Prophecy Appoints Country Adviser, Project Manager and Business Development Manager and Provides Update on Tugalgatai Transac...
November 15 2012 - 05:23PM
Marketwired
Prophecy Coal Corp. ("Prophecy" or the "Company")
(TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce the
appointment of Bailiikhuu Dambachultem as Country Adviser,
Damdindjav Davaajav as a Project Manager and Bekzod Kasimov as
Business Development Manager.
Bailiikhuu Dambachultem - Country Adviser
Mr. Bailiikhuu has over 29 years of privatization and
deregulation policy experience in Mongolia. He is currently
advising the State Property Committee of Mongolia on a range of
issues including the development of a policy on the restructuring
and privatization of state-owned enterprises ("SOE") in Mongolia,
corporate governance, post-privatization restructuring of SOEs and
the development of a regulation policy relating to Mongolia's
infrastructure sector. Mr. Bailiikhuu received his Master and
Bachelor degrees in Economics.
Mr. Bailiikhuu advises Prophecy on government relations and
permitting matters related to the Chandgana Power Plant
project.
Damdinjav Davaajav - Project Manager
Mr. Damdinjav has over 20 years of electrical engineering, power
distribution and generation experience in Mongolia. Before joining
Prophecy, Mr. Damdinjav was the deputy director of the energy
department at Newcom Group, one of Mongolia's leading business
groups, where he was responsible for technical supervision,
technical proposal development and project management of the
Salkhit wind farm 50MW project and the Ulaanbaatar Combined Heat
Plant-5 (CHP-5) 450 MW project. Prior to that, Mr. Davaajav worked
as a consultant for World Bank and Asian Development Bank's energy
projects in Mongolia, and at the Energy Authority and Central
Energy System, a government agency of Mongolia, and he was
responsible for transmission and distribution network management
and load dispatch at Central Electric Power System. Mr. Davaajav
received his Master and Bachelor degrees in Electrical
Engineering.
Mr. Damdinjav works with Mr. Sharma, technical adviser to
Prophecy's Board, on managing technical aspects of the Chandgana
Power Plant project and transmission lines.
Bekzod Kasimov - Business Development Manager
Prior to joining Prophecy, Bekzod Kasimov worked at Eurasia
Capital, an Ulaanbaatar-based investment bank, and he was
responsible for providing advice on raising capital to
international and local companies in Mongolia. He has served on the
board of directors of several Mongolia-focused companies. He holds
a Master of Science in Finance from the Stockholm School of
Economics.
Mr. Kasimov is in charge of liaising with strategic investors,
financial modeling and broad aspects of the due diligence
process.
Update on Tugalgatai Transaction
Further to the Company's news release dated November 2, 2012
concerning the postponement of the purchase of Tugalgatai coal
exploration licenses from Tethys Mining LLC ("Tethys"), the Company
would like to clarify it is currently in discussions with Tethys to
amend the original agreement, which is no longer in effect as the
initial long stop date has passed.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in
developing energy projects in Mongolia. The Company's wholly-owned
subsidiary Prophecy Power Generation LLC is advancing plans for a
proposed 600 MW mine-mouth power plant, which has been permitted by
the Mongolian government, adjacent to its Chandgana coal deposit.
The Company cautions the Chandgana project is in Mongolia and
requires substantial capital to develop.
Further information on Prophecy Coal can be found at
www.prophecycoal.com.
ON BEHALF OF THE BOARD OF PROPHECY COAL CORP.
JOHN LEE, CEO/Chairman
(i) Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
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 of potential
mineralization, the estimation of mineral resources, the
realization of mineral resource estimates, interpretation of prior
exploration and potential exploration results, the timing and
success of exploration activities generally, the timing and results
of future resource estimates, permitting time lines, metal prices
and currency exchange rates, availability of capital, government
regulation of exploration operations, environmental risks,
reclamation, title, and 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
failure to obtain necessary approvals in respect of the
transaction, unsuccessful exploration results, changes in project
parameters as plans continue to be refined, results of future
resource estimates, future metal prices, availability of capital
and financing on acceptable terms, general economic, market or
business conditions, risks associated with operating in foreign
jurisdictions, uninsured risks, regulatory changes, defects in
title, availability of personnel, materials and equipment on a
timely basis, accidents or equipment breakdowns, delays in
receiving government approvals, unanticipated environmental impacts
on operations and costs to remedy same, and other exploration or
other risks detailed herein and from time to time in the filings
made by the companies with securities regulators. Readers are
cautioned that mineral resources that are not mineral reserves do
not have demonstrated economic viability. 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 their businesses, investors should
review their annual filings that are available at
www.sedar.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.
Contacts: Prophecy Coal Corp. Chris Ackerman Manager, Investor
Relations 1-800-459-5583cackerman@prophecycoal.com
www.prophecycoal.com