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Prophecy forms subsidiaries for potential spin offs of silver, coal mines

Prophecy Development Corp. said Aug. 19 that it formed two subsidiaries, namely Silver Elephant Mining Corp. and Asia Mining Inc., to facilitate potential future spin offs of the company's Bolivian silver mine and Mongolian coal mines, respectively.

Silver Elephant was formed for the company's Pulacayo-Paca silver mine while Asia Mining was formed for the Ulaan Ovoo and Chandgana coal mines in Mongolia.

Meanwhile, Prophecy said that its Gibellini vanadium project in Nevada, is on track to formally start the 12-month streamlined environmental impact assessment by early 2020.