Coalspur Mines Limited Change of Financial Year
07.12.2012 | ABN Newswire
11:37 AEST Dec 7, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Alberta, Canada (ABN Newswire) - Coalspur Mines Limited (ASX:CPL) (TSE:CPT) advises that it will adopt December 31 as its financial year end commencing on December, 31 2012.
The purpose of the change in financial year is to align the Company's financial year end with that of its Canadian subsidiary as it develops the Vista Coal Project.
As a consequence the Company will prepare Financial Statements and an Annual Report for the period from the July 1, 2012 to December, 31 2012. The Financial Report and Directors' Report will be lodged with the ASX on or before 31 March 2013 with the Annual Report being lodged by 30 April 2013.
The Company will hold its 2013 Annual General Meeting by 31 May 2013.
About Coalspur Mines Limited:
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal exploration and development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur’s flagship coal project is the Vista Coal Project (“Vista”) which has the potential to be the largest export thermal coal mine in Canada.
Vista covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal project. Vista has the advantage of leveraging off established first world infrastructure with CN Rail’s main line, located adjacent to Vista, which is substantially underutilised and provides a rail line suitable for the transport of coal to deepwater ports on Canada’s west coast. Coalspur has also secured a port allocation agreement with Ridley Terminals Inc. which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific Rim countries, including China, Japan and Korea.
A feasibility study was completed on Vista in January 2012, which defined a two phased approach to project development. Detailed engineering has commenced and is scheduled for completion in early 2013. Phase 1 envisages production of 5.0Mtpa at a capital cost of approximately C$870 million. Phase 2 will increase production by a further 7.0Mtpa and will utilize free cash flow from Phase 1 to fund the estimated additional development costs of approximately C$373 million. The Vista mine plan defines a 28 year mine life with forecast annual production capacity of 12.0Mtpa. Marketable Coal Reserves on Vista are 313Mt from a Recoverable Coal Reserve of approximately 566Mt.
Coalspur has offices in Calgary and Hinton in Canada as well as in Australia. The Company is dual listed on the Toronto Stock Exchange (“TSX”) under the symbol 'CPT' and on the Australian Securities Exchange ('ASX') under the symbol 'CPL'.
Contact:
Coalspur Mines Limited
T: +1-403-261-9971
WWW: www.coalspur.com