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.
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.
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.