TORONTO, Sept. 2 /CNW/ - Coalcorp Mining Inc. ("Coalcorp" or the "Company") (TSX-CCJ) is providing its fourteenth Default Status Report in accordance with National Policy 12-203: Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On February 6, 2009 Coalcorp announced that it would delay the filing of its second quarter interim financial statements, CEO and CFO certifications and related management discussion and analysis (MD&A) for the three and six-month periods ended December 31, 2008 (the "Second Quarter Interim Financials") beyond the filing deadline of February 16, 2009. On May 13, 2009 Coalcorp announced that it would also delay the filing of its third quarter interim financial statements, CEO and CFO certifications and related management discussion and analysis (MD&A) for the nine month period ended March 31, 2009 (the "Third Quarter Interim Financials") beyond the filing deadline of May 15, 2009.
On February 18, 2009 the Ontario Securities Commission (the "OSC") issued a temporary management cease trade order related to the Company's securities against the Chief Executive Officer and the then Chief Financial Officer (Liliana Aleman has since stepped down from that role as announced on March 30, 2009) of the Company for so long as the Second Quarter Interim Financials and the Third Quarter Interim Financials are not filed. The issuance of such management cease trade order does not affect the ability of persons to trade in their securities of Coalcorp, other than the Chief Executive Officer and Liliana Aleman, the former Chief Financial Officer. However, the OSC, in its discretion, may determine at a later time that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities.
The Company filed its Second Quarter Interim Financials on August 19, 2009. However it remains delayed in filing its Third Quarter Interim Financials and so the management cease trade order imposed on the Chief Executive Officer and the former Chief Financial Officer of the Company remains in effect. The Company is in the process of finalizing the Third Quarter Interim Financials and expects to release those in the near term.
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The Company reports the below matters which are material changes to the information contained in the thirteenth default status report issued by the Company on August 19, 2009.
On June 10, 2009, the Company announced that in response to the Company's prior declaration of force majeure under its mining services contract (announced on May 6, 2009), the Company's mining contractor suspended all operations, including crushing activities effective May 28, 2009. As announced on August 12, 2009, the Company executed an agreement with Consorcio Minero del Cesar, its current mining contractor, which allowed for the immediate commencement of operations at the La Francia mine. Following the execution of that agreement, the mining contractor's workers resumed effective operation at the mine on August 24, 2009 and coal deliveries started shortly thereafter
The Company confirms that, except as described herein and in its initial default announcement and subsequent default status reports: (i) there has been no material change to the information set out in its initial default announcement filed pursuant to NP 12-203; (ii) there has been no failure by the Company in fulfilling its stated intention with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there is no actual or anticipated specified default subsequent to that disclosed in the initial default announcement; and (iv) there is no other additional material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to provide bi-weekly updates, as required by NP 12-203, until the required filings have been made and the Company is no longer in default.
Coalcorp is a coal mining, exploration and development company with interests in the La Francia coal mine and related infrastructure projects and a number of coal exploration properties, all located in Colombia. Coalcorp also holds a 60% equity interest in Carbones Colombianos del Cerrejon which owns the La Caypa coal mine in Colombia. Further information can be obtained by visiting our website at www.coalcorp.ca or under the Company's profile at www.sedar.com.
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Coalcorp does not undertake to update any forward-looking statements; such statements speak only as of the date made.
For further information: Joseph Belan, Interim Chief Executive Officer, +57-1-658-5050 Ext: 9990
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