Coalcorp Announces Non-Binding Unsolicited Proposal by Third Party



    TORONTO, Feb. 1 /CNW/ - Coalcorp Mining Inc. (TSX-CCJ) announced today
that it has received a non-binding unsolicited proposal from a third party to
acquire all of the issued and outstanding common shares of the company. The
board of directors of the company has established a special committee of
independent directors to evaluate the proposal and make recommendations to the
board of directors with respect to the proposal. There can be no assurance
that any definitive agreement will result from the proposal or that any
transaction will be completed.

    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: Peter Volk, General Counsel and Secretary,
(416) 360-4653, pvolk@coalcorp.ca

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Coalcorp Mining Inc.

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