Coalcorp Announces Update on the Settlement Agreement

TORONTO , Feb. 8 /CNW/ - Coalcorp Mining Inc. ("Coalcorp") (TSX-CCJ) announced today that the parties to the Settlement Agreement (as defined below) have delivered such releases, consents and agreements, and Xira Investment Inc. ("Xira") has made the initial $7 million payment to Coalcorp, each as required under the Settlement Agreement.

Coalcorp announced on February 1, 2010 that Coalcorp, Xira and former Coalcorp management and other parties to various claims amongst them had entered into a settlement agreement to settle all matters in dispute (the "Settlement Agreement"). As noted in the February 1, 2010 press release, in addition to the payments and deliveries made as of this date, certain other payments and deliveries are required to be made on future dates in accordance with the terms of the Settlement Agreement.

    
    Forward Looking Statements Disclaimer
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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.

For further information: Juan Carlos Gomez, Interim Chief Executive Officer, [phone] Ext: 9990