VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 5, 2012) - Prophecy Coal Corp. ("Prophecy" or the "Company") (PCY.TO)(PRPCF)(1P2.F) is pleased to announce the appointment of Jeffrey Mason as Chief Financial Officer.
Jeffrey Mason is a Chartered Accountant with over twenty years'' experience in financial reporting and has worked with various medium and large publicly-traded mining companies in the area of accounting, corporate finance and regulatory reporting.
Mr. Mason spent fifteen years with Hunter Dickinson Inc. (HDI), as Corporate Secretary, Chief Financial Officer and Director for numerous public mining companies. As CFO of Taseko Mines Limited during this time, he was instrumental in the acquisition, reactivation and financing of the Gibraltar copper-molybdenum mine in British Columbia, as well as its expansion from dormant into the second largest open pit copper mine in Canada. He brings a broad scope of both domestic and international mining experience, including negotiating the purchase of the Xietongmen open pit Copper-Gold Project on behalf of Continental Minerals Corporation and setting up a Joint Venture arrangement with Jinchuan Mining Group, before the eventual outright purchase of Continental by Jinchuan for C$432 million. Mr. Mason also was the CFO for Northern Dynasty Minerals Ltd. which in July 2007, established a 50:50 partnership with Anglo American plc to engineer, permit, construct and operate a modern, long-life mine at Pebble. Under the terms of the agreement, Anglo is required to invest US$1.425 -- $1.5 billion in project costs to retain its 50% interest. To the end of 2011, the Pebble Partnership and its owners had invested over US$500 million on the Pebble Project.
Mr. Mason''s duties at HDI further included public and private company financial reporting, arrangement of mergers & acquisitions, contracting joint ventures, earn-in and other mineral project agreements and corporate reorganizations. He also led human resources through the major expansion of the HDI workforce including hiring, contracting, wage setting, option granting, and administration.
Prior to HDI, Mr. Mason was with Homestake Mining Group for six years, as Controller responsible for financial reporting and operational accounting for the Golden Bear gold mine construction and operations, and the Eskay Creek Gold/Silver mine construction.
Formerly an Independent Business Advisor, Mr. Mason remains an active Director of a number of publicly-traded mining and exploration companies, including as a member of Audit and Compensation Committees.
Mr. Mason holds a B.Com. from the University of British Columbia (1980) and obtained his Chartered Accountant designation from the British Columbian Institute of Chartered Accountants (1982), while at the international accounting firm of Deloitte & Touche. He received a Director (ICD.D) designation in 2008, from the Institute of Corporate Directors at the University of Toronto''s Rotman School of Management.
The Company appoints Samir Devendra Patel as Corporate Secretary. Samir Devendra Patel has extensive legal experience in the area of securities and corporate law, particularly in relation to M&A transactions, continuous disclosure requirements, and equity and debt financings.
Prior to joining Prophecy, Mr. Patel was with the Securities & Capital Markets Group in the Vancouver office of Borden Ladner Gervais LLP, a leading, full-service, national law firm. His practice involved advising clients in a variety of sectors with respect to securities, corporate and commercial law matters, including public company financing transactions, mergers & acquisitions and restructuring transactions.
Mr. Patel graduated from the University of Nottingham in the United Kingdom with a Bachelor of Laws (Honours) in 2005, and completed his National Accreditation requirements at the University of Victoria in 2008. He was admitted to the British Columbia Bar in 2009.
Prophecy also announces the departure of Mr. Joseph Li from the Board of Directors and as the Company''s corporate secretary. Joseph played a significant role in helping Prophecy get to where it is today. The Company appreciates Joseph''s contributions and wishes him all the best in his future endeavors.
About Prophecy Coal
Prophecy Coal Corp. is a Canadian listed company engaged in developing energy projects in Mongolia. The Company''s wholly-owned subsidiary, Prophecy Power Generation LLC, is advancing plans for a proposed 600 MW mine-mouth power plant. The project, which has been permitted by the Mongolian government, is adjacent to the Company''s Chandgana coal deposit. Chandgana Coal LLC, another Prophecy wholly-owned Mongolian subsidiary, is expected to supply 3.5 million tonnes of coal per year to Prophecy Power for 30 years. Substantially all of the Company''s resources are not mineral reserves, hence they do not have demonstrated economic viability. The Company cautions the Chandgana project is in Mongolia and requires substantial capital to develop.
Further information on Prophecy Coal can be found at www.prophecycoal.com.
ON BEHALF OF THE BOARD OF PROPHECY COAL CORP.
JOHN LEE, CEO/Chairman
*Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Forward-Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements of potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals in respect of the transaction, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
- Board & Management Changes
- Chartered Accountant