President and Chairman of the Monnis Group of Companies Joins Prophecy's Board of Directors
March 17 2011 - 9:00AM
Marketwired
Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:
PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) is pleased to announce that Mr.
Chuluunbaatar, President and Chairman of the Monnis Group of
Companies, Mongolia ("Monnis") has been appointed to Prophecy's
Board of Directors. Monnis, headquartered in Ulaanbaatar, Mongolia,
is one of Mongolia's largest industrial holding companies. With
over 1,000 employees and 12 subsidiaries, Monnis has, under Mr.
Chuluunbaatar's leadership, become a national leader in insurance,
construction, logistics, technology, real-estate, geological
services, mining support services, energy, automobile and
automotive parts distribution, international freight forwarding,
foreign trade, air services, communications, and corporate finance
advisory services. By practicing good corporate governance and
social responsibility, Monnis has become one of Mongolia's most
respected and revered business entities.
Mr. John Lee, CFA, Chairman of Prophecy commented today that:
"Prophecy and Monnis have already forged strong partnerships and
are both committed to advance Ulaan Ovoo coal mining and Chandgana
power plant projects to better the country of Mongolia. I am
pleased to appoint Mr. Chulunnbaatar to the Board of Directors and
welcome his greater involvement in Prophecy."
About Prophecy Resource
Prophecy Resource Corporation is an internationally diversified
company engaged in developing energy, nickel, and platinum group
metals projects. The company controls over 1.4 billion tons of
open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt
Indicated). Prophecy's Ulaan Ovoo coal mine is fully commissioned.
In Canada Prophecy owns Wellgreen PGM Project in Yukon, Lynn Lake
Nickel Sulphide Project in Manitoba, and a 10% equity stake in
Victory Nickel. On February 17, Prophecy agreed to sell its PGM
Nickel assets to Pacific Coast Nickel Corp. for 450 million Pacific
Coast Nickel shares. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF DIRECTORS of Prophecy Resource
Corp.
John Lee, Chairman
Forward Looking Statements: This news release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts, including, without limitation, statements regarding future
plans and objectives of the companies are forward-looking
statements that involve various risks and uncertainties. Although
Prophecy 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 general economic, regulatory,
market or business conditions, and other risks detailed herein and
from time to time in the filings made by the companies with
securities regulators. 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. For more information on Prophecy and the risks and
challenges of its business, investors should review filings that
are available at www.sedar.com.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended ("the U.S.
Securities Act") or any state securities law and may not be offered
or sold in the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Prophecy Resource Corp. Scott Parsons +1.604.642.2625
ext. 106 Prophecy Resource Corp. Paul McKenzie +1.604.642.2625 ext.
107 Prophecy Resource Corp. John Lee +1.800.851.1528
john@prophecyresource.com www.prophecyresource.com
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