Prophecy Secures Coal Offtake Agreements for 2011
29 8월 2011 - 9:30PM
Marketwired
Prophecy Coal Corp. ("Prophecy") (TSX VENTURE: PCY)(OTCQX:
PRPCF)(FRANKFURT: 1P2) (the "Company") announces today that it has
signed coal sales agreements with Mongolian and Russian buyers
totalling 92,000 tonnes.
In particular, 22,000 tonnes of coal have been sold to Energy
LLC, a company registered in the Buryatia Republic of the Russian
Federation. This coal will be consumed in local Buryat power
stations and boilers. During the next 60 days, the coal stockpiled
at Sukhbataar rail station will be loaded and railed cross-border
into the Republic of Buryatia in Russia via Naushki. Energy LLC had
imported a landmark trial shipment from Prophecy in June.
The remaining four coal purchasers are two local Mongolian
companies and two Mongolian government power plants, committing to
buy a minimum of 70,000 tonnes to be delivered in 2011. Prophecy
expects to deplete its coal stockpile and operate continually to
meet the off take commitments.
John Lee, CEO and Chairman of Prophecy Coal states: "Ulaan
Ovoo's clean coal with its low ash (8%) and sulphur (0.5%) is
highly desired. We are making steady and solid progress to
establish Ulaan Ovoo as a recognized coal supplier in local and
international markets."
Ulaan Ovoo is now operating on 100% Company owned new mining
fleet and coal transportation trucks.
The Company would like to thank the Mongolian local community
and government in helping turn Ulaan Ovoo into a successful mine
and reaffirm its commitment to supply coal to local power plants
this coming winter.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in
developing energy projects in Mongolia. The company has over 1.4
billion tonnes of surface minable thermal coal resources on two
coal properties in Mongolia. Prophecy Coal's Ulaan Ovoo coal mine
is in production and Chandgana mine mouth power plant is currently
being permitted. Prophecy Coal is the controlling shareholder of
Prophecy Platinum Corp (TSX VENTURE: NKL). Mineral resources that
are not mineral reserves do not have demonstrated economic
viability. Further information on Prophecy Coal can be found at
www.prophecycoal.com.
ON BEHALF OF THE BOARD OF DIRECTORS Prophecy Coal Corp.
John Lee, CEO/Chairman
Forward Looking Statements: This news release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts, including, without limitation, statements regarding future
plans and objectives of the company are forward-looking statements
that involve various risks and uncertainties. Although Prophecy
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Forward-looking statements are based on
a number of material factors and assumptions. Factors that could
cause actual results to differ materially from those in
forward-looking statements include general economic, regulatory,
market or business conditions, and other risks detailed herein and
from time to time in the filings made by the companies with
securities regulators. Mineral exploration and development of mines
is an inherently risky business. Accordingly the actual events may
differ materially from those projected in the forward-looking
statements. For more information on Prophecy and the risks and
challenges of its business, investors should review filings that
are available at www.sedar.com.
"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."
Contacts: Prophecy Coal Corp. Joseph Li General Manager
1-800-362-7366 jli@prophecycoal.com www.prophecycoal.com
Prophecy Coal Corp (TSXV:PCY)
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