Pacific Coast Nickel Resumes Trading 9:30am March 2
2011年3月2日 - 11:55AM
Marketwired
Prophecy Resource Corp. ("Prophecy") (TSX VENTURE: PCY)(OTCQX:
PRPCF)(FRANKFURT: 1P2) and Pacific Coast Nickel Corp. ("PCNC") (TSX
VENTURE: NKL) (the "Companies") are pleased to announce that PCNC
will resume trading at market open on March 2.
On February 17, Pacific Coast Nickel Corp. and Prophecy Resource
Corp. entered into an amending agreement (the "Amending Agreement")
in respect of the binding letter of agreement dated January 17,
2011 ("LOI") whereby PCNC will acquire Prophecy's Nickel PGM
projects by issuing 450 million common shares to Prophecy. The
Amending Agreement was entered based on independent fairness
opinion each received by Prophecy and PCNC.
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.
About PCNC
Pacific Coast Nickel Corp. is a Canadian based nickel and copper
base metal exploration company actively exploring properties in
Canada, Argentina and Uruguay. Included in the Company's property
portfolio is the Burwash property located adjacent to the Wellgreen
Mine (a former nickel and copper producer) near Burwash, Yukon
Territory, Canada. PCNC in December optioned the Las Aguilas
Nickel-PGM project in Argentina, which contains an historic, non
43-101 compliant resource of 2.2mt of 0.52% Ni, 0.50% Cu, 1.16 g/t
PGM. A qualified person has not done sufficient work to classify
the historical estimate as current mineral resources and PCNC is
not treating the historical estimate as current mineral resources
but as a historical estimate that should not be relied upon. PCNC
has also established a wholly owned subsidiary in Uruguay which has
identified and acquired a number of prospective nickel-copper
exploration targets.
ON BEHALF OF THE BOARD OF DIRECTORS of
Prophecy Resource Corp.
John Lee, Chairman and CEO
Pacific Coast Nickel Corp.
John Lee, Chairman and Interim CEO
Cautionary Statements: Completion of the transaction is subject
to a number of conditions, including regulatory approval,
shareholder approvals, a definitive agreement and approval of the
British Columbia Supreme Court if applicable. There can be no
assurance that the transaction will be completed as proposed or at
all. Investors are cautioned that, except as disclosed in the
Management Information Circular to be prepared in connection with
the transaction, any information released or received with respect
to the Transaction may not be accurate or complete and should not
be relied upon. Trading in the securities of exploration and
development stage resource companies should be considered highly
speculative.
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 timing
of the Transaction, future share ownership of PCNC, Prophecy's
intentions in respect of the PCNC Distribution, 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
companies are forward-looking statements that involve various risks
and uncertainties. Although PCNC 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
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 PCNC and
Prophecy and the risks and challenges of their businesses,
investors should review their annual filings that are available at
www.sedar.com.
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.
Completion of the Transaction is subject to a number of
conditions, including Exchange acceptance and disinterested PCNC
shareholder approval. The transaction cannot close until the
required shareholder approval is obtained. There can be no
assurance that the Transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
Management Information Circular and/or Filing Statement to be
prepared in connection with the transaction, any information
released or received with respect to the Transaction may not be
accurate or complete and should not be relied upon. Trading in the
securities of PCNC should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Transaction and has neither approved nor disapproved
the contents of this press release.
"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."
Contacts: Prophecy Resource Corp. Paul McKenzie +1.604.642.2625
ext. 107 Prophecy Resource Corp. Scott Parsons +1.604.642.2625 ext.
106 Prophecy Resource Corp. John Lee Chairman and CEO
1.800.851-1528 john@prophecyresource.com www.prophecyresource.com
Pacific Coast Nickel Corp. John Lee Chairman and Interim CEO
1.800.851-1528 info@pacificcoastnickel.com
www.pacificcoastnickel.com
Prophecy Coal Corp (TSXV:PCY)
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