Coalcorp Announces Filing of Restated Financial Statements



    TORONTO, March 6 /CNW/ - Coalcorp Mining Inc. (TSX-CCJ) announced today
the filing of restated financial statements for the quarters ended
September 30, 2006 and December 31, 2006, reflecting a change in non-cash
foreign exchange losses. This restatement gives effect to the adjustment to
future income tax liabilities to properly reflect changes in currency exchange
rates between the US dollar and the currency of the country in which the
future tax liability arose. The impact of the foreign currency exchange rate
changes related primarily to the future tax liabilities of the Colombian
operations. This restatement primarily affected foreign exchange losses
included in the other income (expense) line of the statement of operations and
deficit. The allocation of depletion and depreciation was also corrected
between the first quarter and the second quarter with no effect on the seven
months ended December 31, 2006. These non-cash adjustments have no impact on
net cash flows or cash balances previously reported.
    For the quarter ended September 30, 2006, the restated loss amounts to
$10,683,000 or $0.03 per share, as compared to a loss of $8,361,000 or $0.02
per share as previously reported.
    For the quarter ended December 31, 2006, the restated loss amounts to
$23,030,000 or $0.06 per share, as compared to a loss of $18,324,000 or $0.05
per share as previously reported.
    For the seven months ended December, 2006, the restated loss amounts to
$33,713,000 or $0.08 per share, as compared to $26,685,000 or $0.07 per share
as previously reported.
    Revised financial statements and updated Management's Discussion and
Analysis reflecting these changes have been filed on SEDAR (www.sedar.com) and
the company's website (www.coalcorp.ca).

    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: Robert Doyle, Chief Financial Officer, (416)
360-4653

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