Coalcorp Provides Updated Default Status Report

TORONTO, Sept. 16 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) is providing its fifteenth 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 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.

    
    Update Matters
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The Company reports the below matters which are material changes to the information contained in the fourteenth default status report issued by the Company on September 2, 2009.

The Company announced today that it has filed its Third Quarter Interim Financials on this date. A copy of the Third Quarter Interim Financials is available on the SEDAR website at www.sedar.com and the Company's website at www.coalcorp.ca. In accordance with NP 12-203, the temporary management cease trade order will lapse after two business days following the filing of the Third Quarter Interim Financials.

As also announced today, the Company will be delayed in the filing of its annual financial statements and related MD&A for the financial year ended June 30, 2009 (the "Annual Financials") beyond the filing deadline of September 28, 2009. In accordance with the requirements of NP 12-203, the Company intends to apply to the OSC for the issuance of another temporary management cease trade order to be in effect until such time as it files its Annual Financials. The Company is in the process of preparing the Annual Financials and expects to release those in the near term.

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.

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.

SOURCE Coalcorp Mining Inc.

For further information: For further information: Joseph Belan, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990

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