Prophecy Resources  says mine is production ready

Prophecy Resource Corp (PCY.V) said it received the final permit to start mining operations at its Ulaan Ovoo coal project in Mongolia, it is one of the earlier mining license holder within its coal developing companies since 1990.

Prophecy Resources, based in Vancouver, British Columbia, Canada reported in its statement the mine is production ready and that an official opening ceremony will be held on November 20 2010.

Another Canada’s energy company Khan Resources Inc (KRI.TO) has been mired into legal sues with the Mongolian authorities over its mining licenses at Dornod aimag, which were explored and developed by the former Soviet.

Prophecy shares, which have gained 67 percent in value since the company secured a $10 million loan for its coal mine in September, closed at 82 Canadian cents on Wednesday on the Toronto Venture Exchange, during this time.

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