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Prophecy Appoints Country Adviser, Project Manager and Business Development Manager and Provides Update on Tugalgatai Transac...

Date : 11/16/2012 @ 3:53AM
Source : Marketwired
Stock : Prophecy Coal Corp (PCY)
Quote : 0.065  0.01 (18.18%) @ 1:42AM
Prophecy Coal Corp share price Chart

Prophecy Appoints Country Adviser, Project Manager and Business Development Manager and Provides Update on Tugalgatai Transac...

Prophecy Coal Corp (TSX:PCY)
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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



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