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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/21/11 -- Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) is pleased to report that after 8 months of due diligence, research and study, the Company has submitted the formal request with the Ministry of Natural Resources and Energy ("Ministry") to build the Chandgana Power Plant.
In August 2010, Prophecy engaged local Mongolian experts to initiate a Feasibility Study for the Chandgana mine mouth power plant with capacity of 600 MW, based on Prophecy's Chandgana coal deposit located in Khentii province, central Mongolia. With further assistance from Evonik Industries of Germany, the Prophecy team completed the necessary technical and financial analysis, including an Environmental Impact Assessment which was approved by the Mongolian Ministry of Nature and the Environment in November 2010 (see Prophecy news release dated November 15, 2010) and a Feasibility Study completed in accordance with Mongolia policies for the granting of a permit to construct and operate a power plant in Mongolia.
Prophecy's objective is to supply Mongolia with cleaner and affordable energy and to eliminate expensive and growing foreign electricity import. A number of antiquated Mongolian coal power plants are due to be decommissioned and Prophecy intends to build a modern 600MW thermal power plant complex at Chandgana and connect the power plant with Mongolia's existing Central and Eastern energy systems. This integration is critical to fuel Mongolia's growth and is part of the long term energy development policy of Mongolia. As the project scales up to 4,200MW, there is potential to export surplus power to China, with its capital Beijing located approximately 1,000km (600 miles) to the south. An independent transmission line study to connect Chandgana to China commenced in February. Prophecy has been in discussion with various investment banks interested in providing Chandgana with project financing.
Upon receiving Ministry's endorsement, Prophecy would then proceed to work with the Mongolian Energy Regulatory Authority ("ERA") for the issuance of the Power Plant Permit. Prophecy began comprehensive discussions with the Ministry and ERA since last October culminating in positive feedback for Prophecy to continue with its objectives. The anticipated time frame for the power plant permitting application process is 3 to 6 months.
John Lee, Chairman of Prophecy states that: "Prophecy officers, directors and advisors have a solid track record of constructing, operating and financing large energy projects. Chandgana Power Plant represents modern industrialization and energy independence for Mongolia, new potential energy supply to China, and further accretion of significant value for Prophecy's shareholders."