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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2010) - Prophecy Resource Corp. ("PCY" or the "Company") (TSX VENTURE:PCY)(OTCBB:PCYRF)(FRANKFURT:1P2) is pleased to report the following appointments, effective immediately:

Mark Lotz, Chief Financial Officer ("CFO")

Mr. Mark Lotz is a Chartered Accountant with the Institute of Chartered Accountants of B.C. He is an experienced business leader in the Canadian financial sector, most recently he acted as both President and CEO of Gateway Securities Inc.

Mr. Lotz has sixteen years experience in senior finance and administration positions in addition to public accounting experience beginning with Coopers & Lybrand (now Pricewaterhouse Coopers). He served as Chief Financial Officer with Golden Capital Securities and as an examiner for the Vancouver Stock Exchange. His experiences with publicly traded corporations include positions with Tan Range Exploration Ltd. (now Tanzanian Royalty Exploration Corporation), Platinum Group Metals Ltd., and Derek Oil and Gas Ltd.

Cliff Starke, Vice President of Marketing:

Mr. Cliff Stark has an extensive background in sales and marketing that includes positions with both Blackmont Capital Inc. (now Macquarie Private Wealth) and Dundee Wealth Inc. of Toronto. Since 2007 Mr. Stark has brokered significant financings for a number of both public and private mining and energy companies some of which he Mr. Stark retains personal investments in.

Dr. John M. Morganti, Ph.D. P.Geo, Advisor.

John Morganti is President of Morganti Advisers Inc., a company that specializes in advising mining and exploration companies on strategy, evaluation, investor relations and exploration issues that are critical to rational corporate growth. Dr. Morganti currently advises a number of exploration, development and mining companies.

Over the past 35 years Dr. Morganti has held senior positions Teck, Placer Dome and Silver King Mines, as well as David Lowell Consultants and other consulting firms. Dr. Morganti worked in both exploration management and corporate development with Teck in addition to previously being Vice President, Gold and Vice President, Evaluations with Teck. At Placer he was Exploration Manager, Canada and subsequently Vice-President International Exploration. Additionally he worked in Placer's Engineering Department on evaluations, feasibilities and construction. Dr. Morganti has been a Director of several mining companies operating in numerous jurisdictions including Canada, Australia, Peru, Spain, Russia and U.S.

Dr. Morganti is a member of the Mining Technical and Advisory and Monitoring Committee which advises the Canadian Securities Commissions on National Instrument 43-101, the policy that governs to the release of mining and exploration technical information by Canadian public companies. He has also been a past Director of the Geology Division of the CIM, Chairman of the Mineral Deposits Division of the GAC, and a Director of the PDAC. Dr. Morganti obtained his Ph.D. in Economic Geology from the University of British Columbia and is a Registered Professional Geologist in British Columbia, Canada.

The company wishes to thank Paul McKenzie and Stuart Rogers who diligently served as prior CFO's before the merger on April 12, 2010. Both Mr. McKenzie and Mr. Rogers will remain directors of the Company.

Incentive Stock Options Granted

The Company has agreed, subject to regulatory approval, to grant incentive stock options to directors and consultants on 2,500,000 common shares at an exercise price of $0.67 per share for a period of five years.

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

John Lee, Chairman

"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."