Coalspur Mines Limited (ASX:CPL) Completed The Acquisition Of Six New Coal Leases
Perth, Oct 26, 2010 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (PINK:CSPZF) is pleased to advise that settlement of the acquisition of the six New Coal Leases (see ASX release dated 16 June 2010) has now been completed.
As advised on 13 October 2010, Coalspur elected to proceed with early settlement to allow for accelerated exploration and development activities. Importantly a number of critical milestones are now expected to be completed before year end.
A Pre-Feasibility Study ("PFS") is currently being conducted on the expanded Project.
Results are expected in the coming weeks and are likely to confirm the potential for a substantial mining development as well as significant increases in production rates and mine life when compared to the Scoping Study previously completed in February 2010.
The New Coal Leases are contiguous with the existing Vista Coal Project ("Project") and will create the potential to develop one of the largest export thermal coal mines in North America with 20km of continuous gently dipping strike length and access to an underutilised port and adjacent rail infrastructure.
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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