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

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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

Sample Location Sample
Type		 East North Ag g/t Au g/t In g/t Pb % Zn %
T-PUL-218 Pacamayu Tailings Excav 740618 7747375 1200 0.5 16.8 3.59 0.21
T-PUL-310 Pulacayo Tailings 3 Excav 740809 7743354 773 1.0 154.5 3.80 1.13
T-PUL-240 Pero Tailings 1 Excav 741064 7744290 716 <0.2 3.2 1.02 0.40
T-PUL-039 Pulacayo Tailings 1 – wall Excav 740717 7743457 679 <0.2 5.1 0.32 0.19
T-PUL-265 Pero Tailings 1 – wall Hand 741065 7744297 576 <0.2 2.3 1.00 0.45
T-PUL-272 Pero Tailings 1 – wall Hand 741081 7744298 545 0.2 8.0 2.63 2.33
T-PUL-297 Pero Tailings Excav 741040 7744505 540 0.2 32.3 2.48 1.05
T-PUL-312 Pulacayo Tailings 3 Excav 740796 7743335 452 0.5 101.0 1.71 3.36
T-PUL-244 Pero Tailings 1 – wall Excav 741061 7744324 451 <0.2 2.8 1.62 0.48
T-PUL-308 Pulacayo Tailings 3 Excav 740788 7743355 437 2.3 11.3 2.27 0.18
T-PUL-266 Pero Tailings – wall Hand 741067 7744297 432 <0.2 2.0 0.73 0.20
T-PUL-259 Pero Tailings – wall Hand 741078 7744308 427 <0.2 3.7 0.89 0.22
T-PUL-258 Pero Tailings 1 – wall Hand 741076 7744309 424 <0.2 6.7 1.84 0.40
T-PUL-262 Pero Tailings 1 – wall Hand 741086 7744306 419 0.2 4.2 1.43 0.32
T-PUL-260 Pero Tailings 1 – wall Hand 741081 7744308 417 <0.2 5.3 1.24 0.23
T-PUL-278 Paca Tailings Excav 739744 7750251 414 <0.2 0.0 2.09 0.55
T-PUL-274 Pero Tailings – wall Hand 741085 7744298 407 <0.2 4.8 1.46 0.29
T-PUL-137 Pulacayo Tailings 2 – wall Hand 740880 7743362 406 1.5 2.8 0.11 0.10
T-PUL-283 Paca Tailings Excav 739819 7750613 381 <0.2 0.0 0.23 0.03
T-PUL-271 Pero Tailings 1 – wall Hand 741079 7744298 375 <0.2 4.4 1.43 0.37
T-PUL-257 Pero Tailings – wall Hand 741073 7744309 368 <0.2 6.7 1.46 0.51
T-PUL-242 Pero Tailings 1 – wall Excav 741062 7744309 360 <0.2 3.9 0.97 0.26
T-PUL-269 Pero Tailings – wall Hand 741074 7744297 346 0.2 5.1 1.44 0.30
T-PUL-299 Pero Tailings 2 Excav 741040 7744480 327 0.2 35.0 1.51 0.85
T-PUL-281 Paca Tailings Excav 739847 7750600 317 <0.2 0.0 0.40 0.03
T-PUL-131 Pulacayo Tailings 2 – wall Hand 740884 7743370 315 1.2 9.3 0.28 0.22
T-PUL-038 Pulacayo Tailings 1 – wall Hand 740769 7743446 297 <0.2 14.8 1.30 0.82
T-PUL-247 Pero Tailings 1 – wall Hand 741066 7744320 295 <0.2 3.9 1.19 0.28
T-PUL-270 Pero Tailings 1 – wall Hand 741077 7744297 288 <0.2 4.0 0.62 0.25
T-PUL-267 Pero Tailings 1 – wall Hand 741070 7744297 275 <0.2 1.5 0.36 0.08
T-PUL-203 Pulacayo Tailings 2 – wall Hand 740906 7743318 272 1.4 6.2 0.09 0.33
T-PUL-134 Pulacayo Tailings 2 – wall Hand 740882 7743366 268 1.9 11.0 0.20 0.55
T-PUL-139 Pulacayo Tailings 2 – wall Hand 740879 7743360 268 1.0 3.8 0.63 0.15
T-PUL-115 Pulacayo Tailings 2 – wall Hand 740908 7743376 260 1.1 7.0 0.13 0.15
T-PUL-138 Pulacayo Tailings 2 – wall Hand 740880 7743361 224 1.2 10.4 2.02 0.31
T-PUL-109 Pulacayo Tailings 2 – wall Excav 740904 7743387 205 1.2 23.6 0.15 0.16
T-PUL-169 Pulacayo Tailings 2 – wall Hand 740866 7743405 204 1.9 16.4 0.39 0.77
T-PUL-171 Pulacayo Tailings 2 – wall Hand 740861 7743402 188 5.8 7.5 0.14 0.37
T-PUL-198 Pulacayo Tailings 2 – wall Hand 740906 7743326 180 1.7 8.9 0.21 0.11
T-PUL-122 Pulacayo Tailings 2 – wall Hand 740921 7743372 161 1.4 3.5 0.04 0.09
T-PUL-180 Pulacayo Tailings 2 – wall Hand 740904 7743367 160 1.1 4.9 0.11 0.07
T-PUL-194 Pulacayo Tailings 2 – wall Hand 740905 7743334 159 1.6 3.0 0.09 0.05
T-PUL-123 Pulacayo Tailings 2 – wall Hand 740923 7743371 157 1.7 7.3 0.04 0.26
T-PUL-168 Pulacayo Tailings 2 – wall Hand 740862 7743358 157 1.5 2.9 0.18 0.21
T-PUL-181 Pulacayo Tailings 2 – wall Hand 740904 7743364 145 1.8 3.0 0.12 0.05
T-PUL-150 Pulacayo Tailings 2 – wall Hand 740878 7743387 140 1.1 17.0 0.06 0.18
T-PUL-189 Pulacayo Tailings 2 – wall Hand 740905 7743346 136 1.1 9.5 0.25 0.24
T-PUL-170 Pulacayo Tailings 2 – wall Hand 740863 7743403 133 1.6 7.7 0.12 0.15
T-PUL-204 Pulacayo Tailings 2 – wall Hand 740906 7743316 132 1.7 6.1 0.14 0.41
T-PUL-197 Pulacayo Tailings 2 – wall Hand 740906 7743328 131 1.3 6.1 0.14 0.37
T-PUL-120 Pulacayo Tailings 2 – wall Hand 740918 7743373 124 2.5 12.3 0.23 0.60
T-PUL-196 Pulacayo Tailings 2 – wall Hand 740906 7743330 124 1.1 4.0 0.24 0.07
T-PUL-037 Pulacayo Tailings 1 – wall Hand 740768 7743448 115 1.0 4.6 0.17 0.09
T-PUL-159 Pulacayo Tailings 2 – wall Hand 740870 7743373 113 3.3 9.5 0.07 0.06
T-PUL-200 Pulacayo Tailings 2 – wall Hand 740906 7743322 110 1.9 6.7 0.08 0.12
T-PUL-143 Pulacayo Tailings 2 – wall Hand 740877 7743356 110 1.0 21.4 0.43 1.65
T-PUL-184 Pulacayo Tailings 2 – wall Excav 740904 7743358 105 1.1 2.5 0.10 0.08
T-PUL-119 Pulacayo Tailings 2 – wall Hand 740916 7743373 101 1.3 4.4 0.08 0.06
T-PUL-135 Pulacayo Tailings 2 – wall Hand 740881 7743364 100 1.0 3.7 0.24 0.11
T-PUL-022 Pulacayo Tailings 3 Excav 740854 7743400 97 2.1 6.7 0.13 0.11
T-PUL-110 Pulacayo Tailings 2 – wall Hand 740906 7743389 95 1.1 2.9 0.06 0.06
T-PUL-188 Pulacayo Tailings 2 – wall Hand 740905 7743348 94 1.3 4.6 0.16 0.11
T-PUL-111 Pulacayo Tailings 2 – wall Hand 740909 7743390 93 3.6 21.9 0.12 0.25
T-PUL-144 Pulacayo Tailings 2 – wall Hand 740876 7743354 93 1.2 4.8 0.40 0.38
T-PUL-146 Pulacayo Tailings 2 – wall Hand 740874 7743350 84 1.1 4.6 0.95 0.39
T-PUL-117 Pulacayo Tailings 2 – wall Hand 740912 7743374 80 1.7 4.8 0.37 0.14
T-PUL-195 Pulacayo Tailings 2 – wall Hand 740905 7743332 78 1.1 4.9 0.13 0.05
T-PUL-185 Pulacayo Tailings 2 – wall Excav 740905 7743355 77 1.8 7.9 0.05 0.07
T-PUL-020 Pulacayo Tailings 3 Excav 740892 7743367 76 1.0 9.4 0.19 0.22
T-PUL-193 Pulacayo Tailings 2 – wall Hand 740905 7743336 74 1.2 3.2 0.14 0.06
T-PUL-130 Pulacayo Tailings 2 – wall Hand 740885 7743371 74 1.1 10.8 0.11 0.38
T-PUL-145 Pulacayo Tailings 2 – wall Hand 740875 7743352 74 1.3 4.8 0.26 0.09
T-PUL-192 Pulacayo Tailings 2 – wall Hand 740905 7743338 71 1.6 2.7 0.42 0.02
T-PUL-199 Pulacayo Tailings 2 – wall Hand 740906 7743324 69 1.5 4.0 0.15 0.12
T-PUL-118 Pulacayo Tailings 2 – wall Hand 740914 7743374 68 1.1 3.6 0.09 0.09
T-PUL-152 Pulacayo Tailings 2 – wall Excav 740877 7743386 66 1.9 8.8 0.12 0.37
T-PUL-167 Pulacayo Tailings 2 – wall Hand 740863 7743360 66 1.1 2.3 0.22 0.14
T-PUL-116 Pulacayo Tailings 2 – wall Excav 740910 7743375 65 1.5 6.6 0.09 0.17
T-PUL-147 Pulacayo Tailings 2 – wall Hand 740873 7743349 62 3.6 7.5 0.73 0.26
T-PUL-136 Pulacayo Tailings 2 – wall Hand 740881 7743363 60 1.0 2.8 0.35 0.10
T-PUL-113 Pulacayo Tailings 2 – wall Hand 740903 7743377 60 1.7 9.4 0.12 0.05
T-PUL-128 Pulacayo Tailings 2 – wall Hand 740933 7743369 59 1.1 3.8 0.06 0.09
T-PUL-177 Pulacayo Tailings 2 – wall Hand 740846 7743393 58 1.3 6.4 0.16 0.16
T-PUL-107 Pulacayo Tailings 2 – wall Hand 740900 7743384 58 1.9 2.1 0.11 0.25
T-PUL-172 Pulacayo Tailings 2 – wall Hand 740858 7743400 57 2.2 14.5 0.41 0.52
T-PUL-112 Pulacayo Tailings 2 – wall Hand 740911 7743392 53 1.0 3.6 0.14 0.21
T-PUL-155 Pulacayo Tailings 2 – wall Hand 740874 7743380 52 1.4 2.9 0.06 0.08
T-PUL-173 Pulacayo Tailings 2 – wall Hand 740855 7743399 52 1.2 10.6 0.22 0.32
T-PUL-157 Pulacayo Tailings 2 – wall Hand 740872 7743377 42 1.3 11.7 0.09 0.86
T-PUL-187 Pulacayo Tailings 2 – wall Hand 740905 7743350 37 1.1 5.1 0.17 0.14
T-PUL-029 Pulacayo Tailings 1 – wall Hand 740760 7743462 37 2.5 13.1 0.13 0.25
T-PUL-023 Pulacayo Tailings 3 Excav 740867 7743418 23 1.0 2.4 0.06 0.05
T-PUL-008 Pulacayo Tailings 1 – wall Excav 740728 7743491 20 1.4 1.1 0.04 0.02
T-PUL-014 Pulacayo Tailings 3 Excav 740869 7743406 15 1.0 2.4 0.07 0.08
T-PUL-065 Pulacayo Tailings 1 – wall Hand 740742 7743451 14 7.0 1.0 0.04 0.03

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 Pile Size of the pile Arithmetic mean grade Number of
Samples
Width m Length m Height m Ag g/t Au g/t In g/t Pb % Zn %
Pulacayo Tailings 1 135 90 25 47 0.2 3.9 0.13 0.15 91
Pulacayo Tailings 2 70 100 30 111 1.2 7.2 0.21 0.24 105
Paca Tailings 2 125 70 7 227 <0.2 0.6 0.55 0.06 5
Pacamayu Tailings 35 220 7 119 <0.2 9.4 0.91 0.36 34
Pero Tailings 1 90 30 12 296 <0.2 3.4 0.99 0.30 35
Pero Tailings 2 65 60 7 224 0.2 18.1 1.04 0.52 4
Candelaria Tailings 30 80 5 36 <0.2 2.2 0.30 0.46 4
Flores Tailings 4 13 95 9 44 <0.2 5.0 1.86 3.42 7
Pulacayo Tailings 3 65 45 3 376 0.9 69.7 1.74 1.31 5
Paca Tailings 1 15 45 5 206 <0.2 0.1 1.41 1.00 3
Flores Tailings 1 8 25 5 34 <0.2 5.2 1.46 3.06 4
Rotchild Tailings 4.5 3.5 3 122 <0.2 13.0 2.50 0.31 2

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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