Coalcorp Provides Updated Default Status Report



    TORONTO, May 27 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) is providing its seventh Default Status Report in
accordance with National Policy 12-203: Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). On February 6, 2009 Coalcorp announced that
it would delay the filing of its second quarter interim financial statements,
CEO and CFO certifications and related management discussion and analysis
(MD&A) for the three and six-month periods ended December 31, 2008 (the
"Second Quarter Interim Financials") beyond the filing deadline of February
16, 2009. On May 13, 2009 Coalcorp announced that it would also delay the
filing of its third quarter interim financial statements, CEO and CFO
certifications and related management discussion and analysis (MD&A) for the
nine month period ended March 31, 2009 beyond the filing deadline of May 15,
2009.
    On February 18, 2009 the Ontario Securities Commission (the "OSC") issued
a temporary management cease trade order related to the Company's securities
against the Chief Executive Officer and the then Chief Financial Officer
(Liliana Aleman has since stepped down from that role as announced on March
30, 2009) of the Company for so long as the Second Quarter Interim Financials,
and related certifications and MD&A 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 and
Liliana Aleman, the former Chief Financial 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.
    The Company confirms that, except as described in its initial default
announcement and first default status report dated March 3, 2009, and
subsequent default status reports dated March 17, 2009, April 1, 2009, April
15, 2009, April 30, 2009 and May 13, 2009: (i) there has been no material
change to the information set out in its initial default announcement filed
pursuant to NP 12-203; (ii) there has been no failure by the Company in
fulfilling its stated intention with respect to satisfying the provisions of
the alternative information guidelines set out in NP 12-203; (iii) there is no
actual or anticipated specified default subsequent to that disclosed in the
initial default announcement; and (iv) there is no other additional material
information concerning the affairs of the Company that has not been generally
disclosed.
    The Company will continue to provide bi-weekly updates, as required by NP
12-203, until the required filings have been made and the Company is no longer
in default.

    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.

    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.





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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