CCF

Cobalt Coal Ltd. (formerly Cobalt Coal Corp.) (TSX VENTURE:CCF) ("Cobalt" or the
"Corporation") wishes to clarify the resources and reserves retraction that was
the subject of its April 4, 2012 news release.


As a result of a recent and routine Continuous Disclosure Review of Cobalt by
the Alberta Securities Commission ("ASC"), management has determined that there
was a material revision to Cobalt's reserves or resources resulting from the
acquisition of the Westchester Limited Partnership and acquisition of the
Westchester Expansion Lease. The reserves or resources so acquired have not been
evaluated in the Norwest Corporation Technical Report on the Westchester Mine
dated June 8, 2009 (the "Westchester Technical Report") that was previously
filed on SEDAR. 


The Westchester Limited Partnership ("WLP") was originally formed to fund the
acquisition of the lease and equipment necessary to bring the Westchester Mine
into production. Initially, the WLP owned a 90 percent working interest until
payout of the funds advanced to start up the mine (approx $2,850,000). WLP's
working interest reverted to a 65% working interest after payout and then to a
35% working interest after two times payout of the advanced funds (ie: approx
$5,700,000). Therefore, Cobalt owned only a minority interest until payout to
the WLP of approx $5,700,000 and the Westchester Technical Report only evaluated
Cobalt's interest and not that of the WLP. The acquisition of the WLP by Cobalt
in August 2011 resulted in an addition of coal deposits owned by Cobalt.


In addition, as a result of signing the Westchester Expansion Lease as reported
in Cobalt's news release of January 19, 2011, additional coal deposits were
again added to the project. Readers will be reminded that the Expansion Lease
involves the addition of an additional 121 acres of coal bearing lands that are
contiguous to the original Westchester Lease that can only be accessed through
Cobalt's portals in the Westchester Mine. National Instrument 43-101 ("NI
43-101") compliant resource and reserve estimates are not yet available for the
additional deposits and this required the retraction, by the April 4th, 2012
news release, of the additional quantities and extended mine life information
previously announced on January 19, 2011. Although taken in isolation, these
additions might not be a material event, the additions announced on January 19,
2010 (subsequently retracted) triggered the requirements under NI 43-101 to file
a current NI 43-101 compliant technical report.


Cobalt is in the process of commissioning a current Technical Report which will
be approved by a Qualified Person within the meaning of NI 43-101. The report
will evaluate all of Cobalt's interests both in the original Westchester Lease
and the Westchester Expansion Lease in which Cobalt now holds a 100% interest.
Upon completion of the report, a further press release will be issued advising
changes to Cobalt's resource and reserves estimates at the Westchester Project
and the new report will be posted to SEDAR and onto Cobalt's web site.


About Cobalt

Cobalt is a publicly traded coal exploration and production company
headquartered in Calgary, Alberta, Canada with a regional office in Welch, West
Virginia, USA. Cobalt was created to capitalize on the growth opportunities that
exist in the metallurgical coal mining industry. 


The securities of Cobalt being offered have not been, nor will be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States or to, or for the account or benefit
of, U.S. persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale of
securities in the United States.


READER ADVISORY

Statements in this news release may contain forward-looking information
including the use of proceeds from the Offering. The reader is cautioned that
assumptions used in the preparation of such information may prove to be
incorrect. Events or circumstances may cause actual results to differ materially
from those predicted, a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control of the
Corporation. These risks include, but are not limited to, the risks associated
with the coal mining industry, commodity prices and exchange rate changes.
Industry related risks could include, but are not limited to, operational risks
in exploration, development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and expenses.
The reader is cautioned not to place undue reliance on this forward-looking
information.

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