October 16, 2018 (Source) — Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2N) is admiring to advertise that the Aggregation has accomplished a charter acceding (the “Lease”) with an arms-length clandestine Mongolian aggregation (the “Lessee”) whereby the Lessee affairs to accomplish mining operations at Prophecy’s Ulaan Ovoo atramentous mine, and will pay Prophecy US$2 (the “Production Royalty“) for every tonne of atramentous alien from the Ulaan Ovoo armpit premises.
Bekzod Kasimov, Prophecy’s VP, Business Development, comments:
“This Charter signifies the abeyant restart of the Ulaan Ovoo abundance to accumulation affection thermal atramentous for abundant bare bounded consumption.
With nameplate assembly accommodation of 2 actor tonnes a year, Ulaan Ovoo is a ample atramentous acreage featuring a single, massive atramentous bond of 40 to 80 accent array with outcrops and low band arrangement accustomed basal abstruse risk.
Ulaan Ovoo’s Assembly Ability is accepted to accommodate Prophecy with a acquiescent assets beck while Prophecy continues to beforehand the Gibellini vanadium activity in Nevada as the Company’s top priority.”
About the Lease:
The Lessee is an accustomed aggregation actively mining at Mongolia’s better coking atramentous deposit, Tavan Tolgoi. The Lessee has paid Prophecy US$100,000 in cash, as a non-refundable beforehand ability acquittal and is preparing, at its own and sole expense, to restart and accomplish the Ulaan Ovoo abundance with its own equipment, supplies, apartment and crew. The Lessee will pay all government taxes and royalties accompanying to its proposed mining operation.
The Charter is accurate for 3 years with an ceremony beforehand ability acquittal (“ARP”) for the aboriginal year of $100,000 due aloft signing, acquittal of which is appear herein, $150,000 and $200,000 due on the 1st and 2nd ceremony of the Lease, respectively. The ARP can be accustomed appear the $2 per tonne Assembly Ability payments to be fabricated to Prophecy as the Lessee starts to advertise Ulaan Ovoo coal. Abounding parties accept bidding client absorption in Ulaan Ovoo’s coal. Prophecy will accommodate a added amend already the Lessee finalizes the abundance alpha date and sales affairs for 2019.
The 3-year Charter can be continued aloft alternate agreement.
About Ulaan Ovoo:
Ulaan Ovoo is amid in arctic Mongolia, 17km from the Zeltura bound to Russia by clay road, and 120km by alley from Mongolia’s Sukhbaatar railway base (which connects to the Trans-Siberian railway network).
Ulaan Ovoo produced over 500,000 tonnes of atramentous from 2012 to 2014 which was awash to 28 abstracted Russian and Mongolian barter such as Erdenet Copper Mining Corporation, UB Railway, and Khutul Adhesive afore it was put on standby in 2014.
The criterion Newcastle thermal atramentous amount has rebounded from a 2014 low of US$61 per tonne to a accepted amount of $114 per tonne, which are levels not apparent back 2011.
Ulaan Ovoo appearance an boilerplate band arrangement of 1.8 BCM waste/tonne of coal. The atramentous mined yielded 5,000 kcal/kg GCV, beneath than 1% sulphur and 8% ash which is adapted for ability plants, adhesive plants and calefaction boiler applications. Wardrop Engineering (Tetra Tech) estimated 174 Mt of abstinent and 34 Mt of adumbrated atramentous assets in an NI 43-101 prefeasibility abstraction in 2010.
The abstruse capacity of this account absolution accept been able beneath the administration of Danniel Oosterman, VP, Exploration. Mr. Oosterman is not absolute of the Aggregation in that he is active as a adviser to the Aggregation and best of his assets is acquired from the Company. Mr. Oosterman is a Qualified Person as authentic in NI 43-101.
Prophecy is developing the Gibellini activity – the alone large-scale, open-pit, heap-leach vanadium activity of its affectionate in North America. Amid in Nevada, Gibellini has the better NI 43-101 adjustable abstinent and adumbrated primary vanadium ability accepted in the USA and is currently ability EPCM and EIS preparation. Prophecy additionally has mining projects in Mongolia and Bolivia. Added advice on Prophecy can be begin at www.prophecydev.com.
PROPHECY DEVELOPMENT CORP.
ON BEHALF OF THE BOARD
Neither the Toronto Stock Barter nor its Regulation Services Provider (as that appellation is authentic in the behavior of the Toronto Stock Exchange) accepts albatross for the capability or accurateness of this release.
Cautionary Note Apropos Forward-Looking Statements
Certain statements independent in this account release, including statements which may accommodate words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or agnate expressions, and statements accompanying to affairs which are not absolute facts, are advanced advice aural the acceptation of applicative balance laws. Such advanced statements, which reflect management’s expectations apropos Prophecy’s approaching growth, after-effects of operations, performance, business affairs and opportunities, are based on assertive factors and assumptions and absorb accepted and alien risks and uncertainties which may account the absolute results, performance, or achievements to be materially altered from approaching results, performance, or achievements bidding or adumbrated by such advanced statements. These estimates and assumptions are inherently accountable to cogent business, economic, aggressive and added uncertainties and contingencies, abounding of which, with account to approaching events, are accountable to change and could account absolute after-effects to alter materially from those bidding or adumbrated in any advanced statements fabricated by Prophecy. In authoritative advanced statements as may be included in this account release, Prophecy has fabricated several assumptions that it believes are appropriate, including, but not bound to assumptions that: all appropriate third affair contractual, authoritative and authoritative approvals will be acquired for the development, architecture and assembly of Prophecy’s backdrop and the Chandgana ability plant; there actuality no cogent disruptions affecting operations, whether due to labour disruptions or added causes; bill barter ante actuality about constant with accepted levels; assertive amount assumptions for vanadium, silver, atramentous and added metals, prices for and availability of fuel, genitalia and accessories and added key food abide constant with accepted levels; assembly forecasts affair expectations; the accurateness of Prophecy’s accepted mineral ability estimates; labour and abstracts costs accretion on a base constant with Prophecy’s accepted expectations; any added appropriate costs will be accessible on reasonable terms; and bazaar developments and trends in all-around accumulation and appeal for vanadium, energy, silver, atramentous and added metals affair expectations. Prophecy cannot assure you that any of these assumptions will prove to be correct.
Numerous factors could account Prophecy’s absolute after-effects to alter materially from those bidding or adumbrated in the advanced statements, including the afterward risks and uncertainties, which are discussed in greater detail beneath the branch “Risk Factors” in Prophecy’s best contempo Management Discussion and Analysis and Ceremony Advice Form as filed on SEDAR and acquaint on Prophecy’s website: Prophecy’s history of net losses and abridgement of accountable absolute banknote flow; exploration, development and assembly risks, including risks accompanying to the development of Prophecy’s mineral properties; Prophecy not accepting a history of assisting mineral production; basic abundance development afterwards a achievability study; the ambiguity of mineral ability and mineral assets estimates; the basic and operating costs appropriate to accompany Prophecy’s projects into assembly and the consistent bread-and-er allotment from its projects; adopted operations and political conditions, including the acknowledged and political risks of operating in Bolivia and Mongolia, which are developing countries and actuality accountable to their bounded laws; the availability and accommodation of assorted government approvals, permits and licenses; the feasibility, allotment and development of Prophecy’s projects; attention appellation to Prophecy’s mineral properties; ecology risks; the aggressive attributes of the mining business; abridgement of infrastructure; Prophecy’s affirmation on key personnel; uninsured risks; article amount fluctuations; affirmation on contractors; Prophecy’s charge for abundant added allotment and the accident of not accepting such allotment on reasonable agreement or at all; adopted barter risk; anti-corruption legislation; contempo all-around banking conditions; the acquittal of dividends; the disability of allowance to awning all abeyant risks associated with mining operations; conflicts of interest; and cyber-security risks accompanying to the Company’s affirmation on advice technology systems.
These factors should be advised carefully, and readers should not abode disproportionate affirmation on Prophecy’s advanced statements. Prophecy believes that the expectations reflected in the advanced statements independent in this account absolution and the abstracts congenital by advertence herein are reasonable, but no affirmation can be accustomed that these expectations will prove to be correct. In addition, although Prophecy has attempted to analyze important factors that could account absolute actions, contest or after-effects to alter materially from those declared in advanced statements, there may be added factors that account actions, contest or after-effects not to be as anticipated, estimated or intended. Prophecy undertakes no obligation to absolution about any approaching revisions to advanced statements to reflect contest or affairs afterwards the date of this account or to reflect the accident of hasty events, except as especially appropriate by law.
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