VANCOUVER, Aug. 14 /CNW/ - NEMI Northern Energy & Mining Inc. (TSX:
NNE.a) reports that it has released its unaudited consolidated financial
statements for the third quarter ended June 30, 2007 and that these
consolidated financial statements and the related management's discussion and
analysis of financial position and results of operations ("MD&A") are
available for viewing on SEDAR at www.sedar.com.
As at June 30, 2007, NEMI is in strong financial position with working
capital of $9.8 million and no long-term debt. Management of NEMI intends to
investigate and evaluate other business opportunities, including potential
acquisitions of mineral assets.
NEMI also owns a 20% partnership interest in the Peace River Coal Limited
Partnership ("PRC"), which now owns the Trend mine as well as a number of
other coal properties in northeast British Columbia. NEMI has received a free
carry to December 31, 2007 of up to $18 million in respect of this investment,
$10.6 million of which was utilized in respect of a PRC cash call subsequent
to June 30, 2007.
PRC is being managed and operated by Anglo American which, with its
extensive experience in coal mining and marketing, will play a key role in
further developing British Columbia's northeast coalfields. PRC is ramping up
its operations, and expects to achieve commercial levels of production during
the fourth quarter of 2007. PRC will also be carrying out field studies and
making permitting applications for its other properties.
Chief Financial Officer
Note: This release may contain forward-looking statements that involve
risks and uncertainties. These statements may differ materially from actual
future events or results. Readers are referred to the documents filed by the
Company with the Toronto Stock Exchange and/or documents filed on SEDAR,
specifically the most recent reports which identify important risk factors
that could cause actual results to differ from those contained in the
forward-looking statements. The Company undertakes no obligation to review or
confirm analysts' expectations or estimates or to release publicly any
revisions to any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
For further information:
For further information: NEMI Northern Energy & Mining Inc., W.D.
Filtness, Chief Financial Officer, Phone: (604) 639-4527, Fax: (604) 684-0642