Coalcorp Announces Agreement on Port Concession in Barranquilla



    TORONTO, Jan. 21 /CNW/ - Coalcorp Mining Inc. (TSX-CCJ) announced today
that it has completed its review of available port concessions in Barranquilla
and has elected to partner with an existing concession holder to jointly
develop a multi-purpose port, initially to be designed to handle 10 million
tonnes of coal per year and ultimately 30 million tonnes per year.
    Preliminary design work is already underway and Sandwell Engineering has
been retained for the detailed design and engineering for a state-of-the-art
direct-loading port, fully in accordance with Colombian and international
environmental requirements. This port will take advantage of the Magdalena
River to provide export capacity in cape size ships for all coal producers and
ultimately other cargoes, including grains and containers, for import and
export.
    The port currently has a licence for 1.5 million tonnes per year. In
order to expand operations, river and sea port concessions need to be granted
by Cormagdalena, along with a national environmental licence and local
construction permit. The government is committed to expediting the approvals
process for this project. The government has also reconfirmed the tax
advantages announced previously.
    In addition, the current concession holder is in the process of obtaining
a river port concession in Capulco adjacent to Coalcorp's fully-permitted and
licensed facility which will be combined to ensure sufficient capacity in
Capulco, commensurate with the port facilities in Barranquilla.

    Coalcorp is a coal mining, exploration and development company with
interests in the La Francia and La Caypa coal mines and related infrastructure
projects and a number of coal exploration properties, all located in Colombia.
Further information can be obtained by visiting our website www.coalcorp.ca.

    %SEDAR: 00004043E




For further information:

For further information: Michael Davies, Chief Financial Officer, (416)
360-4653

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Coalcorp Mining Inc.

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