TORONTO, Oct. 15, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK)
provides an operational update on its third quarter 2013 production at
the La Caypa and Cerro Largo mines.
Hernan Martinez, Executive Chairman, commented: "The production
improvements noted in the first half of the year continued as the
Company produced 395,499 tonnes of coal in the third quarter of 2013.
This was consistent with the 398,865 tonnes produced in the second
quarter of 2013 and represents a 27% increase over the quarterly
average in the first half of 2013. We also continue to make important
progress with the development of La Caypa's south pit. The Company
remains committed to expanding its margins and reducing its costs on a
per tonne basis."
Q3 2013 production at La Caypa
Production of Coal
(1) Bank cubic meters
During the third quarter of 2013, the Company produced 315,933 tonnes at
La Caypa, 105% of its planned production and consistent with the
production of 320,436 tonnes in the second quarter of 2013 (which
represented the highest production at the mine since the first quarter
of 2011). The positive results can be attributed to the proficiency of
the Company's new management and their La Caypa team. Operational
stripping ratios at La Caypa also continued to improve, from 8.02 in
the second quarter of 2013 to 7.74 in the third quarter of 2013 (3%
Given that La Caypa produced 755,349 tonnes of coal in the first nine
months of 2013, including the limited production in the first quarter
as the new operator ramped-up, the Company is in-line to meet the
anticipated production target of 1.0 million tonnes at La Caypa in
2013. This would represent a 12% production increase from 2012.
Q3 2013 production at Cerro Largo
Production of Coal
In the three months ended September 30, 2013, coal production at the
Cerro Largo mine was 79,566 tonnes, which was below planned production
for the quarter. Production was limited due to lower than forecasted
availability of equipment for mine operations and transportation, as
the Company transitioned from use of a third party operator to
operating the mine in-house in 2013. The Company plans to rectify
these issues in the fourth quarter of 2013. The third quarter stripping
ratio was consistent with the ratio for the first six months of 2013
As the Company continues to ramp-up in-house operations of Cerro Largo,
production targets for 2013 for Cerro Largo were adjusted to 0.4
million tonnes, consistent with the production levels in 2012.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company engaged
in the acquisition, exploration and production of coal and coal-related
assets from properties located in Colombia. The Company's common shares
are listed on the TSX Venture Exchange and trade under the symbol
Forward Looking Information:
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
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Forward-looking statements involve known and unknown risks,
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performance or achievements of Pacific Coal to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
Pacific Coal disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
Neither 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 news
SOURCE: Pacific Coal Resources Ltd.
For further information:
Deputy General Counsel & Secretary