Coalcorp Provides Updated Default Status Report



    TORONTO, June 24 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) is providing its ninth 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.

    
    Update Matters
    --------------
    

    The Company reports the below matters which update one of the items of
information contained in the eighth default status report issued by the
Company on June 10, 2009.
    On June 10, 2009, the Company announced that in response to the Company's
prior declaration of force majeure under its mining services contract
(announced on May 6, 2009), the Company's mining contractor suspended all
operations, including crushing activities effective May 28, 2009. As
previously announced, this has limited the ability of the Company to deliver
crushed coal to customers. This situation remains ongoing and the Company is
currently exploring possible alternative options. As also announced on June
10, 2009, the mining contractor officially terminated its memorandum of
understanding with the Company effective June 1, 2009, and requested that the
Company assume lease contracts for equipment secured in connection with the
memorandum of understanding. The Company is currently in discussions with the
equipment lessor in connection with assuming those leases.
    The Company confirms that, except as described herein and in its initial
default announcement and subsequent default status reports: (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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