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Cobalt intends to submit applications immediately to the applicable state and federal mining authorities to obtain the necessary permits that may be required to commence commercial coal production.
In discussing the Fox acquisition, David M. Lewis, President and CEO of Cobalt, commented, "The purchase of the Fox asset represents a significant step forward in Cobalt's regional coal production business. Once regulatory requirements have been satisfied with respect to the Fox acquisition, we expect to proceed immediately with the commencement of commercial production at this property."
About Cobalt:
Cobalt is a metallurgical coal acquisition and production company whose common shares are publicly traded on the TSX Venture Exchange. Cobalt is focused on the acquisition and development of known metallurgical coal deposits in the Appalachian coal producing region of the United States. The Corporation has its head office in Calgary, Alberta and has an operating office in Welch, West Virginia.
READER ADVISORY
Statements in this press release, including statements that address events or developments that Cobalt expects to occur, may contain forward-looking information which include expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. These risks include, but are not limited to, the risks associated with the coal mining industry, regulatory approval, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward- looking information. Actual results may differ materially. Cobalt will not update these forward-looking statements to reflect events or circumstances after the date hereof, except as required pursuant to applicable laws.
SOURCE: Cobalt Coal Corp.
Cobalt Coal Corp. David M. Lewis President and CEO (403) 262-5510
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