TORONTO, Oct. 19 /CNW/ - Coalcorp Mining Inc. (TSX-CCJ) announced today
that several alternatives were being analyzed within the Colombian council of
ministries and the president's office to find a quick solution to the port
that will be built on the Caribbean coast of Colombia by Coalcorp. Hernan
Martinez, Minister of Mines, stated in a press conference yesterday, "We have
made important progress in the meetings these last days ... and what has come
out is a solution in the area in Barranquilla at the mouth of the Magdalena
River that is an optimum site. Coalcorp and the government have identified
three alternatives that are under analysis and at an upcoming meeting at the
president's office will be finalized." He went on to state, "Part of the
incentives that we are offering Coalcorp include not only the site but a
potential of free zone status that brings reductions in income taxes from 33%
to 15% annually and also total exoneration of import duties and VAT tax on all
equipment needed for the construction of the port that will come into the
Serafino Iacono, Coalcorp's Chief Executive Officer has said that he is
very pleased by the prompt and effective resolution of this issue on the part
of President Uribe and his government. "We expect to finalize the choice of
alternatives in the coming weeks."
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: Serafino Iacono, Chief Executive Officer, (416)