Coalspur Mines Limited (ASX:CPL) Appointed Denis Turcotte As Canadian Based Director
Perth, Dec 22, 2010 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (PINK:CSPZF) ("Coalspur" or "Company") is pleased to announce the appointment of Mr. Denis Turcotte as an independent non-executive Director of the Company, effective immediately. Mr. Turcotte is a highly regarded Canadian based corporate executive, and in 2006 was recognised as Canadian Business Magazine's Top CEO.
Mr. Turcotte is a Professional Engineer with over 25 years experience and was previously the President and CEO of Algoma Steel Inc. ("Algoma") an integrated steel producer based in Sault Ste. Marie, Ontario. Mr Turcotte oversaw the successful recapitalisation and rapid growth of Algoma which was subsequently acquired for C$1.85 billion in cash by Essar Global Limited ("Essar") in 2007. Mr. Turcotte is currently President and CEO of a private business consulting and investing firm. He is also a director of Domtar Corp. (TSE:UFS) (NYSE:UFS) and a member of the Advisory Board of the Brookfield Special Situations Funds.
Mr. Turcotte is highly regarded by the North American investment community and brings to the Board his extensive experience as a senior executive of TSX listed and commodity based companies. Mr. Turcotte will immediately join the Company's Audit Committee.
The Board is delighted to welcome Mr. Turcotte to the Board and believe that his appointment is an important step for the Company as it strives to develop a major new thermal export coal mine to meet growing energy demands worldwide. Coalspur has recently completed a Pre-Feasibility Study ("PFS") on its Vista Coal Project ("Project") in Alberta, Canada.
Mr. Turcotte will receive an annual retainer of C$40,000 and will be entitled to participate (up to the extent of 100,000 share rights or equivalent) in any future equity incentive plans established by the Company, subject to the necessary regulatory and shareholder approvals. The share rights will not have an exercise price and will be subject to various key project development milestones for the Project.
For the complete Coalspur announcement including map, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64880-ASX-CPL-522003.pdf
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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