Vancouver, British Columbia, March 17,
2011: Prophecy Resource Corp. (�Prophecy� or the �Company�) (TSX-V:PCY,
OTCQX: PRPCF, Frankfurt: 1P2) is pleased to announce that Mr. Chuluunbaatar,
President and Chairman of the Monnis Group of
Companies, Mongolia ("Monnis")
has been appointed to Prophecy's Board of Directors. Monnis, headquartered in Ulaanbaatar, Mongolia, is
one of Mongolia's largest industrial holding companies. With over
1,000 employees and 12 subsidiaries, Monnis
has, under Mr. Chuluunbaatar�s leadership,
become a national leader in insurance, construction,
logistics, technology, real-estate, geological services, mining support
services, energy, automobile and automotive parts distribution,
international freight forwarding, foreign trade, air services,
communications, and corporate finance advisory services. By
practicing good corporate governance and social responsibility, Monnis has become one of Mongolia�s most respected
and revered business entities.
Mr. John Lee, CFA, Chairman of Prophecy commented today that: �Prophecy
and Monnis have already forged strong
partnerships and are both committed to advance Ulaan
Ovoo coal mining and Chandgana
power plant projects to better the country of Mongolia. I am pleased to
appoint Mr. Chulunnbaatar
to the Board of Directors and welcome his greater involvement in
Prophecy."
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 Coast Nickel shares. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF DIRECTORS Prophecy
Resource Corp.
"JOHN LEE"
John Lee
Chairman
Telephone 1.800.851.1528
Email: john@prophecyresource.com
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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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"Neither The TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."