VANCOUVER, B.C. - March 17, 2010, : Prophecy Resource Corp. (TSX.V: PCY; OTC: PCYRF; Frankfurt: 3P1) has agreed to a non-brokered private placement of up to 6,000,000 units at a price of $0.55 per unit for gross proceeds of $3,300,000. Each unit will be comprised of one common share and one half of one share purchase warrant, with each warrant entitling the holder to purchase an additional share at an exercise price of $0.80 per share for a period of two years from the date of issue.

In the event that the closing price of Prophecy's common shares on the TSX Venture Exchange is at least $1.10 for twenty consecutive trading days at any time following four months from the date of closing, the Company may reduce the remaining exercise period of the Warrants to not less than 30 days from the date of providing notice of such reduced exercise period.

Finders fees will be payable to Bayfront Capital Partners Ltd. of Toronto on a portion of this placement, which is subject to acceptance for filing by the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS of

Prophecy Resource Corp.

"JOHN LEE"
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.