Vancouver, British Columbia, March 2, 2011:
Prophecy Resource Corp. (�Prophecy� or the �Company�) (TSX-V:PCY, OTCQX: PRPCF, Frankfurt: 1P2 is pleased to announce that it has made the
following senior appointments:
Paul F. Venter: VP Energy Operations. Ulaan Baatar and London
Mr. Venter oversees Mongolia mining and power operations for the Company.
Mr. Venter has been a Prophecy director since
August 2010. He is an industry recognized and seasoned professional with
over 30 years of experience with BHP and Eskom in the mining, power generating,
and transport industry. In 2006 he extended his focus to expand the
business of a major strategic player in the coal and power generating
industry in Russia, China and Mongolia. Mr. Venter contributed
significantly towards the commissioning of Prophecy�s Ulaan
Ovoo mine in November and is now focusing on
power generating opportunities in addition to Ulaan
Ovoo operations. Mr. Venter holds a MDP
(Mining) and various commercial qualifications. He was accepted as a
member of the IRT (SA) in 1983.
Christiaan H.B. (Ronnie) Van Eeden:
VP Mining Operations. Ulaan Baatar
Mr. Van Eeden is in
charge of Mongolia mining operations and coal to liquids technology.
Mr. Van Eeden has 34
years of experience in coal mining and related industries including
holding senior management positions pertaining to the engineering, mining
and commercial functions of coal mines. His experience also includes the
management of the mining and supply of 90-100 million tons of coal per
annum, through various coal supply agreements, to Eskom the South African
power utility. He is a former director of a Canadian mining company that
developed a feasibility study for the establishment of a 2400 MW power
plant with its associated coal mine in Botswana in Southern Africa. Also
prior to joining Prophecy he was contracted by a large South African coal
to liquids company to undertake mining and commercial evaluations for the
feasibility studies of three large coal operations in China including
negotiating coal supply agreements, as well as the analysis and
evaluation of the business plans of five large coal mines in South
Africa.
Ronnie has a BSC Eng degree as well as a B Proc law degree. He also holds
certificates of competence in mining and engineering, a legal requirement
for managing coal mines in South Africa.
Enkbaatar Ochirbal: VP Mongolia Country Manager. Ulaan Baatar
Mr. Ochirbal liaises
with government on statutory and regulatory framework for both mining and
energy operations.
Mr. Ochirbal is a Mongolian national, who prior
to joining Red Hill Energy Inc (now Prophecy Resource Corp) in 2005 was a
Senior Manager with MineInfo LLC, one of
Mongolia's leading minerals and consulting companies. Prior to entering
the mining sector, he spent over 16 years in various managerial positions
in Mongolia's financial and banking sectors. He is a former Department
Head for the Mongolian Stock Exchange and Securities Commission, and
former President of MS Invest LLC - the first Investment Fund in Mongolia
in addition to being the former CEO of the Capitron
bank. Mr. Ochirbal holds a Commerce degree from
the Mining & Economics Institute, Ukraine, an MBA from the Mongol
Business University, Mongolia in addition to studying at the University
of Hull, UK and Boston University. He is fluent in Mongolian, Russian,
English and Czech languages.
Irina Plavutska, CGA: Interim CFO. Vancouver
and Ulaan Baatar
Ms. Plavutska is a professional accountant with
over 20 years of diverse international experiences in financial
reporting, auditing, and accounting. She is a member of Certified General
Accountants Association of British Columbia. Ms. Plavutska earned a Masters Degree in Economics from
the University of Business and Economics in Ukraine, and has held senior
accounting positions, such as corporate controller, at
numerous Canadian international and professional service companies
for the past several years. She is fluent in Russian and English. Mr.
Derek Liu has resigned as Prophecy CFO to pursue other opportunities.
Joseph W. Li, CGA: General Manager and Corporate Secretary.
Vancouver
Mr. Li is a Certified General Accountant (B.C) andhas
an Honours Bachelor of Commerce (Laurentian
University). For the past 13 years, he was a senior auditor with
the B.C. Ministry of Finance, a position which allowed him to gain
valuable insights in how diverse businesses of all sizes are operated.
Mr. Li strengthens Prophecy�s corporate governance. Mr. Li has been
granted 100,000 options at $1.07 per share with a 2 year vesting schedule
for a period of five years, subject to regulatory approval.
Mr. John Lee, CFA, Chairman of Prophecy comments: �Prophecy is now
endowed not only with world class assets but world class management. I
expect additional management announcement in the near term.�
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 Nickel shares. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.
Prophecy Resource Corp.
John Lee - Chairman and CEO
For further information:
John Lee
Telephone 1.800.851.1528
Email: john@prophecyresource.com
www.prophecyresource.com
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