EastCoal Inc.

EastCoal Inc.

April 13, 2012 08:34 ET

EastCoal Inc.: Management Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2012) - EastCoal Inc. (TSX VENTURE:ECX) (the "Company" or "EastCoal") is pleased to announce that Abraham Jonker, a director of the Company since July 2011, has agreed to serve as the Company's President. John Byrne, Chairman of the Board, who took over as President in April 2011, will remain as Chairman.

Mr. Jonker is a Chartered Accountant (South Africa and England and Wales) and holds a Masters degree in South African and International Tax from the Rand Afrikaans University. He has over 17 years of extensive accounting and corporate finance experience, mostly in the mining industry. He has worked as a consultant to the mining sector in Africa, spent time with Mwana Africa Plc, and with the corporate finance departments at Anglo American Corporation and PricewaterhouseCoopers. Mr. Jonker was the Chief Financial Officer of Cambrian Mining Plc. and most recently the Chief Financial Officer of Western Coal Corp. He is currently the Interim Chairman of the Board of Directors of Mandalay Resources Corporation, President and CEO of Canada Coal Inc. and a non-executive director of Firestone Diamonds Limited.

The Company is also pleased to announce the appointment of George Lawton as Chief Financial Officer ("CFO") and Corporate Secretary. Mr. Lawton is a Chartered Accountant with extensive experience at the CFO and VP Finance level providing strategic, financial and operating leadership to public companies in the mining, aerospace, entertainment, and business services industries. Mr. Lawton has been a consultant with the Company since May 2011. Prior to this, Mr. Lawton was the Senior Vice President of Operational Finance for Uranium One Inc.

Mr. Lawton replaces Kim Evans, who has served as CFO for the Company since November 2007. The board wishes to thank Ms. Evans for her hard work and dedication to the Company.

The Chairman of EastCoal, Mr. John Byrne, commented:

"These appointments are an important step for the Company in fulfilling its vision of building a multi-million tonne coal producer in Ukraine."

By Order of the Board,

John Byrne, Chairman

About EastCoal Inc.

EastCoal Inc. is currently developing its 100% owned Verticalnaya anthracite mine.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, EastCoal assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. Completion of the transaction described herein will be subject to numerous conditions, including the negotiation and execution of definitive agreements. There can be no assurance that the transaction will be completed as proposed or at all.

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

  • EastCoal Inc.
    John Byrne
    (604) 681-8069
    (604) 685-4675 (FAX)