Source: http://www.miningweekly.com                   Date: 17 November, 2010

Prophecy Resource Corp. has received the final permit to start mining operations at its Ulaan Ovoo coal project. It is a fully transferable 30-year mining license that can be extended by an additional 40 years. The mine is production ready and an official opening ceremony will be held on November 20.

The Ulaan Ovoo open-pit mine is 10 km from the Russian border and within 120 km from the Nauski TransSiberian railway station, so the company can transport coal to Russia and the country's eastern seaports. Coal will also be sent south to local Mongolian thermal power plants and the firm says it has received several Russian written expressions of interest and is working to finalize coal sales contracts with Russian groups.