News from CNW Group

Coalcorp Files Technical Reports - Amended

Wednesday, November 02, 2005

TORONTO, Nov. 2 /CNW/ - Coalcorp Mining Inc. (TSXV:CCJ) today provided additional disclosure relating to its announcement on October 31, 2005 that it has filed Technical Reports within the meaning of National Instrument 43-101 relating to the company's previously announced proposed acquisitions of the Carbones Colombianos del Cerrejon (Cerrejon) and Compania Carbones del Cesar (Cesar) coal operations. These reports can be found on SEDAR (www.sedar.com) or on Coalcorp's website at www.coalcorp.ca.

The Cerrejon Technical Report, dated June 2005, is entitled "Pre- feasibility Study: Carbones Colombianos del Cerrejon Mine" and was prepared by SRK Consulting (UK) Ltd. (SRK), an independent engineering consulting firm. The Technical Report confirms 8.8 million tonnes of proven coal reserves and an additional 2.5 million tonnes of inferred coal resources and recommends a program of additional drilling, the running of a pit optimization model and the carrying out of a further study to increase coal reserves, which Coalcorp intends to carry out following the acquisition of Cerrejon.

The Cesar Technical Report, dated October 2005, is entitled "Pre- feasibility Study: Carbones del Cesar La Francia Mine" and was also prepared by SRK. The Cesar Technical Report confirms 24.0 million tonnes of proven coal reserves to a depth of 125 metres and 26.0 million tonnes of proven coal reserves to a depth of 175 metres and recommends a limited program of geotechnical and hydrogeological drilling to optimize the geotechnical design and complete geological modeling followed by the running of a pit optimization model, and also to investigate the potential of mining in other areas of the concession, which Coalcorp intends to carry out following the acquisition of Cesar.

In addition to the information contained above, the company wishes to clarify that the proven reserves of coal at Cesar have been classified by SRK according to the "ASTM Coal Rank" as high volatile bituminous, Type B/C, as are the proven reserves and inferred resources at Cerrejon. SRK is part of an international group (the SRK Group) which comprises over 500 professional staff offering expertise in a wide range of engineering disciplines. The individuals at SRK responsible for the Cesar and Cerrejon Technical Reports have extensive experience in the mining industry and are members in good standing of appropriate professional associations, all as detailed in the respective Technical Reports. Details of the key assumptions, parameters and methods used to estimate the mineral reserves and resource are contained in the Cerrejon and Cesar Technical Reports, respectively. Paul Bright, BSc, MIMMM, CEng and one of the authors of both Technical Reports, is the Qualified Person for the purposes of this release, has read this release and approves of its contents.

Coalcorp is a coal mining, exploration and development company with agreements to acquire interests in the Carbones Colombianos del Cerrejon coal field, the Carbones del Cesar coal field, a port facility and the La Curubita coal exploration property, all located in Colombia.

The TSX Venture Exchange has neither approved nor disapproved the

contents of this press release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.

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For further information: Serafino Iacono, President, (416) 603-4653