Coalcorp Announces Further Update on the Settlement Agreement

TORONTO, March 15 /CNW/ - Coalcorp Mining Inc. ("Coalcorp") (TSX-CCJ) announced today that it has received US$17 million in payment from Xira Investment Inc. ("Xira") in accordance with the settlement agreement entered into by Coalcorp, Xira and others on January 31, 2010 as previously announced.

The shares in Carbones Colombianos del Cerrejon S.A. (the owner of the Caypa mine) will be held in escrow and not transferred to Xira pending any required approval and until final payment by Xira to Coalcorp pursuant to the settlement agreement on January 31, 2011.

    Forward Looking Statements Disclaimer

Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties, including, without limitation, statements concerning the possible outcome of the settlement proceedings. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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: Juan Carlos Gomez, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990

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