Coalspur Mines Limited (ASX:CPL) Acquires Additional 7,296 Hectares of Coal Bearing Leases
Sydney, Dec 6, 2011 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce that it has further expanded its coal lease position in the Hinton region with the acquisition of an additional 7,296 hectares of Crown Coal Leases. The new leases are located approximately 10km northwest of Coalspur's flagship project, the Vista Coal Project ("Vista"), and increases the Company's land position to 40,567 hectares. The Company believes that the new leases have the potential to contain substantial Coal Resources as the new leases are on the same geological trend as Vista.
Commenting on the acquisition of the new leases the Company's Managing Director and CEO, Mr Gene Wusaty, said "The new leases are strategically positioned as they further consolidate our lease holdings in the area and any new coal resources on these leases will have the potential to leverage off of any future infrastructure built on Vista. We will begin our exploratory drilling and geological assessment on the new leases in the spring of 2012 and we believe the new leases have the potential to contain substantial Coal Resources as they are on the same geological trend as Vista."
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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