Was für Stümper in dieser Firma arbeiten. Dann sag ich doch mal frohe Weihnachten!
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2013) - Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) - As a result of a review by the British Columbia Securities Commission, Prophecy is issuing the following news release to clarify our disclosure.
On June 18, 2012, Prophecy announced that it had entered into a binding Sale and Purchase Agreement (the "Agreement") to acquire assets relating to certain Tugalgatai coal exploration licenses (the "Tugalgatai Assets") from Tethys Mining LLC ("Tethys"), subject to approval from the Minerals Resource Authority of Mongolia. On November 2, 2012, the Company announced it was postponing the acquisition of the Tugalgatai Assets from Tethys Mining LLC until the Minerals Resource Authority of Mongolia had accepted the license transfer application. On November 15, 2012 the Company announced that the Agreement for the Tugalgatai Assets had lapsed as a result of the initial long stop date for the completion of the proposed acquisition under the terms of the Agreement had passed.
In its news release dated June 18, 2012 the Company referenced a resource estimate of 2.33 billion tonnes of coal for the Tugalgatai Assets, and in its August 7, 2013, news release, the Company re-disclosed the 2.3 billion tonne resource estimate at Tugalgatai as a "historic" estimate, however, in both the June 18 and August 7, 2012 news releases, the Company failed to include disclosure for a historic estimate required under NI 43-101. Further, in the June 18 and August 7, 2012 news releases, the Company omitted the resource classifications and did not explain differences between Mongolian classes and Canadian Institute of Mining classifications required under sections 1.2 and 1.3 of NI 43-101. The Company also failed to include the prominent cautionary language required under NI 43-101.
Hence, the Company would like to clarify and caution that the Tugalgatai resource estimate referenced in the June 18 and August 7, 2012 news releases was a historic estimate (the "Historic Estimate") derived from records prepared by Tethys, a wholly owned subsidiary of Vale S.A., in connection with Tethy's March 15, 2011 application to register a resource estimate for the Tugalgatai licenses with the Minerals Resource Council of Mongolia prior to the Company entering into the Agreement to acquire the Tugalgatai Assets. This Historic Estimate was prepared to meet the Mongolian classification standard, which may differ significantly from Canadian Institute of Mining standard, was not prepared in accordance with NI 43-101 and uses resource categories that differ from those required under sections 1.2 and 1.3 of NI 43-101. The Company is unaware of the key assumptions, parameters and methods used to prepare the Historic Estimate and additional work would be required to verify the Historic Estimate as current mineral resources or reserves in accordance with NI 43-101.
The Company also wishes to confirm that a "Qualified Person" (as that term is defined in NI 43-101) has not done sufficient work to classify the Historical Estimate as current mineral reserves or resources, the Company is not treating the Historical Estimate as current mineral resources or reserves and the Historical Estimate cannot be relied upon as a current statement of reserves or resources on the Tugalgatai Assets.
The Company would like to further confirm that the Agreement was terminated on November 5, 2012 and that Prophecy is not intending to proceed with an acquisition of the Tugalgatai Assets and so will not prepare and file a National Instrument 43-101 ("NI 43-101") compliant technical report for its Chandgana Property in Mongolia that includes the Tugalgatai Assets.
In addition, the Company previously filed a technical report titled "Technical Report, Coal Resources and Preliminary Economic Assessment, Coal Mine Component, Chandgana Tal Coal Project", dated November 30, 2012 (the "Report"). The Report was filed by the Company to support information contained in the Company's news releases dated May 10, and November 2, 2012. At the time of filing the Report, the Company failed to file the required consents of the Qualified Persons for all of the authors of the Report contrary to the requirements of NI 43-101. In addition, the Report contained a number of deficiencies, including deficient Certificates of Qualified Persons for each of the authors of the Report, failure to include cautionary language required by NI 43-101, and included results of a Feasibility Study that were not supported by the Report. The preliminary economic assessment contained in the Report is not supported by a NI 43-101 compliant technical report, contrary to NI 43-101, and should not be relied upon until independently verified and supported by a NI 43-101 compliant technical report. In light of these deficiencies, the Company will have a revised NI 43-101 compliant technical report and preliminary economic assessment in respect of its Chandgana Tal Coal Project prepared, which the Company will file under its profile at www.sedar.com replacing the Report in its entirety.
The scientific and technical information contained in this news release was prepared under the supervision of Christopher M. Kravits CPG, General Mining Manager of Prophecy Coal Corp. Mr. Kravits is a Qualified Person, as that term is defined under NI 43-101.
Read more at http://www.stockhouse.com/companies/bullboard/...#UWCoTdcVKeax5Rpw.99
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