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Perth, Oct 13, 2011 (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce the following non-executive Director appointments as the Company progresses towards development of its world class Vista Coal Project:
- Mr David Murray - Engineer with over 30 years of international operating experience in the coal industry. Based in Melbourne, he recently held a number of senior positions within BHP Billiton (ASX:BHP), including President of BHP Billiton Energy Coal Division, President of BHP Billiton Metallurgical Coal Division and CEO of BHP Billiton Mitsubishi Alliance Coal. He has also served as Chairman of the World Coal Institute, Australian Coal Association and Richards Bay Coal Terminal.
- Mr Ted Mayers - Chartered Accountant with extensive experience in financial management within the mining sector. He is based in Toronto and was recently Chief Financial Officer of Lundin Mining (TSE:LUN).
- Mr Mark Rodda - Corporate lawyer who was recently General Counsel and Corporate Secretary for a large international resources group. He is currently a partner of a corporate services and advisory firm based in Perth.
- Mr William (Bill) Smart (alternate Director to Messrs Steyn and Breese) - Over 40 years experience in the mining industry including 26 years working for the Anglo American Group (PINK:AAUKY).
The above appointments are effective from October 13, 2011. Following these appointments, Messrs Ian Middlemas and Mark Pearce have resigned as Directors, also effective October 13, 2011.
Welcoming the new non-executive Directors, Mr Colin Steyn, Chairman, said "As Coalspur enters the next phase of its corporate development, now is the appropriate time to strengthen the Board further with some additional operational experience and Canadian capital market expertise in order to position Coalspur to successfully bring the Vista project into production."
"On behalf of the Board and the management team, I would like to thank Ian and Mark for their substantial contributions in progressing Coalspur into a major dual listed Canadian coal development company with a world class resource base of export quality thermal coal."
ASX:CPL) (TSE:CPT) is pleased to announce the following non-executive Director appointments as the Company progresses towards development of its world class Vista Coal Project: - Mr David Murray - Engineer with over 30 years of international operating experience in the coal industry. Based in Melbourne, he recently held a number of senior positions within BHP Billiton (
ASX:BHP), including President of BHP Billiton Energy Coal Division, President of BHP Billiton Metallurgical Coal Division and CEO of BHP Billiton Mitsubishi Alliance Coal. He has also served as Chairman of the World Coal Institute, Australian Coal Association and Richards Bay Coal Terminal.- Mr Ted Mayers - Chartered Accountant with extensive experience in financial management within the mining sector. He is based in Toronto and was recently Chief Financial Officer of Lundin Mining (
TSE:LUN).- Mr Mark Rodda - Corporate lawyer who was recently General Counsel and Corporate Secretary for a large international resources group. He is currently a partner of a corporate services and advisory firm based in Perth.
- Mr William (Bill) Smart (alternate Director to Messrs Steyn and Breese) - Over 40 years experience in the mining industry including 26 years working for the Anglo American Group (
PINK:AAUKY). The above appointments are effective from October 13, 2011. Following these appointments, Messrs Ian Middlemas and Mark Pearce have resigned as Directors, also effective October 13, 2011.
Welcoming the new non-executive Directors, Mr Colin Steyn, Chairman, said "As Coalspur enters the next phase of its corporate development, now is the appropriate time to strengthen the Board further with some additional operational experience and Canadian capital market expertise in order to position Coalspur to successfully bring the Vista project into production."
"On behalf of the Board and the management team, I would like to thank Ian and Mark for their substantial contributions in progressing Coalspur into a major dual listed Canadian coal development company with a world class resource base of export quality thermal coal."
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About Coalspur Mines Limited
Coalspur Mines Limited ("Coalspur" or "Company") is a coal exploration and development company with approximately 40,600 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 9,984 hectares and provides a large scale, surface mineable, thermal coal project. Vista has the advantage of leveraging off of 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 logics 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 30 year mine plan with forecast annual production capacity of 11.2Mtpa. Marketable Coal Reserves on Vista are 313Mt from a Recoverable Coal Reserve of approximately 566Mt. Initial development costs for Vista are expected to be approximately C$860 million with an additional approximately C$370 million required to reach full capacity.
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".
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