TORONTO, July 18, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK)
today provided an operational update on its second quarter 2013
production at its La Caypa and Cerro Largo mines.
Hernan Martinez, Executive Chairman, commented: "We made good progress
with regard to the Company's production during the second quarter of
2013, producing 398,865 tonnes of coal. This represents a 79% increase
over the first quarter of 2013 and a 26% increase over the 2012
quarterly average. We have also made important progress with the
development work at La Caypa's south pit. The Company remains committed
to expanding its margins and reducing its costs on a per tonne basis."
Q2 2013 production at La Caypa
Production of Coal
(1) Bank cubic meters
During the second quarter of 2013, the Company produced 320,436 tonnes
at La Caypa, 111% of its planned production. This represents the
highest production at the mine since the first quarter of 2011 and a
169% increase from the 118,980 tonnes produced in the first quarter of
2013. The increase can be attributed to the positive results of the
collaboration between the Company's La Caypa team and the mine's new
operator, who completed their first full quarter of operations.
Operational stripping ratios at La Caypa also improved from the first
to second quarter of 2013 (from 8.57:1 to 8.02:1, a 6% decrease).
Given that La Caypa produced 439,416 tonnes of coal in the first half of
2013, including the limited production in the first quarter of 2013 as
the new operator ramped-up, the Company continues to anticipate
production of 1.0 million tonnes at La Caypa in 2013. This would
represent a 12% production increase from 2012.
Q2 2013 production at Cerro Largo
Production of Coal
In the three months ended June 30, 2013, coal production at the Cerro
Largo mine was 78,429 tonnes, which was below planned production for
the quarter. Production was limited as a result of Cerro Largo's
transition from using a third party operator to operating the mine
in-house during the quarter. In-house operations progressed well
during the quarter, with the tonnage produced in June more than
doubling from production in April. The second quarter stripping ratio
was the lowest recorded since the mine began full operation, down 24%
from the first quarter of 2013.
The Company production target in 2013 for Cerro Largo is between 0.5 and
0.6 million tonnes, an increase of approximately 50% from 2012.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company engaged
in the acquisition, exploration and production of coal and coal-related
assets from properties located in Colombia. The Company's common shares
are listed on the TSX Venture Exchange and trade under the symbol
Forward Looking Information:
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
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and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
Pacific Coal disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
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 news
SOURCE: Pacific Coal Resources Ltd.
For further information:
Deputy General Counsel & Secretary