TORONTO, Oct. 9, 2014 /CNW/ - Pacific Coal Resources Ltd.
(TSXV: PAK) is pleased to announce that Norcarbon S.A.S.
("Norcarbon"), a subsidiary of the Company, has signed a joint
operation agreement with Sloane Mining Services Sucursal Colombia
("Sloane") for the production, purchase and sale of coal at the
Company's Cerro Largo mine.
The agreement will be in place until
June 5, 2021 and requires Sloane to
exploit a minimum of 4,200,000 tonnes of coal during this time. As
part of the agreement, Sloane will be responsible for the mine's
thermal coal production, commercialization and associated costs and
Sloane will be entitled to receive and commercialize a percentage
of the coal production, to cover, among other things, the mine
operating cost. Norcarbon will be entitled to the remaining
percentage of production, which will be sold to Sloane at a set
price. The set price may be adjusted as a result of changes in the
stripping ratio at the mine and international coal market
prices.
The agreement further contemplates that Sloane
will provide Norcarbon with an advance payment for the purchase of
the future coal production which it is entitled to. Sloane, will
also sell to Norcarbon a certain amount of coal enabling the
company to continue to meet its' commercial commitments. Sloane's
operation of the Cerro Largo mine is expected to commence in
October 2014.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a
Canadian-based mining company engaged in the acquisition,
exploration and production of coal and coal-related assets from
properties located in Colombia.
The Company's common shares are listed on the TSX Venture Exchange
and trade under the symbol "PAK".
Forward Looking Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or believes" or
variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this press release and Pacific Coal disclaim, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE Pacific Coal Resources Ltd.