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Additional Information
Market: TSX, OTCBB
Sector: General Mining - Coal
EPIC: PCY
Latest Price: C$0.24  (0,00%)
52-week High: C$0.63
52-week Low: C$0.23
Market Cap: C$53.63M
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Prophecy Coal
www.prophecycoal.com

Prophecy Coal Corporation (TSX: PCY, OTC-QX: PRPCF, Frankfurt: 1P2) is an internationally diversified thermal coal production company that in November 2010 saw its first coal project, Ulaan Ovoo commissioned for production. The company controls over 1.4 billion tonnes of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated) between 2 distinct deposits with power plant plans for its second deposit (Chandgana's) well under way. Additionally Prophecy Coal Corp holds the Okeover Copper project and the Titan, Vanadium Iron ore & Titanium projects in Canada.

Full Prophecy Coal profile here
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Prophecy Resource rises 24% as it reaches milestone and transitions to producer

15th Oct 2010, 11:26 am

Prophecy Resource (TSX-V:PCY) said Thursday that the mine commission inspection at its Ulaan Ovoo project in Mongolia is complete and its first coal shipment from the site is now on its way for delivery.

The final permit inspection was conducted by a commission from the Mongolian Ministry of Mineral Resources and Energy in early October, and represents the final step required for Prophecy to begin production operations at the site.

According to the company, the commission drew "satisfactory" conclusions and the receipt of the mine permit is imminent. Once it is received, Prophecy will become the second Canadian company after SouthGobi Resources allowed to mine in Mongolia.

Currently, the company has deployed more than 50 staff at Ulaan Ovoo, with a full line of mining equipment to start production at a rate of 120,000 tonnes per month. Over two million tonnes of waste have already been removed to expose the project’s massive coal seam at surface.

Based on the instructions of the commission to begin mining, Prophecy has decided to complete a trial run coal shipment. The company has provided 10,000 tonnes of coal to power stations in Darkhan and Erdenet, Mongolia's largest cities after the capital of Ulaanbaatar.

Prophecy said it has trucked the first coal shipment to Sukhbaatar rail station, ready to be transported to Darkhan power plant by rail. The company's share price has soared more than 23% on Thursday, reaching highs of $0.68 as of 1:12pm on the TSX-Venture Exchange.

Prophecy holds a 100% interest in the 208.8 million tonne Ulaan Ovoo project, which features Bituminous, low ash, low sulphur thermal coal suitable for export markets. The deposit features single massive coal seam 45-80 m thick with an average strip ratio of 2:1.

The Mongolian government gave the project a fully transferable 30 year mining license that can be extended by an additional 40 years. The project also received environmental approvals.

Ulaan Ovoo is located 10km from the Russian border and within 120km from Nauski TransSiberian railway station, allowing the transportation of coal to Russia and by extension, to Russia’s eastern seaports.

Prophecy controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). In Canada, the company owns Wellgreen PGM Project in Yukon, the Lynn Lake Nickel Sulphide Project in Manitoba, and a 10% equity stake in Victory Nickel.

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