SOURCE: Turkpower

April 17, 2012 10:27 ET

TurkPower Announces Sibcoal Subsidiary Receives Petrography From SGS

NEW YORK, NY--(Marketwire - Apr 17, 2012) - TurkPower Corporation (OTCBB: TRKP) (the "Company"), who previously announced that it is changing its name to SibMet Coal Corporation, announced today that its wholly owned subsidiary, Sibcoal Commodities Trading Corp., has received the final petrography reports from SGS. These reports allow Sibcoal now to negotiate sales of the two lots of inventory, which total 180,000 Metric Tonnes of coking coal, to buyers of the inventory, as well as future contract sales of coking coal from takeoff agreements and/or is own supply from Sibcoal Mining Corp.'s Zavyalov Square of Toguchino Coal Field when operations of said field commence.

Ryan Hart, Chairman and CEO, commented: "This was a necessary and important step for the Company to start sales. The Company, which is changing its name to SibMet Coal Corporation, is concentrating on metallurgical coking coal for the steel industry. Unlike thermal coal, for the energy markets, which has experienced pricing pressure, metallurgical coking coal, has much stronger pricing power and higher margins. We are excited to commence a new and long awaited chapter for the Company."

About SGS

SGS (www.sgs.com) is the world's leading inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 70,000 employees, SGS operates a network of more than 1,350 offices and laboratories around the world.

About TurkPower Corporation

TurkPower Corporation (OTCBB: TRKP), which is changing its name to SibMet Coal Corporation, in order to reflect its main business, is an American junior mining company that has established two wholly owned subsidiaries -- Sibcoal Commodities Trading Corp. and Sibcoal Mining Corp. Both subsidiaries are BVI companies. Sibcoal Commodities Trading shall focus on sales and marketing of metallurgical coking coal and Sibcoal Mining was established to acquire and develop mining interest, specifically and initially Zavyalov Square of the Toguchino Coal Field - which is believed to have approximately 100,000,000 Metric tons of extractable met coking coal. The field will be an open pit mine. The binding contract has been signed and the Company awaits the title transfer, which it expects in the near term. 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, which will include protecting its shareholders interest in said mine.

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. While title transfer of the Zavyalov Square Coal Field is expected shortly and a binding contract has been signed for the purchase of the Field, investors are reminded that the Company shall announce when title transfer has occurred. 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 the company may seek to extract; political stability; and changes in governmental regulations, and financial capabilities of the Company. 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. The Company encourages any current or potential shareholder to read all the public filings before making a decision to invest in the shares of any public company.

Contact Information

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