New Copper/Molybdenum Mineralization Intersected at Okeover; Highlights include 39.7 metres grading 0.045% MoS(2) and 0.27% Cu within 63 metres of surface

TSX-V Symbol: PCY

Apr 07, 2008, 01:00 ET from Prophecy Resource Corp.

    VANCOUVER, April 7 /PRNewswire-FirstCall/ - Prophecy Resource Corp. has
 received the results from three diamond drill holes completed in the
 southern area of the Okeover project located on British Columbia's south
 central coast, 25 kilometers north of the City of Powell River. These three
 holes were drilled in November and December 2007 to complete a preliminary
 test of an area referred to as the "South Breccia Zone". A total of 782
 metres of drilling was completed in these three holes and resulted in the
 discovery of a new area of copper-molybdenum mineralization. Highlights of
 the drilling include hole 07-08 with an intercept of 39.7 metres grading
 0.045% MoS(2) and 0.27% Cu, including 25.4 metres grading 0.068% MoS(2) and
 0.25% Cu.
     Hole 07-08 was angled to the south of the mineralized area and the area
 beyond this point in this direction has not yet been drilled. A map of the
 Okeover property showing the recently completed drilling at the South
 Breccia Zone can be viewed on our website at
A summary of results is as follows: ------------------------------------------------------------------------- Hole From To Interval MoS(2) Cu Cu (metres) (metres) (metres) % % Equiv.(1) ------------------------------------------------------------------------- 07-08 63.0 102.7 39.7 0.045 0.27 0.54 ------------------------------------------------------------------------- Including 63.0 88.4 25.4 0.068 0.25 0.66 ------------------------------------------------------------------------- 07-09 33.0 69.4 36.4 0.010 0.27 0.33 ------------------------------------------------------------------------- And 84.6 114.6 30.0 0.017 0.36 0.47 ------------------------------------------------------------------------- 07-10 No significant results ------------------------------------------------------------------------- (1) Based on copper priced at $2.50 per pound and molybdenum at $25 per pound without provision for recoveries or operating costs Drilling completed in early 2007 at Okeover included four holes completed in the North Lake Zone, which hosts a NI 43-101 compliant inferred resource of 86.8 million tonnes grading 0.31% copper and 0.014% MoS(2) as calculated in late 2006 by N.C. Carter, Ph.D., P. Eng. Three of these holes were completed as step outs (average 75 metres) to the east and one as a deeper test beneath the western area of the current resource. All four holes encountered significant mineralization with the three eastern step outs all ending in mineralization grading in excess of 0.19% copper and 0.017% MoS(2) (the approximate cut off grade for the resource) confirming that the North Lake Zone is open for expansion to the east and at depth. Ten additional drill sites were constructed in the North Lake area during October and November 2007 and this area will be the subject of additional drilling scheduled to commence in May, 2008. A rock exposure located approximately 400 metres southwest of the North Lake Zone returned an analysis of 0.17% Mo (0.288% MoS(2)) and greater than 1000 ppb rhenium. This result encouraged a reanalysis of several other samples which had returned higher molybdenum values. A higher grade intercept in hole 07-03 which had returned an assay of 1.26% copper and 0.38% Mo (0.63% MoS(2)) over 0.8 metres (73.7-74.5 metres) returned a rhenium analysis also greater than 1000 ppb which is the upper limit that the assay lab, Acme Analytical Laboratories Ltd., is equipped to provide. The two samples are approximately 1200 metres distant from each other. Acme Analytical Laboratories Ltd. is currently reviewing the availability of other laboratories to provide an unconstrained rhenium value for these samples which is considered to be potentially significant given the current rhenium price of $10,700 per kilogram. Rhenium is reputed to have been an important byproduct for the Island Copper Mine (copper, molybdenum and gold) located on Vancouver Island and operated by BHP Minerals Canada until 1994. J.W. (Bill) Morton is the qualified person pursuant to National Instrument 43-101 guidelines and has approved this news release. Analyses were performed by Acme Analytical Laboratories, Vancouver, BC, a registered facility, using Aqua Regia digestion followed by multi-element ICP-MS analysis. About Prophecy Resource Corp. ----------------------------- Prophecy is currently exploring the Okeover Copper-Molybdenum property on tidewater in B.C., 25 kilometres north of the City of Powell River. In 2006, N.C. Carter, PhD, P.Eng, completed a technical report on the Okeover Property pursuant to NI 43-101 that estimated an inferred mineral resource for the North Lake Zone of 86.8 million tonnes grading 0.31% copper (approximately 593,000,000 lbs) and 0.014% MoS(2) (approximately 15.9 million lbs of molybdenum) at a 0.20% copper cut-off grade.
ON BEHALF OF THE BOARD OF DIRECTORS "JAMES BROWN" ------------------------------------ James Brown, President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. CONTACT: about Prophecy, please visit our web site at or contact us toll-free at (888) 818-8748

SOURCE Prophecy Resource Corp.