TORONTO, July 18, 2013 /PRNewswire/ - Pacific Coal
Resources Ltd. (TSXV: PAK) today provided an operational update on
its second quarter 2013 production at its La Caypa and Cerro Largo
mines.
Hernan Martinez,
Executive Chairman, commented: "We made good progress with regard
to the Company's production during the second quarter of 2013,
producing 398,865 tonnes of coal. This represents a 79%
increase over the first quarter of 2013 and a 26% increase over the
2012 quarterly average. We have also made important progress with
the development work at La Caypa's south pit. The Company remains
committed to expanding its margins and reducing its costs on a per
tonne basis."
Q2 2013 production at La Caypa
|
Production of Coal
(metric tonnes) |
Waste
(bcm)(1) |
Stripping Ratio |
Main Pit |
320,436 |
2,570,805 |
8.02:1 |
South Pit |
- |
1,490,721 |
N/A |
Total |
320,436 |
4,061,526 |
12.67:1 |
(1) Bank cubic meters
During the second quarter of 2013, the Company
produced 320,436 tonnes at La Caypa, 111% of its planned
production. This represents the highest production at the
mine since the first quarter of 2011 and a 169% increase from the
118,980 tonnes produced in the first quarter of 2013. The
increase can be attributed to the positive results of the
collaboration between the Company's La Caypa team and the mine's
new operator, who completed their first full quarter of operations.
Operational stripping ratios at La Caypa also improved from the
first to second quarter of 2013 (from 8.57:1 to 8.02:1, a 6%
decrease).
Given that La Caypa produced 439,416 tonnes of
coal in the first half of 2013, including the limited production in
the first quarter of 2013 as the new operator ramped-up, the
Company continues to anticipate production of 1.0 million tonnes at
La Caypa in 2013. This would represent a 12% production
increase from 2012.
Q2 2013 production at Cerro Largo
|
Production of Coal
(metric tonnes) |
Waste
(bcm) |
Stripping Ratio |
Total |
78,429 |
733,167 |
9.35:1 |
In the three months ended June 30, 2013, coal production at the Cerro Largo
mine was 78,429 tonnes, which was below planned production for the
quarter. Production was limited as a result of Cerro Largo's
transition from using a third party operator to operating the mine
in-house during the quarter. In-house operations progressed
well during the quarter, with the tonnage produced in June more
than doubling from production in April. The second quarter
stripping ratio was the lowest recorded since the mine began full
operation, down 24% from the first quarter of 2013.
The Company production target in 2013 for Cerro
Largo is between 0.5 and 0.6 million tonnes, an increase of
approximately 50% from 2012.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a
Canadian-based mining company engaged in the acquisition,
exploration and production of coal and coal-related assets from
properties located in Colombia.
The Company's common shares are listed on the TSX Venture Exchange
and trade under the symbol "PAK".
Forward Looking Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or believes" or
variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this press release and Pacific Coal disclaim, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither 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 news release.
SOURCE Pacific Coal Resources Ltd.