Prophecy Granted Landmark Chandgana Power Plant License
21 11월 2011 - 10:30PM
Marketwired
Prophecy Coal Corp. ("Prophecy") (TSX
VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) (the "Company") is pleased
to announce that its wholly-owned Mongolian subsidiary, East Energy
Development LLC, has received the license certificate from the
Mongolian Energy Regulatory Authority to construct the 600 MW
Chandgana power plant.
In terms of size, this 600 MW (150 MW x 4) thermal power plant
license is the first ever issued by the Mongolian government. To
ensure strict compliance with Mongolian laws and regulations in
obtaining this license, Prophecy retained a number of Mongolian and
international consultants over the past 18 months. Considerable
efforts were also spent on community relations.
Coal for the Chandgana mine-mouth power plant will be supplied
from Prophecy's Chandgana Tal ("Tal") Deposit, for which the
company has already obtained a full mining license. Tal contains
141 million tonnes of measured coal and is located just 9 km north
of Prophecy's Chandgana Khavtgai project; a deposit with over 1
billion tonnes of measured and indicated coal.
Chandgana is 60 km from Underkhann city (East Energy System),
and 150 km from Baganuur city (Central Energy System). Construction
of transmission lines linking the two cities through Chandgana is
seen as a top priority for a much improved and efficient national
Mongolian energy system.
John Lee, Chairman and CEO of Prophecy states: "Prophecy has
distinguished itself as the premier candidate to build the next
Mongolian thermal power plant. There is an understanding among all
stakeholders that Mongolia, being one of world's fastest growing
economies, needs additional power. With the IMF projecting a
deficit of over 600 MW by 2016, this need has become critically
urgent and can no longer be delayed."
The license issuance paves the way to conclude Engineering,
Procurement and Construction contractor (EPC) selection, Power
Purchase Agreement (PPA) and Project Financing arrangement in 2012.
Many of these discussions have been ongoing since early 2011. The
target construction commencement date is Q1 of 2013.
"Prophecy has successfully navigated the permitting process
through the diligent and concerted efforts of all those involved,
and are grateful to the citizens and government of Mongolia for
their continued support. With the above timeline in mind, we will
focus on the next phases of development in order to achieve our
goal of starting-up the first unit by January 2016. We look forward
to working with all relevant agencies, authorities, and communities
to commission the Chandgana plant. We are confident that our goals
will be achieved within the stated timelines." Mr. Lee states.
Visit www.prophecycoal.com for Chandgana location and
transmission grid systems.
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 its Chandgana mine mouth power plant has been
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
This news release contains forward-looking statements, which are
based on Prophecy Coal's current internal expectations, estimates,
projections, assumptions and beliefs, which may prove to be
incorrect. The forward-looking statements are not guarantees of
future performance and undue reliance should not be placed on them.
Actual results may differ materially as a result of any number of
factors and uncertainties, many of which factors are beyond the
Corporation's control. Many of these risks and uncertainties are
described in Prophecy Coal's most recent annual information form,
Prophecy Coal's management's discussion and analysis and other
documents Prophecy Coal files with the Canadian securities
authorities at www.sedar.com. Prophecy Coal undertakes no
obligation to update or revise any forward-looking statements
except as required by applicable securities laws.
Contacts: Prophecy Coal Corp. Chris Ackerman Manager, Investor
Relations
1-800-459-5583cackerman@prophecycoal.comwww.prophecycoal.com
Prophecy Coal Corp (TSXV:PCY)
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