Coalcorp announces filing of Management Information Circular for the Special
Meeting to vote on proposed transaction

TORONTO, Jan. 21 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) announced today that it has filed and mailed the Management Information Circular (the "Circular") for the special meeting of shareholders to be held on February 11, 2010 (the "Special Meeting") to consider and, if deemed advisable, to approve a special resolution approving the proposed transaction with Goldman Sachs. The Circular is available on SEDAR at www.sedar.com.

As described in the Company's press release dated January 14, 2010, the Special Meeting will consider and vote upon a resolution to approve the previously announced proposed sale by Coalcorp's subsidiaries of the La Francia I mine and related infrastructure assets as well as all of the issued and outstanding shares of Adromi Capital Corp., the holder of the La Francia II concession, to a subsidiary of the Goldman Sachs Group, Inc. (the "Proposed Transaction"). The Proposed Transaction was announced by the Company in a press release issued on January 7, 2010.

As described in the Circular, the board of directors of the Company (the "Board") established a special committee of independent directors to oversee the strategic alternatives review (the "Strategic Alternatives Review") and make recommendations to the Board (the "Special Committee"). The Proposed Transaction is the result of this Strategic Alternatives Review, which was a comprehensive and thorough review including, (i) careful consideration of a number of strategic alternatives, including continuing as a stand-alone business, seeking potential equity/debt financing, pursuing a restructuring and/or capitalization, and other various commercial arrangements, (ii) engaging in formal discussions with a number of interested parties and the conducting of a formal strategic auction process, (iii) full and careful consideration of the submitted offers and proposals from the auction process, and (iv) the receipt of a fairness opinion.

Based on the unanimous recommendation of the Special Committee and the unanimous endorsement of the entire Board, Coalcorp continues to believe that the Proposed Transaction is in the best interest of the Company, its shareholders and other stakeholders. Accordingly, the Board unanimously recommends that Coalcorp shareholders vote in favour of the special resolution approving the Proposed Transaction.

The Circular sets out, among other things, the reasons for the recommendations above, the reasons to vote for the transaction, the consequences if the Proposed Transaction is not completed and also contains other important information concerning the Proposed Transaction.

    
    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: Juan Carlos Gomez, Interim Chief Executive Officer, +57 - 1 - 658 - 5050 Ext: 9990

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Coalcorp Mining Inc.

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