CALGARY, ALBERTA--(Marketwire - Oct. 12, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Cobalt Coal Ltd. (formerly Cobalt Coal Corp.) (TSX VENTURE:CCF) ("Cobalt" or the "Corporation") announces that the Alberta Securities Commission ("ASC") has issued a Cease Trade Order ("CTO"), effective October 5, 2012, prohibiting the trading of securities of the Corporation. The CTO was issued as a result of the failure of the Corporation to file a technical report within the prescribed timeline and in accordance with the guidelines in NI 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
The CTO will remain in effect until the Corporation updates the technical report that was filed on July 17, 2012, by adding information to support the disclosure contained in the press release dated January 19, 2011, which disclosed a material increase in coal resources on the Westchester Mine Expansion and the press release dated July 17, 2012 which disclosed initial coal resources and reserves in relation to a proposed acquisition of the Steinman and Acin Leases, as previously announced.
The Qualified Person engaged by the Corporation (within the meaning of NI 43-101) is working on updating the technical report. The Corporation anticipates that the updates will be complete within the next week and will work with the ASC to resolve this issue so that reinstatement of the Corporation's securities to trading can occur.
Cobalt is a publicly traded coal exploration and production company headquartered in Calgary, Alberta, Canada with a regional office in Welch, West Virginia, United States. Cobalt was created to capitalize on the growth opportunities that exist in the metallurgical coal mining industry.
Statements in this news release may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. These risks include, but are not limited to, the risks associated with the coal mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.