Highlights:
CALGARY, Dec. 13, 2011 /CNW/ – Coalspur Mines Limited (“Coalspur” or “Company”) (ASX: CPL) (TSX: CPT)is pleased to announce that the Marketable Coal Reserves of the Vista Coal Project (“Vista“) has increased to 313 million tonnes (“Mt“) as part of the ongoing Bankable Feasibility Study (“BFS“). This represents a 20% increase in the Marketable Coal Reserves over the 260Mt estimated in the Pre-Feasibility Study (“PFS“). The increased Marketable Coal Reserves are attributable to a larger pit limit, clean coal yield improvement and a refined mining and coal recovery plan. Following the completion of the updated reserve estimate the BFS is on schedule for completion at the end of December 2011 with publication in early 2012.
Commenting on the increased coal reserve estimate the Company’s Managing Director and CEO, Mr Gene Wusaty, said “A 20% reserve increase over the PFS combined with a lower strip ratio in the BFS verifies the size and quality of Vista and its status as a world-class, tier-one coal asset. The expanded production rate to 11.2Mtpa coupled with the increase in marketable reserves positions Vista to be a strategic source of high quality export thermal coal to the Asian Pacific economies for 30 years.”
