TORONTO, April 11 /CNW/ - Coalcorp Mining Inc. (TSX: CCJ) announced today
that it has completed the previously-announced exploration agreement with BHP
Billiton, the world's largest diversified resources company. The three-year
agreement, covering 31 exploration properties in Colombia, grants BHP Billiton
the option to earn a 50% interest in any particular deposit discovered, by
sole funding 100% of exploration expenditures, subject to an annual minimum of
$2.5 million until the completion of a pre-feasibility study. BHP Billiton can
earn a further 10% in the deposit by funding all expenditures through
completion of a feasibility study and assisting Coalcorp in arranging for
financing its share of development costs.
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.
For further information:
For further information: Robert Doyle, Chief Financial Officer, (416)