Prophecy Coal Corp. (PRPCF: OTC Link) | Prophecy Coal Announces Executive Chairman Appointment and Director Resignation

Prophecy Coal Announces Executive Chairman Appointment and Director Resignation

Jan 25, 2013

OTC Disclosure News Service

Vancouver, BC, Canada

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Prophecy
Coal Corp. (“Prophecy Coal” or the “Company”) (TSX: PCY, OTCQX: PRPCF,
Frankfurt: 1P2)
is pleased to announce
that Mr. John Lee has transitioned from his role as Chief Executive Officer (“CEO“) of the Company to Executive
Chairman of the Board of Directors (the “Board”)
of the Company.

The Board has determined that the Company has reached a critical stage
and now requires Mr. Lee to focus his time and attention on negotiating the
major government and joint venture agreements for the development of the Company’s
Chandgana power plant project in Mongolia.

To complement Mr. Lee in his role as Executive Chairman of the Board, the
Company has initiated a search for a new CEO to carry out day-to-day management
responsibilities as the Company transitions into a true developer of coal powered
electrical generation.  Mr. Lee will
serve as Interim CEO until a new candidate has been identified and appointed.


Prophecy Coal also announces the resignation of Mr. Jivko Savov as a
director of the Company.  In light of
recent increases to his responsibilities as Director of Global Business
Development, MA and Retail for Gazprom in London, Mr. Savov has decided to
focus his attention on his position with Gazprom.  As such, Mr. Savov considered that it would
be best for him to step down from the Board. 
However, Mr. Savov will continue to assist Prophecy in its business
development as an advisor.  The Board
wishes to thank Mr. Savov for his contribution to the Company to date and looks
forward to Mr. Savov working with the Company in the future in an advisory
capacity.

 

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 (“Prophecy Power”), is advancing plans for a proposed 600 MW coal mine-mouth
power plant, which has been permitted by the Mongolian government, adjacent to
its Chandgana coal deposit.  Chandgana Coal
LLC, another wholly-owned Mongolian subsidiary of Prophecy Coal, is expected to
supply 3.5 million tonnes of coal per year to Prophecy Power for 25 years.  Chandgana Coal LLC controls over 1.2 billion
tonnes of thermal coal in the measured and indicated categories, including two
mining licenses containing 141 million tonnes of measured resource with a strip
ratio of 0.7:1.  Substantially all of the
Company’s resources are not mineral reserves, hence they do not have
demonstrated economic viability.  The
Company cautions that the Chandgana project is in Mongolia and requires
substantial capital to develop.


Further
information on the Company can be found at
www.prophecycoal.com.


The technical contents of this news release have been reviewed and
approved by Christopher M. Kravits, P.Geo., who is a Qualified Person as
defined in National Instrument 43-101 Standards
of Disclosure for Mineral Projects
.  Mr.
Kravits has 34 years of US and international relevant coal geology
experience.  He has been active in
Mongolia since 2007.



ON BEHALF
OF THE BOARD OF PROPHECY COAL CORP.

“JOHN
LEE”


Interim CEO/Executive
Chairman of the Board


For more information about Prophecy, please
contact:

Chris
Ackerman

Manager,
Investor Relations

1-800-459-5583

cackerman@prophecycoal.com

www.prophecycoal.com

*Mineral resources
that are not mineral reserves do not have demonstrated economic viability.

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.

Forward Looking
Statements: This news release includes certain “forward-looking statements” and
“forward looking information” as defined under applicable securities
regulatory authorities in Canada (collectively, the “forward-looking
statements”). All statements in this release, other than statements of
historical fact, 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 Coal 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 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 Company with securities
regulators. Assumptions underlying the Company’s expectations regarding
forward-looking statements contained in this news release include, among
others, that all required third party contractual, regulatory and governmental
approvals will ultimately be obtained for the development, construction and
production of the Company’s properties, there being no significant disruptions
affecting operations, including labour disruptions, currency exchange rates
being approximately consistent with current levels, certain price assumptions
for coal, prices for and availability of fuel, parts and equipment and other
key supplies remaining consistent with current levels, production forecasts
meeting expectations, the accuracy of the Company’s current mineral resource
and reserve estimates, labour and material costs increasing on a basis
consistent with the Company’s current expectations and that any additional
required financing will be available on reasonable terms. 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.  The Company disclaims any obligation
subsequently to revise any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect changes in
assumptions or the occurrence of anticipated or unanticipated events, except as
required by law. For more information on Prophecy Coal and its wholly-owned
subsidiaries and the risks and challenges of their businesses, investors should
review their annual filings that are available at
www.sedar.com.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/PRPCF/news?id=57912

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