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.
Prophecy Resource receives full mining license for Chandgana Tal in Mongolia
Prophecy Resource Corp. (CVE:PCY) (OTCQX: PRPCF) (FSE: 1P2) said late last night it has received a full mining license for its Chandgana Tal coal deposit in Mongolia from the local mining authority.
The Chandgana Tal deposit, which contains 141 million tonnes of measured coal, is located 9 kilometres north of Prophecy's Chandgana Khavtgai project, which has over one billion tonnes of measured coal.
The full mining license for Tal follows Prophecy's receipt of environmental approval from the Mongolian Ministry for its planned 600 MW capacity power plant project in the Chandgana area.
As part of Prophecy's plan, the Tal deposit, as the starter pit, will supply an estimated 2.4 million tonnes per year of coal to the power plant project. The Khavtgai property, which is still in exploration status, will then supplement mine production in later years.
The company also said today that a feasibility study for the power plant project has now been completed, details of which will be released after final review.
Prophecy controls over 1.4 billion tons of open-pittable thermal coal in Mongolia, with the company's Ulaan Ovoo coal mine fully commissioned and in production. In Canada, it owns the Wellgreen PGM Ni-Cu project in the Yukon, the Lynn Lake Nickel Sulphide property in Manitoba, and a 10% equity stake in Victory Nickel.
