MarketWatch / marketwire: Prophecy Coal Consolidates Chandgana Coal Basin by Agreeing to Acquire Tugalgatai Licenses from Tethys Mining LLC

Prophecy Coal Corp. (“Prophecy” or the “Company”) is pleased to announce that it has entered into a binding Sale and Purchase Agreement (the “Agreement”) to acquire assets relating to certain Tugalgatai coal exploration licenses from Tethys Mining LLC (“Tethys”), and subject to approval from the Minerals Resource Authority of Mongolia, to have such exploration licenses transferred to it. The Tugalgatai licenses are contiguous to the Company’s Chandgana licenses which host a measured resource of 650 million tonnes and an indicated resource of 540 million tonnes of thermal coal. According to records reviewed by Prophecy, on March 15, 2011, Tethys applied to register a resource estimate of 2.33 billion tonnes of thermal coal for the Tugalgatai licenses with the Minerals Resource Council of Mongolia. The resources registered by Tethys are not NI 43-101 compliant. Prophecy expects to conduct work in due course with a view of preparing its own NI 43-101 estimate of the contained resource at Tugalgatai. To read the full article, click hereProphecy Coal Consolidates Chandgana Coal Basin by Agreeing to Acquire Tugalgatai Licenses from Tethys Mining LLC

This entry was posted in Mongolia News. Bookmark the permalink.

Comments are closed.