Forbes & Manhattan Coal Corp.
TSX : FMC

Forbes & Manhattan Coal Corp.

October 21, 2010 08:00 ET

Forbes & Manhattan Coal Corp. Announces Appointment of Ryan T. Bennett to the Board of Directors

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2010) - Forbes & Manhattan Coal Corp. (TSX:FMC) ("Forbes Coal" or the "Company") is pleased to announce that it appointed Ryan T. Bennett to the Board of Directors of the Company effective October 21, 2010.

Mr. Bennett is a Senior Partner with Resource Capital Funds, a private equity group of funds that invests in development and growth stage mining companies. From 1992 to 1998, Mr. Bennett held various positions within NM Rothschild & Sons in Denver and Rothschild Australia Limited in Sydney, where he was principally responsible for the technical analysis of mining projects seeking debt finance. Prior to joining Rothschilds, he worked as a geologist for the United States Bureau of Mines and a private exploration company focused on Alaska, as well as a mining engineering consultant for Caterpillar. Mr. Bennett has a Masters of Science degree in Mining Engineering from Colorado School of Mines and a Bachelors of Science degree in Geological Engineering and Mathematics from the University of Wisconsin – Madison. 

President and Chief Executive Officer, Stephan Theron, commented, "Resource Capital Fund (RCF) have an exceptional track record of successfully investing and supporting mining development projects. RCF is a major shareholder in Forbes Coal and we are pleased to have Mr. Ryan Bennett join the board. Ryan's resume is exemplary and he further strengthens the technical and strategic capabilities of our management team."

About Forbes Coal 

The Corporation holds a 53.5% interest in Slater Coal (Pty) Ltd., a South African company ("Slater Coal") which has a 70% interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a 100% interest in certain coal mines in South Africa (the "Slater Coal Properties"). The Slater Coal Properties comprise the operating Magdelena bituminous mine (the "Magdelena Property") and the Aviemore anthracite mine (the "Aviemore Property") and have a substantial resource base of bituminous and anthracite coal. The Slater Coal Properties are located in the Klipriver coalfield, near Dundee, in the KwaZulu Natal Province of South Africa and can be accessed via the N3, N11 Ladysmith and R102 Dundee tarred national highways that run between Johannesburg and Durban, South Africa. The other 46.5% of Slater Coal is beneficially owned by members of the Slater family. 

Cautionary Note Regarding Forward-Looking Information: 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 the Corporation and its projects, statements regarding the impact of the appointment, prospects for the business of the Corporation, timing of future acquisitions of additional properties and applicable licences, requirements for additional capital, government regulation of the mineral exploration industry, environmental risks, acquisition of mining licences, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. 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 the Corporation 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 the Corporation 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. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws. 

Contact Information

  • Forbes & Manhattan Coal Corp.
    Stephan Theron
    President and Chief Executive Officer
    (416) 861-5912
    stheron@forbescoal.com