Sydney, Dec 6, 2011 (ABN Newswire) - Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is pleased to announce that it has further expanded its coal lease position in the Hinton region with the acquisition of an additional 7,296 hectares of Crown Coal Leases. The new leases are located approximately 10km northwest of Coalspur's flagship project, the Vista Coal Project ("Vista"), and increases the Company's land position to 40,567 hectares. The Company believes that the new leases have the potential to contain substantial Coal Resources as the new leases are on the same geological trend as Vista.
Commenting on the acquisition of the new leases the Company's Managing Director and CEO, Mr Gene Wusaty, said "The new leases are strategically positioned as they further consolidate our lease holdings in the area and any new coal resources on these leases will have the potential to leverage off of any future infrastructure built on Vista. We will begin our exploratory drilling and geological assessment on the new leases in the spring of 2012 and we believe the new leases have the potential to contain substantial Coal Resources as they are on the same geological trend as Vista."
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".
Contact
Gene Wusaty Managing Director & CEO Coalspur Mines Limited Tel: +1-403-975-7901
ASX:CPL) (
Coalspur Mines Limited
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