Cobalt Coal Corp. - Operational update, Mike Tymo hired as Project
Acquisitions Consultant
The Westchester Coal Mine was in production from Q4 2008 until the end of March, 2009 when Cobalt lost its coal sales contract due to the world recession and the related drop in demand for metallurgical (steel making) coal. The Mine was placed on care and maintenance at that time. The Corporation re obtained a coal sales contract from Alpha Natural Resources (NYSE: ANR) on
Specifically, contractors began to move onto the site late last week, and are currently upgrading the loadout area and coal tipple to bring these aspects of the Mine back into operational condition. Work on re connecting the power supply and telecommunications continues.
Cobalt President and CEO David M. Lewis commented "As the mine was recently in production, the Corporation does not expect to have to do extensive repairs or upgrades to the underground infrastructure and remains confident that it will be able to re start mining operations in March, 2010."
Additionally, the Corporation has engaged
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
About Cobalt:
Cobalt Coal Corp is a publicly traded coal exploration and production company headquartered in
Initially, Cobalt is concentrating its efforts on developing an asset base in the Appalachian coal producing region of the
All of these factors align with Cobalt's strategy to provide near term cash flow and high growth to shareholders.
READER ADVISORY
Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. These risks include, but are not limited to, the risks associated with the coal mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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For further information: For further information: regarding Cobalt Coal Corp please contact: David M. Lewis, President and CEO, Cobalt Coal Corp, (403) 262-5510; Investor Relations: The Howard Group, Dave Burwell, (403) 221-0915
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