Additional Strategic Coal Leases Acquired in Hinton Region
Alberta, April 30, 2012 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce the acquisition of 14,432 hectares of coal bearing leases ("Vista Extension") which are contiguous with the Company's Vista Coal Project ("Vista") for C$13 million in cash. Vista Extension is located on the northeast boundary of Vista and is in a land use area classified as category four which is the most favourable for resource development in Alberta. A portion of Vista Extension includes 5.1 million tonnes of surface mineable coal which was included in the Recoverable Coal Reserves estimated in the recently completed feasibility study on Vista.
Commenting on the acquisition, Mr Gene Wusaty, Managing Director and CEO, said "This transaction provides significant value to Coalspur as it has the potential to provide further production growth through an underground operation which can leverage off of any future infrastructure built on Vista. We believe Vista Extension hosts substantial Coal Resources and we will commence a drilling program in the coming months to further our understanding of the property."
A JORC Code (2004) ("JORC") and National Instrument 43-101 ("NI 43-101") compliant Coal Resource estimate is underway and is scheduled to be completed shortly. The Coal Resource estimate will be based on the existing drill holes on Vista Extension and any drill holes in close proximity. Coalspur is planning a drilling program on Vista Extension in the coming months to support any future technical studies on the property. The drilling program will provide targeted additional geological structure and coal quality data.
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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