Update on Coalcorp Port in Cartagena

    TORONTO, Oct. 4 /CNW/ - Coalcorp Mining Inc. (TSX-CCJ) announced today
that it has learned that Colombian President Alvaro Uribe was reported to have
said that his government will not allow development of a coal export port in
Cartagena Bay, the location of Coalcorp's proposed coal port. Citing concerns
about the effect the port would have on developing tourism in the area, he
also reportedly stated that his government would be working with the company
to find an acceptable alternative location for the company's port.
    "We are extremely surprised by these statements attributed to the
President," commented Serafino Iacono, Chief Executive Officer of Coalcorp,
"as we have already received a concession grant for a port at Cartagena,
subject only to submission of the company's environmental impact study, which
has not yet been filed. Three days ago, the Council of Cartagena
overwhelmingly reconfirmed that the lands where the port is located include
harbor and industrial uses, in addition to tourism. This statement appears to
directly contradict the process we have been engaged in and the permissions we
have received to date."
    The company is seeking meetings with the President and the Minister of
Environment in order to clarify these statements and to demonstrate that
development of badly-needed export facilities can be compatible with tourism.
The company has been working within the existing legal framework established
by the government for developing the port and these statements attributed to
President Uribe do not follow this framework. Coalcorp expects to make a
further announcement in this regard as soon as it receives clarification.

    Coalcorp is a coal mining, exploration and development company with
interests in the La Francia and La Caypa coal mines and related infrastructure
projects and a number of coal exploration properties, all located in Colombia.
Further information can be obtained by visiting our website www.coalcorp.ca.

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For further information:

For further information: Serafino Iacono, Chief Executive Officer, (416)
360-4653