Coalcorp Mining Inc.

Coalcorp Mining Inc.

September 16, 2010 17:35 ET

Coalcorp Announces Update on the Settlement Agreement

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2010) - Coalcorp Mining Inc. (TSX VENTURE:CCJ.H) ("Coalcorp") today announced that it has received US$8 million from Xira Investment Inc. ("Xira") in accordance with the terms of the settlement agreement entered into between Coalcorp, Xira and others, as previously announced.

Under the terms of the settlement agreement, the final payment of US$2 million is due from Xira on January 31, 2011, at which time, assuming full payment and receipt of any required approval, the shares in Carbones Colombianos del Cerrejon S.A. (the owner of the Caypa mine) will be released from escrow and transferred to Xira.

Forward Looking Statements Disclaimer

Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such statements. Forward-looking statements are made as of the date of this news release; Coalcorp assumes no obligation to update such 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 release.

Contact Information

  • Coalcorp Mining Inc.
    Steven Cresswell
    Interim Chief Executive Officer