Mongolian Government Endorses Chandgana Power Plant Project
15 9월 2011 - 9:30PM
Marketwired
Prophecy Coal Corp. ("Prophecy") (TSX VENTURE: PCY)(OTCQX:
PRPCF)(FRANKFURT: 1P2) (the "Company") announces today that its
Chandgana Power Plant Project ("Project") has been officially
endorsed by the Mongolian Ministry of Natural Resources and Energy.
The Mongolian Energy Regulatory Authority ("ERA"), in charge of
power plant license issuance, has received the endorsement and is
expected to issue a final response to Prophecy's license
application in Q4, 2011.
The request for licensing of "Construction of Energy Buildings
and Installations", submitted by East Energy Development LLC, a
wholly-owned Mongolian subsidiary of Prophecy, in April, 2011, was
determined to be in full conformity with Clause 2 of Article 12,
Energy Law. The company has undergone a rigorous power plant
permitting process, which included Environmental Impact Assessment
approval by The Mongolian Ministry of Nature and Environment, and
support from the Mongolian Scientific and Technical Council. The
power plant will be built right next to Prophecy's permitted
Chandgana Tal Coal Project.
Results from the Power Plant Feasibility Study by Evonik
Industries and the Chandgana Tal Mine Study by Leighton Asia are
expected in Q4 2011. In parallel, Prophecy has been in discussion
with a number of potential Engineering, Procurement and
Construction (EPC) contractors with the goal of finalizing EPC
selection expeditiously after the power plant license is
obtained.
Prophecy's cash position and equity holdings total over US
$90million as of September 1, and the company expects to fully fund
the Chandgana project studies through to project financing.
Prophecy appreciates the support from the Mongolian Ministry and
the community at large. The company looks forward to making the
Chandgana Power Plant a reality and helping satisfy Mongolia and
the region's energy needs.
About Evonik
As the fifth largest producer of power in Germany, Evonik Steag
operates nine coal-fired power plants. Outside Germany Evonik is
contributing to the public power supply in the Philippines,
Colombia and Turkey with three coal-fired power plants. The range
of services of Evonik Steag covers the entire value chain of energy
production from fuel to residue. Its core competencies include the
planning, financing, construction and operation of highly efficient
power plants for fossil fuels. For more information, visit
www.evonik-steag.com.
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 of 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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