Coalspur Mines Limited: Completed The Acquisition Of Six New Coal Leases
26.10.2010 | ABN Newswire
10:57 AEST Oct 26, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Coalspur Mines Limited (ASX: CPL) (PINK: CSPZF) is pleased to advise that settlement of the acquisition of the six New Coal Leases (see ASX release dated 16 June 2010) has now been completed.
As advised on 13 October 2010, Coalspur elected to proceed with early settlement to allow for accelerated exploration and development activities. Importantly a number of critical milestones are now expected to be completed before year end.
A Pre-Feasibility Study ('PFS') is currently being conducted on the expanded Project.
Results are expected in the coming weeks and are likely to confirm the potential for a substantial mining development as well as significant increases in production rates and mine life when compared to the Scoping Study previously completed in February 2010.
The New Coal Leases are contiguous with the existing Vista Coal Project ('Project') and will create the potential to develop one of the largest export thermal coal mines in North America with 20km of continuous gently dipping strike length and access to an underutilised port and adjacent rail infrastructure.
About Coalspur Mines Limited:
Coalspur Mines Limited (ASX:CPL) (PINK:CSPZF) is a coal exploration and development company based in Perth, Western Australia. The Company is listed on the Australian Securities Exchange.
The Company's Hinton Coal Project ('Project') is located in in the eastern foothills of the Rocky Mountains in Alberta, Canada. The Project is a large scale, open pit potential, thermal coal project located adjacent to the main line of the CN Rail which currently contains a JORC and NI 43-101 Coal Resource of approximately 339 million tonnes of low sulphur, high volatile, bituminous C thermal coal.
Contact:
Gene Wusaty
Managing Director & CEO
Coalspur Mines Limited
Tel: +1-403-975-7901
http://www.coalspur.com