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Monday, July 25, 2011 4:25:35 PM
"-- In January 2011, the Company and Pacific Coast Nickel Corp. ("PCNC")
entered into an agreement ("Arrangement") whereby PCNC will acquire
Prophecy's Nickel PGM projects (Lynn Lake and Wellgreen) by issuing 450
million common shares to the Company. The transaction closed on June 13,
2011 (see below).
-- In January 2011, the Company repaid its $5 million debt facility. The
Company is currently debt free.
-- In March 2011, the Company obtained from the Mongolian government a full
mining license for its 141 million tonne coal deposit on its Chandgana
Tal coal property in Mongolia.
-- The Company completed the quarter with $19.7 million in cash and net
working capital of $26.5 million.
Subsequent to quarter-end:
-- In April 2011, the Company submitted a formal request to the Ministry of
Natural Resources and Energy of Mongolia to build the Chandgana Power
Plant.
-- In May 2011, the Company announced the appointment of Mr. David Jan as
the Company's Chief Financial Officer.
-- In June 2011, the Arrangement with PCNC was concluded. After a stock
dividend to Prophecy shareholders and the placement of other shares in
escrow for current option and warrant holders, Prophecy will own 44.5%
of outstanding common shares and 42.5% of fully diluted common shares of
PCNC. Prophecy's Lynn Lake and Wellgreen nickel properties were sold to
PCNC. In connection with the Arrangement, shareholders of Prophecy also
approved a change of name to "Prophecy Coal Corp.", and shareholders of
PCNC also approved a 10:1 share consolidation.
-- In June 2011, the Company announced it had secured port allocation at
the Port of Sovgavan, Russia of 300,000 tonnes per year, with the
potential to grow to 600,000 tonnes per year, for shipping coal from the
Ulaan Ovoo mine to potential offshore customers in China, South Korea
and Japan.
Prophecy Coal Corp. (formerly Prophecy Resource Corp) is a Mongolian coal company engaged in developing energy projects. The company controls over 1.4 billion tonnes of surface minable thermal coal resources on two coal properties in Mongolia. Prophecy Coal's Ulaan Ovoo thermal coal mine is in preproduction and its Chandgana mine mouth power plant is currently being permitted. Prophecy Coal also owns equity stakes in Prophecy Platinum Corp., Victory Nickel Inc. and Compliance Energy Corp. Mineral resources that are not mineral reserves do not have demonstrated economic viability."
Also, there is the possible nationalization of 80% of the platinum market by S Africa. That's why JPMorgan has been buying up Platinum. If S. Africa nationalizes their mines, this Canadian piece of property is going to worth a BUNCH of money. Prophecy Coal is, IMO, a MUCH better buy right now due to it's 45% ownership, which I confirmed with their public relations, and the fact that they are debt free and are just ramping up their coal production.
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