Pacific Coal Announces Operational Update
TORONTO, July 6, 2011 /PRNewswire/ -- Pacific Coal Resources Ltd. (TSX-V: PAK) announced today an operational update on its producing mines, La Caypa and Cerro Largo - La Divisa.
Luis Carvajales, Chief Executive Officer of Pacific Coal, commented: "We are very pleased with the second quarter production results at our La Caypa mine, which show that our production and strip ratio are slightly ahead of management estimates. In the second quarter, we focused our efforts and resources to support the implementation of the integrated mine plan at Cerro Largo, which involved significant waste rock removal. We look forward to increased production and substantially lower strip ratios in the next quarter."
Current production at La Caypa
Period |
Production (metric tonnes) |
Waste (bcm) |
Strip Ratio |
|
Q2 |
292,673 |
2,100,031 |
7.18:1 |
|
Year to date |
654,444 |
4,670,368 |
7.14:1 |
|
The second quarter production at La Caypa represents an annualized rate of over 1.3 million tonnes vs. management's projection of 1.2 million tonnes. The second quarter strip ratio of 7.2:1 vs. management's estimate of 9.6:1 represents an approximate improvement of 25% and accounts for the Company's year-to-date cost efficiencies.
Current production at Cerro Largo - La Divisa
Period |
Production (metric tonnes) |
Waste (bcm) |
Strip Ratio |
|
Q2 |
14,855 |
1,015,097 |
68.33:1 |
|
Year to date |
125,730 |
2,952,285 |
23.48:1 |
|
From production at both La Caypa and Cerro Largo, exports totaled 361,582 tonnes and the average achieved sale price was US$99.56/tonne FOB, representing revenues of approximately US$36 million for the second quarter of 2011.
The Company expects to announce its second quarter financial results on or about August 29, 2011.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company focused on coal, coking coal, asphalt and asphaltite exploration, development and production from prospective producing, development-stage and exploration-stage properties in Colombia. The Company has acquired or entered into agreements to acquire various interests in several operating coal mines and projects, representing a substantive coal and asphaltite exploration and production area throughout Colombia. Pacific Coal is committed to implementing its exploration and development strategy with a comprehensive environment, safety and community program, meeting international standards of best practice.
Forward Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative 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 statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Pacific Coal to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Pacific Coal disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For further information:
Miranda Smith
Investor Relations
(647) 427-0208
(PAK.)
SOURCE Pacific Coal Resources Ltd.
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