|By Marketwired .||
|February 10, 2014 11:06 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/10/14 -- Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to follow up its announcement of November 4, 2013, and report its preliminary figures on coal production and sales volumes from its 100% owned Ulaan Ovoo mine ("Ulaan Ovoo") in Mongolia for the fourth quarter ended December 31, 2013:
October 31, November 30, December 31, Total 2013 2013 2013 -------------------------------------------------------------------------- Coal Production (tonnes) 9,024 25,331 32,514 66,869 Coal Sales (tonnes) 16,760 21,505 31,031 69,296 Weighted Average Strip Ratio (m3/tonne) 2.85 Stockpile Opening Balance (tonnes) 98,499 Stockpile Ending Balance (tonnes) 96,036
In early November 2013, the Company resumed mining operations at Ulaan Ovoo. Mining and road conditions to the Sukhbaatar rail siding ("Sukhbaatar") are currently normal and coal is being sold on a continual basis to a number of Prophecy customers. The Company is pleased with coal production and sales volumes.
In 2014, the Company sold and successfully delivered a coal shipment from Sukhbaatar to a Russian customer. The coal was approximately 5,300kcal/kg GCV, 0.5% Sulphur, and 5% ash. Management recently visited a number of Russian coal end users with the goal of establishing continuous shipments to Russia in 2014.
In addition, the Mongolia Ministry of Road and Transportation recently issued the terms of reference ("TOR") for the Zeltura Road feasibility study. After the TOR were issued, Prophecy started the feasibility study on upgrading the road from Ulaan Ovoo mine to Zeltura border.
Given that the mine is just 17km from the Zeltura border (as opposed to approximately 120km from the mine to Sukhbaatar), re-opening of the Zeltura border would reduce the transportation cost and potentially further increase coal sales to Russia. After the study is complete (target May 2014) and if accepted by the Ministry of Road and Transportation, the road upgrade can begin and is expected to take up to four months based on preliminary tenders received. The Company will advise when feasibility is completed and if accepted.
Concurrently, the Company is working with the Ministry of Finance on creating a customs clearing zone at Ulaan Ovoo for Russian exports. While the Company is pleased with the overall progress and appreciates the support from the Mongolian and Russian authorities, it cannot offer certainty or a definitive time frame to start transporting coal through Zeltura.
In July 2013, the Company applied for a concession with the Ministry of Economic Development (MOED) for the 600MW Chandgana mine mouth power project. Already with the power plant land use right, construction license, and coal mining license, Chandgana is an advanced green-field project designed to supply much needed electricity to a rapidly growing domestic Mongolia market. After extensive document submissions and discussions, the Mongolian Cabinet approved Chandgana as a concession project in January 2014. Subject to negotiations, a concession project may be entitled to stable tax rates, favorable VAT and customs duties, as well as other forms of government subsidies, endorsement and support; all of which can enhance bankability and lead to better financing options for the project. While the Company is pleased with the overall progress and appreciated support from various Mongolian authorities, it cannot offer certainty or a definitive time frame to conclude the Concession Agreement with MOED, or the Power Purchase Agreement with the Ministry of Energy.
As Prophecy's results of operations for the 2013 fiscal year have not yet been finalized, the preliminary results included in this press release are subject to change as a result of the period-end closing process and the audit of Prophecy's financial statements by its independent registered public accounting firm. Please see "Caution Concerning Preliminary Financial Results" below. Management and the Board of Directors look forward to providing further detail once the 2013 fiscal year figures are finalized.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian company listed on the Toronto Stock Exchange engaged in developing energy projects in Mongolia. Further information on Prophecy Coal can be found at www.prophecycoal.com.
PROPHECY COAL CORP.
ON BEHALF OF THE BOARD
JOHN LEE, Executive Chairman
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.
Cautionary Note Regarding Preliminary Financial Results
Prophecy is currently undergoing its year-end closing and audit process, which is not expected to be completed for some time after the date of this press release. Because Prophecy's results of operations for the fourth quarter ended December 31, 2013 have not yet been finalized, the preliminary results included in this press release are subject to change as a result of the period-end closing process and the audit of Prophecy's financial statements by its independent registered public accounting firm, Davidson & Company LLP. These changes may be material. The preliminary financial results included in this press release have been prepared by, and are the responsibility of, Prophecy's management. Davidson & Company LLP has not completed its audit of Prophecy's 2013 fiscal year financial statements, and accordingly, Davidson & Company LLP does not express an opinion or any form of assurance with respect to these preliminary financial results. These preliminary financial results are not (and Prophecy's final financial results will not be) necessarily indicative of results of future operations. Accordingly, readers should not place undue reliance on Prophecy's preliminary or final financial results. These preliminary financial results should be read in conjunction with Prophecy's previously disclosed consolidated historical financial statements (and related notes) and related management's discussion and analysis.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding Prophecy's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These estimates and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which, with respect to future events, are subject to change and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by Prophecy. In making forward-looking statements as may be included in this news release, Prophecy has made several assumptions that it believes are appropriate, including, but not limited to assumptions that: there being no significant disruptions affecting operations, such as due to 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 remain consistent with current levels; production forecasts meeting expectations; the accuracy of Prophecy's current mineral resource estimates; labour and materials costs increasing on a basis consistent with Prophecy's current expectations; and that any additional required financing will be available on reasonable terms. Prophecy cannot assure you that any of these assumptions will prove to be correct.
Numerous factors could cause Prophecy's actual results to differ materially from those expressed or implied in the forward looking statements, including the following risks and uncertainties, which are discussed in greater detail under the heading "Risk Factors" in Prophecy's most recent Management Discussion and Analysis and Annual Information Form as filed on SEDAR and posted on Prophecy's website: Prophecy's history of net losses and lack of foreseeable cash flow; exploration, development and production risks, including risks related to the development of Prophecy's Ulaan Ovoo coal property; Prophecy not having a history of profitable mineral production; the uncertainty of mineral resource and mineral reserve estimates; the capital and operating costs required to bring Prophecy's projects into production and the resulting economic returns from its projects; foreign operations and political conditions, including the legal and political risks of operating in Mongolia, which is a developing jurisdiction; title to Prophecy's mineral properties; environmental risks; the competitive nature of the mining business; lack of infrastructure; Prophecy's reliance on key personnel; uninsured risks; commodity price fluctuations; reliance on contractors; Prophecy's minority interest in Prophecy Platinum Ltd.; Prophecy's need for substantial additional funding and the risk of not securing such funding on reasonable terms or at all; foreign exchange risks; anti-corruption legislation; recent global financial conditions; the payment of dividends; and conflicts of interest.
These factors should be considered carefully, and readers should not place undue reliance on the Prophecy's forward-looking statements. Prophecy believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Prophecy has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
Jun. 1, 2015 09:45 PM EDT Reads: 571
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
Jun. 1, 2015 09:30 PM EDT Reads: 1,296
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Jun. 1, 2015 09:15 PM EDT Reads: 1,592
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Jun. 1, 2015 09:15 PM EDT Reads: 531
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 09:15 PM EDT Reads: 3,337
"SendGrid sends about 15 billion emails a month and process all the events associated with that, about a trillion events a year," explained Aaron Beach, Senior Data Scientist at SendGrid, in this SYS-CON.tv interview at Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 09:00 PM EDT Reads: 467
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
Jun. 1, 2015 08:15 PM EDT Reads: 1,052
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 08:15 PM EDT Reads: 4,000
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
Jun. 1, 2015 08:00 PM EDT Reads: 687
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 08:00 PM EDT Reads: 4,499
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...
Jun. 1, 2015 07:30 PM EDT Reads: 1,682
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Jun. 1, 2015 07:30 PM EDT Reads: 4,321
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jun. 1, 2015 07:30 PM EDT Reads: 1,924
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 07:00 PM EDT Reads: 3,118
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 06:15 PM EDT Reads: 5,481