Clarifies Previously Issued Technical Disclosure
Perth, June 24, 2014 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) ("Coalspur" or "Company") reports that, as a result of a review by the British Columbia Securities Commission (the "BCSC"), the following news release is issued to clarify its disclosure regarding its Vista project.
The Company's March 28, 2014 technical report entitled "Coalspur Mines Limited Vista Coal Project, Alberta, Canada Project No. 04372 NI43-101 Independent Technical Report" (the "Previous Report") was not in compliance with the requirements of National Instrument 43-101 ("NI 43-101"), in that NI 43-101 requires the report to contain scientific or technical information relating to the entire Vista project, and the position of the BCSC is that Vista, Vista Extension and Vista South constitute a single project. In addition, two of the authors of the Previous Report are Members of the Australian Institute of Mining and Metallurgy (AusIMM) and therefore not qualified persons.
The Company intends to prepare and file a new technical report in July, 2014 (the "Updated Report") to address the deficiencies described above and other non-compliance issues identified by the BCSC relating to the form of the report, consents and certificates. The Company expects that there will be no material differences between the recommendations and conclusions contained in the Previous Report and those in the Updated Report, however, because of the non-compliance issues described above, investors and shareholders should rely only on the Updated Report and are cautioned that they should not place undue reliance on the Previous Report.
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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