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Prophecy Resource Corp.: Detailed Environmental Impact Assessment Approved for 600 MW Pit-Mouth Powerplant by Prophecy's 1.2 Billion Tonne Chandgana Coal Project, Mongolia
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2010) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) reports that a Detailed Environmental Impact Assessment (DEIA) pertaining to the construction of a pit-mouth 600MW coal fired power plant by Prophecy's 1.2-billion-tonne Chandgana Coal Project has been approved by the Mongolian Ministry of Nature and the Environment.
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According to the preliminary plan of construction as outlined in the DEIA, the 600MW power station will be built and put into operation within 20 months and supply electricity through connection of 220 KW electricity transmission lines from the power plant to the Central Energy System (150km away) and Eastern Energy System (60km away). 2 x 220 kV Central Electricity System (CES) transmission lines power 90% of Mongolian electricity demand. Furthermore, Chandgana is right on the path of a Government approved future CES grid extension.
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The initial 2x300 MW power plants will be built on Prophecy owned land and serviced by 2.4 million tonnes of coal annually from Prophecy's 150-million-tonne Chandgana Tal coal project with a strip ratio of 0.5 to 1. Future plant expansions will be serviced by Prophecy's 1.05 billion tonne Chandgana Khavtgai coal project (9km from Tal) with a strip ratio of 2 to 1. Chandgana Tal has a renewable 40-year mining license and the coal mine can be fully commissioned within 90 days, as was the case for Prophecy's Ulaan Ovoo Coal Mine, Northern Mongolia.
Details of the Chandgana Coal Projects are summarized in the following table:
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| Measured | Indicated | Heating Value | Ash | Sulfur | Strip | Thickness |
| Khavtgai | 524.3mt | 545.7mt | 4,354 kcal/kg | 12.66% | 0.72% | 1.9:1 | 37.7 m |
| Tal | 141.3mt |
| 4,238 kcal/kg | 12.49% | 0.68% | 0.53:1 | 45.4 m |
| Total | 665.6mt | 545.7mt |
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Prophecy has received expressions of interest from several local and international entities. Prophecy is evaluating proposals and offers on power off take, design and constructions of plant and transmission lines, and investment. Prophecy would like to caution that discussions are early stage that there are no assurances of positive conclusions in the imminent horizon.
"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar
Mongolia
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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