Russian, English, Bulgarian, French and Romanian.

About Prophecy Resource

Prophecy Resource Corporation is an internationally diversified company engaged in developing energy, nickel, and platinum group metals projects. The Company controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). Prophecy's Ulaan Ovoo coal mine is fully commissioned. In Canada Prophecy owns Wellgreen PGM Project in Yukon, Lynn Lake Nickel Sulphide Project in Manitoba, and a 10% equity stake in Victory Nickel. On February 17, Prophecy agreed to sell its PGM Nickel assets to Pacific Coast Nickel Corp. for 450 million Pacific Coast Nickel shares. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

ON BEHALF OF THE BOARD OF DIRECTORS of Prophecy Resource Corp.

John Lee, Chairman

Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, regulatory, market or business conditions, and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of its business, investors should review filings that are available at www.sedar.com.

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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