Coalcorp announces filing of annual financials and delay in filing of first
quarter interim financials

TORONTO, Dec. 16 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announces that it filed today its audited annual financial statements and related management discussion and analysis (MD&A) for the financial year ended June 30, 2009 (the "Annual Financials"). A copy of the Annual Financials is available on the SEDAR website at www.sedar.com and the Company's website at www.coalcorp.ca. The Company remains delayed in the filing of its 2009 Annual Information Form beyond its filing deadline of September 28, 2009, as previously announced by the Company on September 16, 2009.

The Company is also delayed in the filing of its first quarter interim financial statements, CEO and CFO certifications and related management discussion and analysis (MD&A) for the three month period ended September 30, 2009 (the "First Quarter Interim Financials") beyond the filing deadline of November 16, 2009. The Company is in the process of preparing the First Quarter Interim Financials and expects to release those in the near term.

On October 19, 2009, the Ontario Securities Commission (the "OSC") issued a management cease trade order related to the Company's securities against the Chief Executive Officer of the Company with respect to the delayed filing of the Annual Financials and 2009 Annual Information Form. The management cease trade order will remain in effect for so long as the 2009 Annual Information Form and First Quarter Interim Financials are not filed. The issuance of such management cease trade order does not affect the ability of persons to trade in their securities of Coalcorp, other than the Chief Executive Officer. However, the OSC, in its discretion, may determine at a later time that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities.

    
    About Coalcorp
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Coalcorp is a coal mining, exploration and development company with interests in the La Francia coal mine and related infrastructure projects and a number of coal exploration properties, all located in Colombia. Coalcorp also holds a 60% equity interest in Carbones Colombianos del Cerrejon which owns the La Caypa coal mine in Colombia. Further information can be obtained by visiting our website at www.coalcorp.ca or under the Company's profile at www.sedar.com.

    
    Forward Looking Statements Disclaimer
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Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.

SOURCE Coalcorp Mining Inc.

For further information: For further information: Joseph Belan, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990

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Coalcorp Mining Inc.

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