EastCoal Inc EastCoal to File Updated Technical Report (4550M)
27 Agosto 2013 - 8:01AM
UK Regulatory
TIDMECX
RNS Number : 4550M
EastCoal Inc
27 August 2013
EastCoal to File Updated Technical Report
EastCoal Inc. ("EastCoal" or the "Company") (TSX-V:ECX) (AIM:
ECX) announces today that the Company is in the process of
preparing an updated technical report in compliance with the
requirements of National Instrument 43-101 ("NI43-101") for its
Verticalnaya property (the "Updated Report").
The Company filed the "Amended Pre-Feasibility Study Report on
the Verticalnaya Mine, Ukraine" by IMC Group Consulting Ltd., dated
June 2012 (the "Previous Report") on July 9, 2012. As part of the
Company's admission to trading on the AIM market of the London
Stock Exchange plc and in accordance with the AIM rules, the
Company filed a Competent Persons Report (the "CPR"). The CPR
discloses a 26% increase (from the Previous Report) in
JORC-compliant total resources (inclusive of reserves), and an
amended economic analysis, with a downgrade of some reserves from
proved to probable class. The financial evaluation included inter
alia a lower assumed sales price for coal, resulting in a reduction
in net present value.
Since the Company disclosed amended estimates and analysis in
the CPR and in investor materials, for NI43-101 purposes the
Previous Report is no longer current and the aggregate changes are
material changes in relation to the Company which have triggered a
requirement to file an updated technical report in compliance with
the requirements of NI43-101.
The Company has retained independent consultants who are in the
process of preparing and filing the Updated Report which should be
available in due course. Because of the material changes in
relation to the Company detailed in the CPR which have required an
update to the Previous Report, investors and shareholders should
not place undue reliance on the Previous Report.
Upon publication of the Updated Report, the Company will also
re-file its annual information form for the year ended December 31,
2012 on SEDAR to reflect the changes to the Company's technical
disclosure set out in the Updated Report.
Mr. David J.F. Smith, C. Eng., MIoM3, BSc (Eng), is the
Qualified Person responsible for the accuracy of this news release
in compliance with NI43-101.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance. There are numerous risks and uncertainties that could
cause actual results to differ materially from those expressed in
the forward looking information. These and all subsequent written
and oral forward-looking information are based on estimates and
opinions on the dates they are made and are expressly qualified in
their entirety by this notice. Except as required by law, EastCoal
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.
For more information please contact:
EastCoal Inc.
Abraham Jonker, President and Acting CFO
+1 (604) 973 0079 / +1 (604) 992 5600 (Cell)
www.eastcoal.ca
Cenkos Securities plc
Ken Fleming
+44 (0) 207 397 8900
Derrick Lee / Alan Stewart
+44 (0) 131 220 6939
Tavistock Communications
Jos Simson / Emily Fenton / Mike Bartlett
+44 (0) 207 920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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