July 8, 2008 - Prophecy Resource Corp. has completed six diamond drill holes (1,449 metres) at the Okeover copper-molybdenum project located on the south coast of British Columbia. Five of the six holes were completed as step outs to the south and west of the existing resource area at the North Lake Zone (86.8 million tonnes grading 0.31% copper and 0.014% MoS2, calculated by N.C. Carter PhD, P.Eng, in 2006). The sixth and final hole was drilled from a site located 3,000 metres to the south of the North Lake Zone.

The objectives of this drill program were twofold. Firstly, to attempt to expand the North Lake zone to an anchor resource in excess of 100 million tonnes and secondly to explore other largely unexplored areas of the 5,233 hectare property. Results of the current program are expected to be available by the middle of July and a revised resource estimate, in accordance with National Instrument 43-101, is expected to be initiated later in the season.

Okeover is located 140 kilometres north of the city of Vancouver near the community of Powell River and within 45 minutes by truck of a deep water ocean port. The extremely favourable logistics at Okeover, which include its location on the Pacific Rim, reinforce the significance of this project.

J.W. (Bill) Morton, P.Geo., a director of the Company and qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.


About Prophecy Resource Corp.

Prophecy is currently drilling at the Okeover Copper-Molybdenum property on tidewater in B.C., twenty-five 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% MoS2 (approximately 15.9 million lbs of molybdenum) at a 0.20% copper cut-off grade. The current drill program is focused on the South Breccia area, which is one of eight prospective zones identified at Okeover and has not had any significant exploration work undertaken for more than ten years.

ON BEHALF OF THE BOARD OF DIRECTORS

"STUART ROGERS"

Stuart Rogers, Chief Financial Officer

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