Prophecy Resource Corp.

Prophecy Resource Corp.

March 02, 2011 09:00 ET

Prophecy Appoints Key Management Personnel

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2011) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce that it has made the following senior appointments:

Paul F. Venter: VP Energy Operations. Ulaan Baatar and London

Mr. Venter oversees Mongolia mining and power operations for the Company.

Mr. Venter has been a Prophecy director since August 2010. He is an industry recognized and seasoned professional with over 30 years of experience with BHP and Eskom in the mining, power generating, and transport industry. In 2006 he extended his focus to expand the business of a major strategic player in the coal and power generating industry in Russia, China and Mongolia. Mr. Venter contributed significantly towards the commissioning of Prophecy's Ulaan Ovoo mine in November and is now focusing on power generating opportunities in addition to Ulaan Ovoo operations. Mr. Venter holds a MDP (Mining) and various commercial qualifications. He was accepted as a member of the IRT (SA) in 1983.

Christiaan H.B. (Ronnie) Van Eeden: VP Mining Operations. Ulaan Baatar

Mr. Van Eeden is in charge of Mongolia mining operations and coal to liquids technology.

Mr. Van Eeden has 34 years of experience in coal mining and related industries including holding senior management positions pertaining to the engineering, mining and commercial functions of coal mines. His experience also includes the management of the mining and supply of 90-100 million tons of coal per annum, through various coal supply agreements, to Eskom the South African power utility. He is a former director of a Canadian mining company that developed a feasibility study for the establishment of a 2400 MW power plant with its associated coal mine in Botswana in Southern Africa. Also prior to joining Prophecy he was contracted by a large South African coal to liquids company to undertake mining and commercial evaluations for the feasibility studies of three large coal operations in China including negotiating coal supply agreements, as well as the analysis and evaluation of the business plans of five large coal mines in South Africa.

Ronnie has a BSC Eng degree as well as a B Proc law degree. He also holds certificates of competence in mining and engineering, a legal requirement for managing coal mines in South Africa.

Enkbaatar Ochirbal: VP Mongolia Country Manager. Ulaan Baatar

Mr. Ochirbal liaises with government on statutory and regulatory framework for both mining and energy operations.

Mr. Ochirbal is a Mongolian national, who prior to joining Red Hill Energy Inc. (now Prophecy Resource Corp.) in 2005 was a Senior Manager with MineInfo LLC, one of Mongolia's leading minerals and consulting companies. Prior to entering the mining sector, he spent over 16 years in various managerial positions in Mongolia's financial and banking sectors. He is a former Department Head for the Mongolian Stock Exchange and Securities Commission, and former President of MS Invest LLC - the first Investment Fund in Mongolia in addition to being the former CEO of the Capitron bank. Mr. Ochirbal holds a Commerce degree from the Mining & Economics Institute, Ukraine, an MBA from the Mongol Business University, Mongolia in addition to studying at the University of Hull, UK and Boston University. He is fluent in Mongolian, Russian, English and Czech languages.

Irina Plavutska, CGA: Interim CFO. Vancouver and Ulaan Baatar

Ms. Plavutska is a professional accountant with over 20 years of diverse international experiences in financial reporting, auditing, and accounting. She is a member of Certified General Accountants Association of British Columbia. Ms. Plavutska earned a Masters Degree in Economics from the University of Business and Economics in Ukraine, and has held senior accounting positions, such as corporate controller, at numerous Canadian international and professional service companies for the past several years. She is fluent in Russian and English. Mr. Derek Liu has resigned as Prophecy CFO to pursue other opportunities.

Joseph W. Li, CGA: General Manager and Corporate Secretary. Vancouver

Mr. Li is a Certified General Accountant (B.C) andhas an Honours Bachelor of Commerce (Laurentian University). For the past 13 years, he was a senior auditor with the B.C. Ministry of Finance, a position which allowed him to gain valuable insights in how diverse businesses of all sizes are operated. Mr. Li strengthens Prophecy's corporate governance. Mr. Li has been granted 100,000 options at $1.07 per share with a 2 year vesting schedule for a period of five years, subject to regulatory approval.

Mr. John Lee, CFA, Chairman of Prophecy comments: "Prophecy is now endowed not only with world class assets but world class management. I expect additional management announcement in the near term."

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 Nickel shares. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


John Lee, Chairman

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 regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Northern and Prophecy believe 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 general economic, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. 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 Northern and Prophecy and the risks and challenges of their businesses, investors should review their annual filings that are available at

This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

"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."

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