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VANCOUVER, BC--(Marketwired - May 12, 2017) - On Saturday, May 13, the Fraser Institute will release the Report Card on British Columbia's Secondary Schools, 2017, the go-to source for measuring school performance. It provides parents with information they can't easily get anywhere else by ranking nearly 300 public and independent secondary schools based on seven academic indicators using student results from annual provincewide exams, grade-to-grade transition rates, and graduation rates This year's Report Card spotlights which secondary schools have improved or fallen behind. A news release with additional information will be issued via Marketwired on Saturday, May 13 at 5:00 a.m. (Pacific). The complete results for all 293 secondary schools will also be available at www.compareschoolrankings.org. Follow the Fraser Institute on Twitter | Like us on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org


VANCOUVER, BC--(Marketwired - May 13, 2017) - A greater number of secondary schools in British Columbia have experienced declines in performance than have improved over the past four years, according to the Fraser Institute's annual B.C. secondary schools rankings released today. "Our annual report card reveals how schools perform year over year, so parents can quickly see if there are problems that must be corrected," said Peter Cowley, director of school performance studies at the Fraser Institute. The Report Card on British Columbia's Secondary Schools, 2017 ranks 293 public and independent secondary schools based on seven academic indicators using student results from annual provincewide exams, grade-to-grade transition rates, and graduation rates. While this year's report card shows 27 schools have improved their overall rating over the past four years, a greater number of schools -- 33 -- have declining ratings over the same period. And some of the drops in performance are dramatic. For example, MacKenzie Secondary, near Prince George, had the fastest decline in the province falling from an overall rating of 5.2 out of 10 in 2012 to just 0.3 out of 10 in this year's report. Barriere Secondary School, near Kamloops, dropped from 5 to 1.7 over the same four-year period and Nanaimo's Wellington Secondary declined from an overall rating of 5.2 to 2.6 out of 10. But other schools -- including schools with relatively high numbers of ESL and special needs students -- have improved their ratings. For example, Semiahmoo Secondary in Surrey, which has 15.3 per cent ESL students, has improved every year over the past four years, from an overall rating of 7 out of 10 in 2012 to 7.9 in 2016. And while many improving schools are in the Lower Mainland, schools in Terrace, Sechelt, Fort Nelson, Grand Forks and Summerland also improved their ratings since 2012. "Parents with children at schools with declining results or consistent low performance should ask the principal to explain the school's plan to turn those poor results into greater student success," Cowley said. "And principals at these schools would do well to consult with their colleagues at improving schools and learn how they accomplished their turnarounds," Cowley said. For the complete results on all ranked schools, and to easily compare the performance of different schools, visit www.compareschoolrankings.org. 10 fastest declining secondary schools in B.C. (fastest at the top) Follow the Fraser Institute on Twitter | Like us on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org


News Article | May 8, 2017
Site: www.accesswire.com

VANCOUVER, BC / ACCESSWIRE / May 8, 2017 / Prophecy Development Corp. ("Prophecy" or the "Company") (TSX: PCY, OTC PINK: PRPCF, FSE:1P2N) has entered into a binding letter agreement (the "Letter Agreement") with arm's-length, private parties (the "Lessor") to acquire through lease, the Gibellini vanadium project in Nevada, USA (the "Gibellini Project") with the intent to carry-out mining operations there. Under the Letter Agreement, Prophecy will lease the Gibellini mining claims which constitute the Gibellini Project by paying to the Lessor, annual advance royalty payments which will be tied, based on an agreed formula (not to exceed US$120,000 per year), to the average vanadium pentoxide price of the prior year. Upon commencement of production, Prophecy will maintain its acquisition through lease of the Gibellini mining claims by paying to the Lessor, a 2.5% net smelter return ("NSR") until a total of US$3 million is paid. Thereafter, the NSR will be reduced to 2% over the remaining life of the mine (and referred to thereafter, as "production royalty payments"). All advance royalty payments made, will be deducted as credits against future production royalty payments. The lease will be for a term of 10 years, which can be extended for an additional 10 years at Prophecy's option. By combining the advanced-stage Gibellini Project in Nevada, USA, with the Company's 100%-owned, Titan titanium-vanadium project in Ontario, Canada, Prophecy is well-positioned with these two quality vanadium projects, to be the leading North American vanadium exploration company. The Company's objectives for these two projects are to: 1. Provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. 2. Build the first vanadium mine in North America by steadily advancing mine permitting, project financing and construction. Prophecy is very encouraged by recent news regarding vanadium car battery development, the growing adoption of vanadium redox flow batteries to increase power availability from renewable energy in the utilities industry, and the doubling of vanadium prices in the last twelve months. Based on the Company's research, the Gibellini open pit, heap leach project has the potential to become the first primary vanadium mine in the United States. The Gibellini Project is located in Eureka County, Nevada, about 25 miles south of the town of Eureka. The property is situated on the east flank of the Fish Creek Range in the Fish Creek Mining District, and is easily accessed by a graded gravel road extending south from US Highway 50. The project is comprised of 40 unpatented lode claims totaling approximately 771 acres in the state of Nevada, which is ranked among the world's top 10 mining jurisdictions according to the Fraser Institute. Opportunities also exist to further expand the project beyond its current definition. AMEC E&C Services, Inc. ("AMEC E&C") prepared the Gibellini Project resource estimate and feasibility study titled "American Vanadium, Gibellini Vanadium Project" having an effective date of August 31, 2011 for American Vanadium Corp. ("AVC") following the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves. The report which was prepared according to the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") outlined 7.9 million tons at a weighted average grade of 0.32% vanadium pentoxide (V2O5) in the measured category and 15.16 million tons at a weighted average grade of 0.28% V2O5 in the indicated category making for a total resource of 23.05 million tons at a weighted average grade of 0.29% V2O5.* Total metal content of the measured and indicated category resources is 131.37 million pounds V2O5. The inferred category resource is 14.23 million tons at a weighted average grade of 0.17% V2O5. The total metal content of the inferred category resource is 49.42 million pounds V2O5 (more resource details in table below). 1. Mineral resources are reported by mineralization domain. Domains are laterally continuous portions of the ore body having a grade determined by oxidation state that is relatively consistent and distinct from adjacent domains. 2. Specific gravity measurements used are specific to the domain. Mineral resources are reported within a conceptual Lerchs-Grossman pit shell using a long-term V2O5 price of US$12.59/lb, estimated mining and processing costs, and processing recoveries that are based on the oxidation state of the deposit. 3. No capping of assays but three composites were capped at 1.5%. Dilution is not included. Other notes: Categories are referred to as classes in the AMEC E&C resource estimate and feasibility study. Rounding of numbers required by reporting guidelines may result in summation differences. Abbreviations: M=million, lbs=pounds Based on the feasibility study base case, the Company projects mine production to average 11.4 million pounds of vanadium pentoxide per year at 66% recovery.* This could enable Gibellini to potentially supply up to 3% of current global vanadium demand. As estimated by the Company based on the feasibility study, the Gibellini Project could potentially become a low-cost primary vanadium producer because of the low strip ratio of 0.22 and a unit operating cost of US$4.10/lb of vanadium product. The study's base case scenario places the Gibellini Project's after tax IRR at 43%, and after tax NPV at US$170.1M at a 7% discount based on capital cost of US$95.5 million and US$10.95/lb vanadium pentoxide price. *The historic Gibellini mineral resource estimate that was prepared by AMEC E&C for AVC has an effective date of July 31, 2011. Results of the study were disclosed previously by AVC in accordance with NI 43-101 and are considered historic in nature by the Company. Mineral resources are reported inclusive of mineral reserves. This historical estimate was prepared using currently accepted methods and assumptions but the costs and prices assumed are not current. It is considered relevant in that the estimate was prepared for the resource area the Company intends to lease and acquire and open pit mining was assumed. It is considered reliable since the geologic model developed by AVC geologists was used. This historical estimate assumed open pit mining, on-site processing by heap leach followed by solvent extraction and precipitation, and all services provided by a contract miner. The key parameters for resource estimation included ten foot composites that honoured the domain, grade was interpolated to a distance of 110 ft from the composites, composite grades greater than 1% V2O5 were capped to 1% V2O5 beyond 110 ft, the domain boundaries and a minimum grade of 0.05% V2O5 were used to limit grade interpolation, and a long-term V2O5 price of US$12.59/lb was used. The key methods used include consideration of lithology, alteration and assay results to establish oxidation domains, capping assays and composites as described previously, variography, ordinary kriging, and validations to assess potential bias. The historical estimate uses the same resource classes described in Section 1.2 of NI 43-101. The historical estimate does not include any more recent data or estimates available to the Company. The work needed to upgrade the historical estimate as current mineral resources is to use current costs and metal prices. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. With the onsite production process designed to yield vanadium pentoxide, the project is expected to create opportunities for direct off-take agreements with the steel industry. Furthermore, since the process already yields vanadium in sulfuric acid in an intermediary step to producing vanadium pentoxide, it is expected that this intermediary product can be pulled from the process and used directly as an electrolyte for grid-scale energy storage batteries. Further Details Regarding the Proposed Transaction The proposed transaction is subject to Prophecy being satisfied with the results of its due diligence inquiries into the Gibellini Project. The parties have agreed to replace the Letter Agreement by entering into a more comprehensive definitive agreement by May 17, 2017. The Letter Agreement includes a commitment by the Lessor to not solicit, pursue or negotiate alternative offers with other parties for the Gibellini Project. Upon completion of the proposed transaction, Prophecy will evaluate the Gibellini Project economics in relation to prevailing vanadium metal prices prior to making any project development plans. At the appropriate time, joint venture partners may be sought to develop the Gibellini Project. Prophecy maintains dedicated staff at its regional offices in Bolivia and Mongolia, to bring the Pulacayo silver-zinc-lead project in Bolivia to production and continue advancement of the Chandgana mine-mouth power plant in Mongolia through a concession agreement and power purchase agreement. The technical contents of this news release have been prepared under the supervision of Christopher M. Kravits, CPG, LPG, General Mining Manager of Prophecy. Mr. Kravits is a Qualified Person as defined in NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company since most of his income is derived from the Company. Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in worldwide mineral and energy exploration and development. Further information on Prophecy can be found at www.prophecydev.com. PROPHECY DEVELOPMENT CORP. ON BEHALF OF THE BOARD, For more information about Prophecy, please contact Investor Relations: +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. Certain statements contained in this news release, including statements which may contain words such as "expects," "anticipates," "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 estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: there being no significant disruptions affecting operations, such as due to labour disruptions; currency exchange rates being approximately consistent with current levels; certain price assumptions for coal, silver and other metals; prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; that any additional required financing will be available on reasonable terms; and market developments and trends in global supply and demand for coal, energy, silver and other metals meeting expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct. Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable positive cash flow; exploration, development and production risks, including risks related to the development of Prophecy's mineral properties; Prophecy not having a history of profitable mineral production; commencing mine development without a feasibility study; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Mongolia and Bolivia, which are developing countries and being subject to their local laws; the availability and timeliness of various government approvals, permits and licenses; the feasibility, funding and development of Prophecy's projects; protecting title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risk; anti-corruption legislation; recent global financial conditions; the payment of dividends; the inability of insurance to cover all potential risks associated with mining operations; and conflicts of interest. These factors should be considered carefully, and readers should not place undue reliance on 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.


VANCOUVER, BC--(Marketwired - May 10, 2017) - On Thursday, May 11, the Fraser Institute will release a new study on federal government spending. Prime Ministers and Government Spending: A Retrospective spotlights how much each prime minister has spent on federal programs -- on a per person basis -- throughout Canada's 150-year history. A news release with additional information will be issued via Marketwired on Thursday, May 11 at 5:00 a.m. (Eastern). Follow the Fraser Institute on Twitter / Become a fan on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org.


News Article | May 8, 2017
Site: marketersmedia.com

VANCOUVER, BC / ACCESSWIRE / May 8, 2017 / Prophecy Development Corp. ("Prophecy" or the "Company") (TSX: PCY, OTC PINK: PRPCF, FSE:1P2N) has entered into a binding letter agreement (the "Letter Agreement") with arm's-length, private parties (the "Lessor") to acquire through lease, the Gibellini vanadium project in Nevada, USA (the "Gibellini Project") with the intent to carry-out mining operations there. Under the Letter Agreement, Prophecy will lease the Gibellini mining claims which constitute the Gibellini Project by paying to the Lessor, annual advance royalty payments which will be tied, based on an agreed formula (not to exceed US$120,000 per year), to the average vanadium pentoxide price of the prior year. Upon commencement of production, Prophecy will maintain its acquisition through lease of the Gibellini mining claims by paying to the Lessor, a 2.5% net smelter return ("NSR") until a total of US$3 million is paid. Thereafter, the NSR will be reduced to 2% over the remaining life of the mine (and referred to thereafter, as "production royalty payments"). All advance royalty payments made, will be deducted as credits against future production royalty payments. The lease will be for a term of 10 years, which can be extended for an additional 10 years at Prophecy's option. By combining the advanced-stage Gibellini Project in Nevada, USA, with the Company's 100%-owned, Titan titanium-vanadium project in Ontario, Canada, Prophecy is well-positioned with these two quality vanadium projects, to be the leading North American vanadium exploration company. The Company's objectives for these two projects are to: 1. Provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. 2. Build the first vanadium mine in North America by steadily advancing mine permitting, project financing and construction. Prophecy is very encouraged by recent news regarding vanadium car battery development, the growing adoption of vanadium redox flow batteries to increase power availability from renewable energy in the utilities industry, and the doubling of vanadium prices in the last twelve months. Based on the Company's research, the Gibellini open pit, heap leach project has the potential to become the first primary vanadium mine in the United States. The Gibellini Project is located in Eureka County, Nevada, about 25 miles south of the town of Eureka. The property is situated on the east flank of the Fish Creek Range in the Fish Creek Mining District, and is easily accessed by a graded gravel road extending south from US Highway 50. The project is comprised of 40 unpatented lode claims totaling approximately 771 acres in the state of Nevada, which is ranked among the world's top 10 mining jurisdictions according to the Fraser Institute. Opportunities also exist to further expand the project beyond its current definition. AMEC E&C Services, Inc. ("AMEC E&C") prepared the Gibellini Project resource estimate and feasibility study titled "American Vanadium, Gibellini Vanadium Project" having an effective date of August 31, 2011 for American Vanadium Corp. ("AVC") following the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves. The report which was prepared according to the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") outlined 7.9 million tons at a weighted average grade of 0.32% vanadium pentoxide (V2O5) in the measured category and 15.16 million tons at a weighted average grade of 0.28% V2O5 in the indicated category making for a total resource of 23.05 million tons at a weighted average grade of 0.29% V2O5.* Total metal content of the measured and indicated category resources is 131.37 million pounds V2O5. The inferred category resource is 14.23 million tons at a weighted average grade of 0.17% V2O5. The total metal content of the inferred category resource is 49.42 million pounds V2O5 (more resource details in table below). 1. Mineral resources are reported by mineralization domain. Domains are laterally continuous portions of the ore body having a grade determined by oxidation state that is relatively consistent and distinct from adjacent domains. 2. Specific gravity measurements used are specific to the domain. Mineral resources are reported within a conceptual Lerchs-Grossman pit shell using a long-term V2O5 price of US$12.59/lb, estimated mining and processing costs, and processing recoveries that are based on the oxidation state of the deposit. 3. No capping of assays but three composites were capped at 1.5%. Dilution is not included. Other notes: Categories are referred to as classes in the AMEC E&C resource estimate and feasibility study. Rounding of numbers required by reporting guidelines may result in summation differences. Abbreviations: M=million, lbs=pounds Based on the feasibility study base case, the Company projects mine production to average 11.4 million pounds of vanadium pentoxide per year at 66% recovery.* This could enable Gibellini to potentially supply up to 3% of current global vanadium demand. As estimated by the Company based on the feasibility study, the Gibellini Project could potentially become a low-cost primary vanadium producer because of the low strip ratio of 0.22 and a unit operating cost of US$4.10/lb of vanadium product. The study's base case scenario places the Gibellini Project's after tax IRR at 43%, and after tax NPV at US$170.1M at a 7% discount based on capital cost of US$95.5 million and US$10.95/lb vanadium pentoxide price. *The historic Gibellini mineral resource estimate that was prepared by AMEC E&C for AVC has an effective date of July 31, 2011. Results of the study were disclosed previously by AVC in accordance with NI 43-101 and are considered historic in nature by the Company. Mineral resources are reported inclusive of mineral reserves. This historical estimate was prepared using currently accepted methods and assumptions but the costs and prices assumed are not current. It is considered relevant in that the estimate was prepared for the resource area the Company intends to lease and acquire and open pit mining was assumed. It is considered reliable since the geologic model developed by AVC geologists was used. This historical estimate assumed open pit mining, on-site processing by heap leach followed by solvent extraction and precipitation, and all services provided by a contract miner. The key parameters for resource estimation included ten foot composites that honoured the domain, grade was interpolated to a distance of 110 ft from the composites, composite grades greater than 1% V2O5 were capped to 1% V2O5 beyond 110 ft, the domain boundaries and a minimum grade of 0.05% V2O5 were used to limit grade interpolation, and a long-term V2O5 price of US$12.59/lb was used. The key methods used include consideration of lithology, alteration and assay results to establish oxidation domains, capping assays and composites as described previously, variography, ordinary kriging, and validations to assess potential bias. The historical estimate uses the same resource classes described in Section 1.2 of NI 43-101. The historical estimate does not include any more recent data or estimates available to the Company. The work needed to upgrade the historical estimate as current mineral resources is to use current costs and metal prices. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. With the onsite production process designed to yield vanadium pentoxide, the project is expected to create opportunities for direct off-take agreements with the steel industry. Furthermore, since the process already yields vanadium in sulfuric acid in an intermediary step to producing vanadium pentoxide, it is expected that this intermediary product can be pulled from the process and used directly as an electrolyte for grid-scale energy storage batteries. Further Details Regarding the Proposed Transaction The proposed transaction is subject to Prophecy being satisfied with the results of its due diligence inquiries into the Gibellini Project. The parties have agreed to replace the Letter Agreement by entering into a more comprehensive definitive agreement by May 17, 2017. The Letter Agreement includes a commitment by the Lessor to not solicit, pursue or negotiate alternative offers with other parties for the Gibellini Project. Upon completion of the proposed transaction, Prophecy will evaluate the Gibellini Project economics in relation to prevailing vanadium metal prices prior to making any project development plans. At the appropriate time, joint venture partners may be sought to develop the Gibellini Project. Prophecy maintains dedicated staff at its regional offices in Bolivia and Mongolia, to bring the Pulacayo silver-zinc-lead project in Bolivia to production and continue advancement of the Chandgana mine-mouth power plant in Mongolia through a concession agreement and power purchase agreement. The technical contents of this news release have been prepared under the supervision of Christopher M. Kravits, CPG, LPG, General Mining Manager of Prophecy. Mr. Kravits is a Qualified Person as defined in NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company since most of his income is derived from the Company. Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in worldwide mineral and energy exploration and development. Further information on Prophecy can be found at www.prophecydev.com. PROPHECY DEVELOPMENT CORP. ON BEHALF OF THE BOARD, For more information about Prophecy, please contact Investor Relations: +1.888.513.6286 ir@prophecydev.com 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. Certain statements contained in this news release, including statements which may contain words such as "expects," "anticipates," "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 estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: there being no significant disruptions affecting operations, such as due to labour disruptions; currency exchange rates being approximately consistent with current levels; certain price assumptions for coal, silver and other metals; prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; that any additional required financing will be available on reasonable terms; and market developments and trends in global supply and demand for coal, energy, silver and other metals meeting expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct. Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable positive cash flow; exploration, development and production risks, including risks related to the development of Prophecy's mineral properties; Prophecy not having a history of profitable mineral production; commencing mine development without a feasibility study; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Mongolia and Bolivia, which are developing countries and being subject to their local laws; the availability and timeliness of various government approvals, permits and licenses; the feasibility, funding and development of Prophecy's projects; protecting title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risk; anti-corruption legislation; recent global financial conditions; the payment of dividends; the inability of insurance to cover all potential risks associated with mining operations; and conflicts of interest. These factors should be considered carefully, and readers should not place undue reliance on 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. VANCOUVER, BC / ACCESSWIRE / May 8, 2017 / Prophecy Development Corp. ("Prophecy" or the "Company") (TSX: PCY, OTC PINK: PRPCF, FSE:1P2N) has entered into a binding letter agreement (the "Letter Agreement") with arm's-length, private parties (the "Lessor") to acquire through lease, the Gibellini vanadium project in Nevada, USA (the "Gibellini Project") with the intent to carry-out mining operations there. Under the Letter Agreement, Prophecy will lease the Gibellini mining claims which constitute the Gibellini Project by paying to the Lessor, annual advance royalty payments which will be tied, based on an agreed formula (not to exceed US$120,000 per year), to the average vanadium pentoxide price of the prior year. Upon commencement of production, Prophecy will maintain its acquisition through lease of the Gibellini mining claims by paying to the Lessor, a 2.5% net smelter return ("NSR") until a total of US$3 million is paid. Thereafter, the NSR will be reduced to 2% over the remaining life of the mine (and referred to thereafter, as "production royalty payments"). All advance royalty payments made, will be deducted as credits against future production royalty payments. The lease will be for a term of 10 years, which can be extended for an additional 10 years at Prophecy's option. By combining the advanced-stage Gibellini Project in Nevada, USA, with the Company's 100%-owned, Titan titanium-vanadium project in Ontario, Canada, Prophecy is well-positioned with these two quality vanadium projects, to be the leading North American vanadium exploration company. The Company's objectives for these two projects are to: 1. Provide exposure and leverage to rising vanadium prices by defining and adding attributable vanadium resources in the ground in politically safe jurisdictions. 2. Build the first vanadium mine in North America by steadily advancing mine permitting, project financing and construction. Prophecy is very encouraged by recent news regarding vanadium car battery development, the growing adoption of vanadium redox flow batteries to increase power availability from renewable energy in the utilities industry, and the doubling of vanadium prices in the last twelve months. Based on the Company's research, the Gibellini open pit, heap leach project has the potential to become the first primary vanadium mine in the United States. The Gibellini Project is located in Eureka County, Nevada, about 25 miles south of the town of Eureka. The property is situated on the east flank of the Fish Creek Range in the Fish Creek Mining District, and is easily accessed by a graded gravel road extending south from US Highway 50. The project is comprised of 40 unpatented lode claims totaling approximately 771 acres in the state of Nevada, which is ranked among the world's top 10 mining jurisdictions according to the Fraser Institute. Opportunities also exist to further expand the project beyond its current definition. AMEC E&C Services, Inc. ("AMEC E&C") prepared the Gibellini Project resource estimate and feasibility study titled "American Vanadium, Gibellini Vanadium Project" having an effective date of August 31, 2011 for American Vanadium Corp. ("AVC") following the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves. The report which was prepared according to the disclosure requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") outlined 7.9 million tons at a weighted average grade of 0.32% vanadium pentoxide (V2O5) in the measured category and 15.16 million tons at a weighted average grade of 0.28% V2O5 in the indicated category making for a total resource of 23.05 million tons at a weighted average grade of 0.29% V2O5.* Total metal content of the measured and indicated category resources is 131.37 million pounds V2O5. The inferred category resource is 14.23 million tons at a weighted average grade of 0.17% V2O5. The total metal content of the inferred category resource is 49.42 million pounds V2O5 (more resource details in table below). 1. Mineral resources are reported by mineralization domain. Domains are laterally continuous portions of the ore body having a grade determined by oxidation state that is relatively consistent and distinct from adjacent domains. 2. Specific gravity measurements used are specific to the domain. Mineral resources are reported within a conceptual Lerchs-Grossman pit shell using a long-term V2O5 price of US$12.59/lb, estimated mining and processing costs, and processing recoveries that are based on the oxidation state of the deposit. 3. No capping of assays but three composites were capped at 1.5%. Dilution is not included. Other notes: Categories are referred to as classes in the AMEC E&C resource estimate and feasibility study. Rounding of numbers required by reporting guidelines may result in summation differences. Abbreviations: M=million, lbs=pounds Based on the feasibility study base case, the Company projects mine production to average 11.4 million pounds of vanadium pentoxide per year at 66% recovery.* This could enable Gibellini to potentially supply up to 3% of current global vanadium demand. As estimated by the Company based on the feasibility study, the Gibellini Project could potentially become a low-cost primary vanadium producer because of the low strip ratio of 0.22 and a unit operating cost of US$4.10/lb of vanadium product. The study's base case scenario places the Gibellini Project's after tax IRR at 43%, and after tax NPV at US$170.1M at a 7% discount based on capital cost of US$95.5 million and US$10.95/lb vanadium pentoxide price. *The historic Gibellini mineral resource estimate that was prepared by AMEC E&C for AVC has an effective date of July 31, 2011. Results of the study were disclosed previously by AVC in accordance with NI 43-101 and are considered historic in nature by the Company. Mineral resources are reported inclusive of mineral reserves. This historical estimate was prepared using currently accepted methods and assumptions but the costs and prices assumed are not current. It is considered relevant in that the estimate was prepared for the resource area the Company intends to lease and acquire and open pit mining was assumed. It is considered reliable since the geologic model developed by AVC geologists was used. This historical estimate assumed open pit mining, on-site processing by heap leach followed by solvent extraction and precipitation, and all services provided by a contract miner. The key parameters for resource estimation included ten foot composites that honoured the domain, grade was interpolated to a distance of 110 ft from the composites, composite grades greater than 1% V2O5 were capped to 1% V2O5 beyond 110 ft, the domain boundaries and a minimum grade of 0.05% V2O5 were used to limit grade interpolation, and a long-term V2O5 price of US$12.59/lb was used. The key methods used include consideration of lithology, alteration and assay results to establish oxidation domains, capping assays and composites as described previously, variography, ordinary kriging, and validations to assess potential bias. The historical estimate uses the same resource classes described in Section 1.2 of NI 43-101. The historical estimate does not include any more recent data or estimates available to the Company. The work needed to upgrade the historical estimate as current mineral resources is to use current costs and metal prices. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. With the onsite production process designed to yield vanadium pentoxide, the project is expected to create opportunities for direct off-take agreements with the steel industry. Furthermore, since the process already yields vanadium in sulfuric acid in an intermediary step to producing vanadium pentoxide, it is expected that this intermediary product can be pulled from the process and used directly as an electrolyte for grid-scale energy storage batteries. Further Details Regarding the Proposed Transaction The proposed transaction is subject to Prophecy being satisfied with the results of its due diligence inquiries into the Gibellini Project. The parties have agreed to replace the Letter Agreement by entering into a more comprehensive definitive agreement by May 17, 2017. The Letter Agreement includes a commitment by the Lessor to not solicit, pursue or negotiate alternative offers with other parties for the Gibellini Project. Upon completion of the proposed transaction, Prophecy will evaluate the Gibellini Project economics in relation to prevailing vanadium metal prices prior to making any project development plans. At the appropriate time, joint venture partners may be sought to develop the Gibellini Project. Prophecy maintains dedicated staff at its regional offices in Bolivia and Mongolia, to bring the Pulacayo silver-zinc-lead project in Bolivia to production and continue advancement of the Chandgana mine-mouth power plant in Mongolia through a concession agreement and power purchase agreement. The technical contents of this news release have been prepared under the supervision of Christopher M. Kravits, CPG, LPG, General Mining Manager of Prophecy. Mr. Kravits is a Qualified Person as defined in NI 43-101. Mr. Kravits is a consultant to the Company and is not independent of the Company since most of his income is derived from the Company. Prophecy Development Corp. is a Canadian public company listed on the Toronto Stock Exchange that is engaged in worldwide mineral and energy exploration and development. Further information on Prophecy can be found at www.prophecydev.com. PROPHECY DEVELOPMENT CORP. ON BEHALF OF THE BOARD, For more information about Prophecy, please contact Investor Relations: +1.888.513.6286 ir@prophecydev.com 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. Certain statements contained in this news release, including statements which may contain words such as "expects," "anticipates," "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 estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: there being no significant disruptions affecting operations, such as due to labour disruptions; currency exchange rates being approximately consistent with current levels; certain price assumptions for coal, silver and other metals; prices for and availability of fuel, parts and equipment and other key supplies remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; that any additional required financing will be available on reasonable terms; and market developments and trends in global supply and demand for coal, energy, silver and other metals meeting expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct. Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward-looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable positive cash flow; exploration, development and production risks, including risks related to the development of Prophecy's mineral properties; Prophecy not having a history of profitable mineral production; commencing mine development without a feasibility study; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Mongolia and Bolivia, which are developing countries and being subject to their local laws; the availability and timeliness of various government approvals, permits and licenses; the feasibility, funding and development of Prophecy's projects; protecting title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risk; anti-corruption legislation; recent global financial conditions; the payment of dividends; the inability of insurance to cover all potential risks associated with mining operations; and conflicts of interest. These factors should be considered carefully, and readers should not place undue reliance on 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.


VANCOUVER, BC--(Marketwired - May 11, 2017) - This year, federal per person program spending under Prime Minister Justin Trudeau has nearly eclipsed the all-time high recorded during the 2009 recession, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. "Looking back at government spending in Canada since Confederation, this year stands out because unlike most other spending spikes, there's no recession or war to explain it," said Jason Clemens, executive vice-president of the Fraser Institute and co-author of Prime Ministers and Government Spending: A Retrospective. The study, which tracks annual per person program spending by prime minister since Confederation (adjusted for inflation), finds that Prime Minister Stephen Harper recorded the highest per person spending in a single year in 2009 at $8,375 (in 2017 dollars). Prime Minister Trudeau, in this year's federal budget, has the second highest per person program spending at $8,337 -- just $38 less. But whereas most marked increases in program spending over Canada's history coincide with wars or recessions -- notably the two world wars, the Korean War, the Great Depression and the 2009 recession -- Prime Minister Trudeau's historically high level of spending comes in the absence of a recession or war. In addition to having the second-highest all-time spending level, Prime Minister Trudeau during his tenure also has the third largest average annual increase (5.2 per cent) in per person program spending since the Second World War, behind only Lester B. Pearson (5.3 per cent) and Louis St. Laurent (7.0 per cent). "While wars and recessions obviously affect government spending, the rapid increase in spending observed recently coupled with deficits and growing debt can have real negative consequences for Canadians and the economy," Clemens said. To arrange media interviews or for more information, please contact: Bryn Weese, Media Relations Specialist Fraser Institute 604-688-0221 ext. 589 bryn.weese@fraserinstitute.org Follow the Fraser Institute on Twitter | Like us on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org


VANCOUVER, BC--(Marketwired - February 14, 2017) - Independent elementary schools in British Columbia continue to perform well above average, but this year more than ninety per cent of all elementary schools in the province that showed significant improvement are public, according to the Fraser Institute's annual ranking of B.C. elementary schools released today. The average overall rating for B.C.'s independent elementary schools was eight out of 10, compared to 5.6 out of 10 for public schools in the Report Card on British Columbia's Elementary Schools 2017. "Independent schools in the province continue to outperform their public school counterparts," concluded Peter Cowley, director of School Performance Studies at the Fraser Institute. But of the 61 schools that showed statistically significant improvement since 2012, 57 were public. "It is encouraging to see public schools across the province showing signs of improvement. Improving schools can show struggling schools how to help their students achieve better results," said Cowley. This year's report ranked 956 public and independent elementary schools based on 10 academic indicators derived from the provincewide Foundation Skills Assessment (FSA) results. Notably, four of Mission school district's 11 ranked public schools enjoyed statistically significant improvement since 2011/12. In fact, the 2nd fastest improving school in the province was Mission's Silverdale. Its overall rating moved upward every year since 2012, from 3.0 to 6.4 this year. At Mary Jane Shannon Elementary in Surrey, despite ESL students making up 45.4 per cent of the students, its overall rating improved from 4.4 to 5.6 over the past four years. And improvement is not confined to the Lower Mainland and Fraser Valley. Suwilaawks Community School in Terrace improved from 1.2 to 4.1 during the same period. "All too often we hear excuses that schools can't improve their students' performance because of the communities they serve, but there are success stories across B.C. where teachers with students that face challenges every day nonetheless find ways to help their students improve," Cowley said. For the complete results on all ranked schools, and to easily compare the performance of different schools, visit www.compareschoolrankings.org. 10 fastest improving elementary schools in B.C. (fastest at the top) Follow the Fraser Institute on Twitter | Like us on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org


TORONTO, ON--(Marketwired - February 19, 2017) - Secondary schools in all corners of Ontario are showing signs of improvement, but far too many schools aren't improving at all, or worse, have declined in their overall ratings, according to the Fraser Institute's annual ranking of Ontario secondary schools released today. "From northern Ontario to the southwest, urban and rural, schools with high levels of special needs students or schools in ethnically diverse communities, there are examples across the province of schools serving students with very different needs that are improving year after year," said Peter Cowley, director of School Performance Studies at the Fraser Institute. This year's Report Card on Ontario's Secondary Schools ranks 740 anglophone and francophone public and Catholic schools (as well as a small number of independent and First Nations schools) based on seven academic indicators from results of annual provincewide math and literacy tests. Of the 10 fastest improving secondary schools in Ontario, none are in Toronto or even the Greater Toronto Area. Marie-Rivier, a French Catholic high school in Kingston, is the fastest improving, followed by West Ferris Secondary School in North Bay, Sacre-Coeur in Sudbury, and St. Thomas Aquinas in Lindsey. Looking at the 15 schools in the Toronto-area that are improving, nearly half had household incomes well below the provincial average of $74,700 in 2012/13, the last school year for which this statistic was calculated. C.W. Jeffreys near Jane and Finch in Toronto was the fastest improving school in the GTA. Blessed Mother Teresa in Scarborough's Malvern neighbourhood was 2nd fastest. James Cardinal McGuigan, also in the Jane and Finch area, was the 7th fastest improving school in the GTA. While 59 schools across the province showed improvement in their overall ratings over the past five years, 51 showed declining scores. "All too often we hear excuses that schools can't improve their students' performance because of the communities they serve, but there are success stories across Ontario where teachers with students that face challenges every day nonetheless find ways to help their students improve," Cowley said. For the complete results on all ranked schools, and to easily compare the performance of different schools, visit www.compareschoolrankings.org. 10 fastest improving secondary schools in all Ontario (fastest at the top) 10 fastest improving secondary schools in Toronto and the GTA (fastest at the top) Follow the Fraser Institute on Twitter | Like us on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org


VANCOUVER, BC--(Marketwired - February 16, 2017) - British Columbia's carbon tax is no longer revenue neutral and could actually result in almost $900 million in higher taxes over a six-year period, finds a new study by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. "The B.C. government has effectively raised taxes by hundreds of millions of dollars without British Columbians even knowing about it," said Charles Lammam, director of fiscal studies at the Fraser Institute and co-author of Examining the Revenue Neutrality of British Columbia's Carbon Tax. Initially in 2008/09, the province's carbon tax was revenue neutral, keeping with the B.C. government's commitment. To offset the new revenue, the government introduced new cuts to personal and business tax rates and a new tax credit for low income earners. In other words, the government cut other taxes to roughly equal the new revenues from the carbon tax so that the province did not collect any additional revenue from taxpayers. However, just five years later, the carbon tax ceased being revenue neutral because the government no longer provided new tax cuts to sufficiently offset the additional carbon tax revenue. Beginning in 2013/14, the government started counting as offsets a number of existing tax credits that pre-dated the introduction of the carbon tax. Indeed, some of the tax credits date back to the 1990s. "Put simply, the B.C. government started counting pre-existing tax credits as offsets for new revenues from the carbon tax, which clearly violates the basic principle of revenue neutrality," explained Lammam. Once the pre-existing tax reductions are excluded, B.C. taxpayers paid $226 million in increased taxes in 2013/14 and $151 million in increased taxes in 2014/15. The carbon tax will result in a cumulative $865 million tax increase on British Columbians between 2013/14 and 2018/19, according to the government's own projections. These findings are especially important given the federal government's requirement on the provinces to adopt a carbon pricing system by 2018, and the fact that proponents often tout B.C.'s carbon tax as a model to follow, in part because of its alleged revenue neutrality. "As B.C.'s carbon tax is eyed by policymakers across Canada as a potential model to follow, it's important for all Canadians to understand it's not revenue neutral anymore." MEDIA CONTACT: Charles Lammam, Director, Fiscal Studies Fraser Institute For interviews with Charles Lammam or for more information, please contact: Bryn Weese Media Relations Specialist, Fraser Institute Office: (604) 688-0221 ext. 589 bryn.weese@fraserinstitute.org Follow the Fraser Institute on Twitter and Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org


VANCOUVER, BC--(Marketwired - March 02, 2017) - Only 11 cents of every dollar in new federal government infrastructure spending will be spent on highways, bridges, railways and ports -- projects that can actually help improve Canada's economy, finds a new study by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. This finding corroborates a Senate committee report from earlier this week that encouraged Ottawa to make transportation and trade infrastructure a priority. "The federal government has pinned its economic hopes on a major infrastructure spending plan, but only a small fraction of the money is going towards projects that are likely to spur economic growth," said Charles Lammam, the Fraser Institute's director of fiscal studies and co-author of Myths of Infrastructure Spending in Canada. The study finds that of the nearly $100 billion in new infrastructure spending announced within the last year by the federal government, only 10.6 per cent will be spent on projects relating to transportation and trade, which have the potential to strengthen the economy by more efficiently moving people and goods across the country and to international markets. Most of the new spending is instead going to so-called "green" and "social" infrastructure including pet projects such as new parks, community centres and hockey arenas. Although communities may value and appreciate these initiatives, there is no evidence such spending will improve economic growth. And provincially, too, governments are only spending a small fraction of infrastructure dollars on projects that can improve the economy. Of the Ontario government's $138 billion infrastructure spending over the next 10 years, just 18.8 per cent will be spent on highways. And in Alberta, just 20.6 per cent of the provincial government's $34.8 billion capital plan is being spent on roads and bridges. In addition, the study also dispels other myths of infrastructure spending in Canada. For instance, it shows that governments have in fact significantly increased infrastructure spending over the past 15 years, and the value of Canada's total infrastructure is currently at the highest level in four decades. "It's a myth that governments have neglected spending on infrastructure. The issue, however, is that too few dollars are going to projects that would actually strengthen our economy," Lammam said. For interviews with Charles Lammam, or for more information, please contact: Bryn Weese, Media Relations Specialist Fraser Institute 604-688-0221 ext. 589 bryn.weese@fraserinstitute.org Follow the Fraser Institute on Twitter | Like us on Facebook The Fraser Institute is an independent Canadian public policy research and educational organization with offices in Vancouver, Calgary, Toronto, and Montreal and ties to a global network of think-tanks in 87 countries. Its mission is to improve the quality of life for Canadians, their families and future generations by studying, measuring and broadly communicating the effects of government policies, entrepreneurship and choice on their well-being. To protect the Institute's independence, it does not accept grants from governments or contracts for research. Visit www.fraserinstitute.org

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