EastCoal Inc.
TSX VENTURE : ECX

EastCoal Inc.

February 02, 2011 13:10 ET

EastCoal Inc. Signs Investor Relations Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2011) - EastCoal Inc. (TSX VENTURE:ECX) (the "Company") is pleased to announce the signing of an investor relations agreement with Senergy Communications Inc. ("Senergy") for the provision of marketing, investor relations and communications services.

Senergy will receive $5,000.00 per month for an initial three-month term, which may be extended to 6 months at the Company's option. In addition, Senergy has been granted an option to purchase 300,000 common shares of the Company at a price of $0.75 cents per share for a period of twelve months, subject to vesting provisions in accordance with Company's Stock Option Plan and the policies of the TSX Venture Exchange (the "Exchange"). The agreement is subject to Exchange approval.

Senergy, an arms-length company based in Vancouver, BC, provides investor relations and marketing services to public companies.

By Order of the Board,

Bryce M.A. Porter, President

About EastCoal Inc.

The Company has recently changed its name to EastCoal Inc. to reflect its new strategy of developing coal operations. It is focused on the Donbass coal basin of Ukraine which has large coal reserves and excellent prospects.

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

Verticalnaya North is described in the March 2010 NI 43-101 technical report available on Sedar (www.sedar.com) and the Company's website (www.lysanderminerals.com). It represents the first phase in the redevelopment of the Verticalnaya mine, for which a NI 43-101 technical report was prepared in September 2008 and is also available on Sedar and the Company's website. Key indicators include:

Net present value @12% US$ 352.1 million
Internal rate of return 35.2%
Average cash operating cost per saleable tonne US$ 31.19/tonne
Proven reserves 16,200,000 tonnes
Probable reserves 11,000,000 tonnes
Measured resources 57,300,000 tonnes
Indicated resources 18,900,000 tonnes
Total resources 76,200,000 tonnes
  Resources are inclusive of reserves.   

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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.
    Bryce M.A. Porter
    President
    604-681-8069
    604-685-4675 (FAX)