TORONTO, Sept. 13, 2011 /CNW/ - Corsa Coal Corp. ("Corsa") (TSXV: CSO)
announces that it sold 105,000 clean tons of metallurgical coal at an
average realized price of US$169 per clean ton and 42,000 clean tons of
thermal coal during the three months ended August 31, 2011. For the
nine months ended August 31, 2011, Corsa sold 115,000 clean tons of
metallurgical coal, and 111,000 clean tons of thermal coal. Included in
metallurgical coal sales was raw metallurgical coal equivalent to
37,000 clean tons sold prior to the start-up of commercial operations
at Corsa's coal preparation plant in Somerset County, Pennsylvania,
Corsa's underground and surface mines produced 63,000 raw tons of
metallurgical coal during the three months ended August 31, 2011. This
production along with the 62,000 raw tons of coal mined during the
first six months of the fiscal year and the 121,000 tons of raw coal
purchased to the end of August 2011 was available as feed for the coal
The coal preparation plant, which began commercial operations in June
2011, processed 136,000 raw tons of metallurgical coal during the three
months ended August 31, 2011 and produced 94,000 clean tons. The
average recovery rate of 69%, which was lower than the expected target
rate at full production of 72%, was due to start-up adjustments at the
plant during June and July 2011. In August 2011, the plant achieved an
average recovery rate of 73% compared with the expected target rate at
full production of 72%.
Don Charter, President and CEO stated "The commencement of production
from the coal preparation plant and the sales of metallurgical coal
from the plant are significant milestones in the build out of our
business. Our operations team is to be complimented on achieving such a
quick start-up of the coal preparation plant."
Information about Corsa
Corsa's primary business is the mining, processing and selling of
metallurgical coal, as well as actively exploring, acquiring and
developing resource properties consistent with its coal business.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Corsa Coal Corp.
For further information:
Corsa Coal Corp.:
President and Chief Executive Officer