SOURCE: Turkpower

April 09, 2012 09:52 ET

TurkPower Announces Proposed Name Change to SibMet Coal Corporation

NEW YORK, NY--(Marketwire - Apr 9, 2012) - TurkPower Corporation (OTCBB: TRKP) (the "Company") announced today that the Company plans to change its name to SibMet Coal Corporation. The name change reflects the Company's expanding focus on the booming metallurgical coking coal industry and the Company's projects in Siberia.

TurkPower recently announced the acquisition of the Zavyalov Square of the Toguchino Coal Field ("Zavyalov") located in the Toguchino District of Novosibirsk Region, Russia. Zavyalov decrees over 100 million tonnes of forecasted extractable quantity of coking coal. As part of the transaction the Company received inventory of coking coal worth in excess of $20 million, which the Company expects to sell in the second quarter of 2012.

The Company will inform about its revised business plan and forecasts, the status of the purchase of Zavyalov, additions to management and board of directors as well as the formation of its audit and compensation committees shortly.

About Zavyalov

The Zavyalov Square of the Toguchino Coal Field ("Zavyalov") located in the Toguchino District of Novosibirsk Region, Russia. Zavyalov decrees over 100M tonnes of forecasted extractable quantity of high-grade hard coking coal. Coal at Zavyalov is typically humic with relative low moisture (max 6%), volatile matters (avg. 20%) and GCV of 7990 - 8680 Kcal/kg. The grades of coal are fit for processing into metallurgical coking coal, which is in perpetual short supply and which trades at a high premium to "regular" coal.

About TurkPower Corporation

TurkPower Corporation (OTCBB: TRKP) is an American junior mining company in the process of acquiring 100% ownership of the Zavyalov Square of the Toguchino Coal Field, a privately owned coal field in Russia. TurkPower also owns a minority interest in an operational iron ore mine in Turkey. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Turkey, and intends to inform its investors in the near future.

Forward-Looking Statements

Certain statements in this news release are forward-looking statements. Words such as "expects", "intends", "plans", "proposes", "may", "could", "should", "anticipates", "estimates", "likely", "possible", "potential", "believes" and words of similar import may identify forward-looking statements. Such statements are based on management's current expectations, estimates and projections about the companies' businesses, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors beyond the control of either of the companies, including, but not limited to, the successful completion of the merger; the combined company's ability to raise the required additional capital to develop its mining assets and to identify other acquisition and/or joint venture opportunities in the mining sector, and to establish the technical and managerial infrastructure necessary to take advantage of, and successfully participate in, such opportunities; future economic conditions; demand for manganese and other minerals or metals the company may seek to extract; political stability; and changes in governmental regulations. Additional information on risks and other factors that may affect the business and financial results of TurkPower and the combined company can be found in filings of TurkPower with the U.S. Securities and Exchange Commission.

Contact Information

  • TurkPower Corporation
    100 Park Avenue
    New York, New York 10017
    T 212-984-0628
    F 212-880-6499