Coalcorp shareholders create coalition to vote NO against board of directors
proposed agreement with Goldman Sachs to sell its La Francia mines.

OTTAWA, Jan. 11 /CNW Telbec/ - Join us at (under bullboards T.CCJ) and our facebook group:

As Coalcorp's largest shareholder, Pala was invited to join the board of the company. Shareholders believe the board of directors is NOT acting in the best interest of the shareholders with the recently proposed sale of its core assets to Goldman Sachs. Joe Belan now CEO of Coalcorp who also works for Pala Investments through Vladamir Iorich has worked with Goldman Sachs as an Executive Director in Investment Banking and Head of Metals and Mining and Steel, based in London. Jan Castro also on Coalcorp's board of directors is CEO of Pala investments.

With the new take-over bid regime in Canada that took effect February 1, 2008 Pala investments has been unable to formally take possession of Coalcorp Inc.

We invite all shareholders to vote NO to the proposed deal by Pala. It would be more beneficial for a second party to bid for the La Francia assets or to drive the company to bankruptcy. This would allow the sale of assets by an independent liquidator (with no affiliation to Pala Investments) which would benefit shareholders more than the present agreement between Pala and Goldman Sachs. We invite you to do your research!


For further information: For further information: Denis Brisson, (613) 218-4812

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