Prophecy Coal Granted Power Plant License in Mongolia

Prophecy Coal Corp., a Vancouver-based developer of energy projects in Mongolia, announced that its wholly-owned Mongolian subsidiary, East Energy Development LLC, has received the license certificate from the Mongolian Energy Regulatory Authority to construct a 600 MW Chandgana power plant. Coal for the Chandgana power plant will be supplied from Prophecy’s Chandgana Tal deposit, for which the company has already obtained a full mining license. The target construction commencement date is the first quarter of 2013.