Prophecy Provides Update on Chandgana Power Plant Project; Raises $614K


Prophecy Coal Corp. (PCY.TO) today provided an update regarding its Chandgana coal mine-mouth power plant project, located in central Mongolia.

Prophecy made progress with scheduled preliminary mobilization, design and engineering work in Q1 2013, and seeks to accomplish the following objectives in Q2 2013:

- Prophecy's Mongolian subsidiary Prophecy Power Generation LLC ( PPG ) obtained water permits for the use of well water at site for the staff and construction camp facilities in Q1 2013, and tenders for drilling well(s) and water treatment facilities are being initiated.

-PPG obtained approval from a local electricity distribution authority to provide a temporary electricity supply required for construction work at the Power Project. The design work for the temporary electricity supply and tendering process have been initiated;

-Tenders have been received from reputable Chinese engineering consulting firms to be selected by PPG to oversee the design work of the EPC contractor on PPG's behalf;

-Tenders have also been received from engineering firms to oversee the Power Plant construction work to be carried out by the to-be-selected EPC contractor on behalf of PPG. The tender process for firms seeking to provide these services is targeted for closing on April 30, 2013;

-Tendering for fencing the Power Plant site, has been initiated and expected to close on April 30th, 2013; and

-Other Q2 objectives include installing a drinking water well system, construction of temporary office and accommodation, construction of a water supply system, site fencing and construction of an access road.

Prophecy continues on-going discussions with the Ministry of Energy of Mongolia, its various working groups and the Energy Regulatory Commission on the Power Purchase Agreement ( PPA ) and the Tariff Application.

Prophecy also announced that it has closed the first tranche of the non-brokered private placement, raising gross proceeds of $613,560.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: PPA , PPG

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