Coalcorp Provides Updated Default Status Report



    TORONTO, Sept. 2 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the
"Company") (TSX-CCJ) is providing its fourteenth 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 (the "Third Quarter Interim
Financials") 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 the Third Quarter Interim Financials 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 filed its Second Quarter Interim Financials on August 19,
2009. However it remains delayed in filing its Third Quarter Interim
Financials and so the management cease trade order imposed on the Chief
Executive Officer and the former Chief Financial Officer of the Company
remains in effect. The Company is in the process of finalizing the Third
Quarter Interim Financials and expects to release those in the near term.

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

    The Company reports the below matters which are material changes to the
information contained in the thirteenth default status report issued by the
Company on August 19, 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 announced
on August 12, 2009, the Company executed an agreement with Consorcio Minero
del Cesar, its current mining contractor, which allowed for the immediate
commencement of operations at the La Francia mine. Following the execution of
that agreement, the mining contractor's workers resumed effective operation at
the mine on August 24, 2009 and coal deliveries started shortly thereafter
    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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