/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 29 /CNW/ - Cline Mining Corporation (TSX: CMK) ("Cline" or "The Company") is pleased to announce that it has filed its report titled "Preliminary Assessment of the New Elk Mine Project" (the "Report") on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR"), which can be accessed at www.sedar.com.
The purpose of the Report is to provide a technical and economic assessment of Cline's wholly owned New Elk Mine, based on currently available data. The New Elk Mine is a planned underground coal mining operation located approximately 24 miles west of Trinidad, Colorado, USA.
Cline contracted Agapito Associates, Inc. ("AAI") to complete the Report. The authors of the preliminary assessment meet the "qualified person" requirements set out in National Instrument 43-101 ("NI 43-101"). AAI prepared a NI 43-101 Technical Report in support of the Preliminary Assessment, which was filed by Cline on SEDAR on March 16, 2010.
AAI's preliminary assessment Report indicates; (1) operation of the New Elk Mine for at least 20 years should be technically feasible, (2) no fatal flaws were identified and (3) the New Elk Mine's existing and usable infrastructure, apparent favorable geology, sizable resource estimate of metallurgical grade coal, proximity to public highway and coal transportation facilities and availability of historical exploration and mine operating data all contribute to the New Elk Mine's potential for an abbreviated construction period, low initial capital cost and attractive economics compared to competitive projects.
CLINE MINING CORPORATION
Ken Bates, President and Chief Executive Officer
This news release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws), including information relating to the magnitude or quality of mineral deposits, the economic assessment and estimates regarding the mine life of the New Elk coal mine, and the timing and completion of financings. The timing of drilling and work recommended by the 43-101 Report is based on current internal expectations, which may prove to be incorrect. Other risk factors are discussed under "Risk Factors" in Cline's 2009 Annual Information Form, and include management's ability to anticipate and manage risk factors. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that are common to junior mineral exploration companies. These risks and uncertainties include, among other things, the Company's need for additional funding to continue its exploration efforts, changes in general economic, market and business conditions, and competition for, among other things, capital and skilled personnel. These statements are not a guarantee of future performance and undue reliance should not be placed on them. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws. Copies of the Company's public filings under applicable Canadian securities laws are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings. The technical information contained in this press release has been prepared and reviewed by Dennis Mraz, P.Eng.,Executive Vice President and Chief Operating Officer of the Company, a qualified person within the meaning of NI 43-101. This Press Release is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. The securities referenced herein have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
SOURCE Cline Mining Corporation
For further information: For further information: Head Offices: Toronto Office: TD Canada Trust Tower, 161 Bay Street, 27th Floor, Toronto, ON, M5J 2S1; Vancouver Office: Suite 2950 - 650 West Georgia Street, Vancouver, BC, V6B 4N8; Contacts: Ken Bates, President and CEO, Ernest Cleave, Vice-President and CFO, Office: (416) 572-2002, Email: firstname.lastname@example.org, Website: www.clinemining.com