VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 23, 2005) - Cline Mining Corporation (TSX VENTURE:CMK). Cline and ThyssenKrupp MinEnergy GmbH of Essen, Germany have entered into a memorandum of agreement under which ThyssenKrupp will purchase 4 million shares of Cline Mining Corporation at $1.36 a share. As part of the arrangements ThyssenKrupp will also be appointed to be the exclusive Marketing and Sales agent of Cline for the sale of coal into Europe as well as to the ThyssenKrupp steel mills across the world.
ThyssenKrupp is a major German industrial group with existing steel mills, as well as new steel mills under construction, in Europe, China and Brazil. The ThyssenKrupp Group had annual net sales of E39.3 billion (U.S.$51.3 billion) in 2004. The Group business is carried on through its major business segments; Steel, Automotive, Elevator, Technologies and Services.
The Mitsui Matsushima Co. Ltd. Group, an experienced Japanese coal mining company, is also a major shareholder of Cline and is its strategical partner in the coal mining industry. Cline believes that the active participation of two important international industry participants such as Mitsui Matsushima and ThyssenKrupp in Cline and its ongoing developments will be advantageous to the Company, bringing synergies and facilitating significant mining opportunities and developments.
The agreement with ThyssenKrupp is subject to requisite approvals by the Canadian regulatory authorities and the Boards of Directors of ThyssenKrupp, Mitsui Matsushima Co. Ltd. and Cline Mining Corporation.
Cline Mining Corporation is a mine development company focused on the exploration and development of metallurgical coal in Canada for the international seaborne coal trade market. The Company website is at www.clinemining.com. Shares of the company trade on the TSX-Venture under the symbol CMK.
Cline Mining Corporation
"Ken Bates"
Ken Bates, President
Not for distribution to U.S. newswire services or for dissemination in the United States
Head Office 530 Lasalle Boulevard Sudbury, Ontario P3A 1W9
FOR FURTHER INFORMATION PLEASE CONTACT:
Cline Mining Corporation Ken Bates President (416) 243-7384 or Cell: (416) 830-0709 (416) 242-6384 (FAX) or Cline Mining Corporation Allan Taylor Secretary-Treasurer (705) 560-8100 (705) 560-8521 (FAX)
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