Buffalo Coal Corp.
TSX : BUF
JSE : BUC

Buffalo Coal Corp.

August 28, 2015 08:16 ET

Buffalo Coal Corp.: Corporate Update

TORONTO, ONTARIO--(Marketwired - Aug. 28, 2015) - Buffalo Coal Corp. (TSX:BUF)(JSE:BUC) ("Buffalo" or "the Company") announces various changes to its Board of Directors ("the Board").

Mr. John Dreyer and Mr. Michael Price have both tendered their resignations from the Board with effect from September 1, 2015. The Board would like to thank Mr. Dreyer and Mr. Price for their valued contributions to the Company over the past three years, and in particular their input into the extensive restructuring initiatives which have been undertaken during the period of their tenure. We wish them both success in their future endeavors.

The Company is pleased to announce the appointment of Mr. Eddie Scholtz and Mr. John Wallington to the Board with effect from September 1, 2015.

Mr. Scholtz is a recently retired mining engineer, with 39 years experience in the coal industry, the majority of which were spent with BHP Billiton Limited ("BHP"). He held General Manager positions on BHP's largest mines and was ultimately appointed as Managing Director of BHP's coal mining operations in South Africa, where he managed 85 million tons per annum of coal production, setting record performances in production, productivity, safety and profitability. After spending 37 years at BHP, Mr. Scholtz joined CIC Energy Corp., from which he retired in 2012. Mr. Scholtz was born and raised in Dundee, South Africa, where Buffalo's mines are situated.

Mr. Wallington is a high calibre mining executive with over 31 years experience in coal mining and exploration, and a proven track record of delivering results and transformation. He was formerly the Chief Executive Officer of Coal of Africa Limited and prior to that Anglo American plc's coal division, and has held Board positions with Firestone Energy Limited and Keaton Energy Holdings Limited. Mr Wallington holds a Bachelor of Science degree in Mining Engineering from the University of Witwatersrand, South Africa, and has participated in executive programs with London Business School and Harvard Business School.

Buffalo welcomes Mr. Scholtz and Mr. Wallington to its Board, and looks forward to a long and successful relationship with both directors.

About Buffalo

Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee (Pty) Ltd, a South African company which has a 70% interest in Zinoju Coal (Pty) Ltd ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.

Cautionary Notes:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Buffalo and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Buffalo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Buffalo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Buffalo does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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