COALSPUR MINES LIMITED - COMMENCEMENT OF SECOND PHASE DRILLING AT VISTA COAL PROJECT

Highlights:

  • Commencement of second phase development drilling at the Vista Coal Project to further confirm coal quality and upgrade existing resource classifications
  • Initiated drilling that focuses on defining the structural potential of the Vista coal sequence to support underground longwall mining to access potential additional coal reserves that are outside the current mine plan limits
  • Investigating geotechnical aspects of the coal bearing sequence in the Coalspur Formation to confirm highwall stability assumptions for dragline and truck/shovel mining 
  • Installing piezometers for water measurement as part of the continuing program to advance technical studies for development planning and permitting

PERTH, Western Australia, Feb. 17 /CNW/ - Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL) (TSX: CPT) is pleased to announce that the second phase of development drilling at the Company's flagship project, the Vista Coal Project ("Vista") has now commenced.

In addition to undertaking further confirmatory drilling for the upcoming Bankable Feasibility Study ("BFS"), the program has been designed to investigate the underground longwall potential at Vista. The Company is also steadily progressing programs focused on the mine planning and permitting component of the Vista development and upcoming BFS.

Commenting on the importance of the drilling activity, Managing Director and CEO, Gene Wusaty said "We expect to get a substantial amount of critical information from this drilling program which has been designed to upgrade the existing resource classifications and provide further confirmation of the coal quality across the Project's very large strike length, which exceeds 20 kilometres. Technical information from this program will greatly assist us when we formally commence the BFS."

"Furthermore, the potential for additional reserves from underground longwall mining in Vista provides Coalspur with an exciting opportunity to increase the production capacity of the potential mine."

Forward Looking Statements

This news release contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made.  This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, scoping, pre-feasibility and other studies, results of exploration and related expenses.  Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'expect', 'potential', 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', "evolve" and similar expressions. Persons reading this news release are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.  Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company's Annual Information Form.  This list is not exhaustive of the factors that may affect our forward-looking information.  These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information.

The Company disclaims any intent or obligation to update or revise any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

SOURCE Coalspur Mines Limited

For further information:

Gene Wusaty
Managing Director and Chief Executive Officer
Telephone:  +1 403 975 7901     

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Coalspur Mines Limited

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