Interesting progress for this company in Mongolia!
Ties into MOU scope and advancement for power generation in Mongolia. I'm quietly confident MOU has a bright future, they are creating long lasting and great relationships which is key in this country.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2013) - Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce that Prophecy Power Generation LLC, a wholly owned private Mongolian subsidiary of Prophecy Coal Corp., has been granted 532.4 hectares of land to be used for Prophecy's proposed Chandgana Power Plant Construction (the "Land Use Rights"). The Land Use Rights were granted pursuant to the Law on Administrative Unit of Mongolia its Management Art 29.2; land law Art 21.4.3 and Art 44.6 and Art 44.8 and an Decree issued by the Citizen's Delegate Representative Members (CDRM) of Murun Soum (sub-province), dated February 22nd of 2013 - no.17 and Governor's Ordinance dated the same day with number A/12. Lead by Prophecy's country manager, Mr. Oscar Mendoza, the Company undertook major efforts over months to secure the Land Use Rights, including extensive consultation with local citizens and representatives regarding the impacts and benefits of the power plant. Prophecy would like to sincerely thank all the residents of Murun Soum and the surrounding area for their support of the Chandgana Project, and look forward to working closely with all stakeholders to timely advance Prophecy's Chandgana Power Plant project. The proposed Chandgana Power Plant is the largest foreign investment ever made in Khentii Aimag (province, the same place where Genghis Khan grew up), and is expected to generate over 500 direct permanent jobs for local residents plus a further 1,500 indirect jobs once the power plant commences operation, slated for 2016. Prophecy has committed to the construction of over 250 modern housing units with heat, recreational facilities, and education centers and to providing grants to make Murun Soum and the surrounding area one of the most economically attractive and desirable living areas in Mongolia. With the Land Use Rights in place, Prophecy has issued a contract to Erchim Concern LLC to bring 4MW of temporary power to the Chandgana Power Plant site from a local 35kV power line. Separately, Prophecy has issued tenders for the construction of 250 housing units along with a water supply to the Chandgana Power Plant site.
LVT Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
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