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Coalspur Secures US$300 Million Senior Debt Commitment To Fund Majority Of Initial Development Capital At Vista

Selection of process equipment, including crushing, wash plant and load out facilities, to handle up to 3.0 Mtpa is substantially complete. Letters of Intent or purchase orders have been issued to the selected vendors to receive engineering drawings for the detailed design of the process plant. This will allow the plant structural and foundation design to be completed in early 2013. The detailed engineering completed to date confirms that the current capital cost estimate continues to track the budget.

The decision regarding the use of a mining contractor for the initial years of operation will be made in early 2013 as the final bid submissions are received from contractors and the financing arrangements for Vista are finalised.

Regulatory and Key Stakeholder Update

The Company remains on track with its regulatory approval process and continues to engage with the Energy and Resources Conservation Board (" ERCB") in this regard. As part of this process, final supplementary information requests (" SIRs") were received from the ERCB in November and formal written responses have recently been submitted.

Coalspur is seeking approval to commence forest harvesting in designated construction areas in the first quarter of 2013. Completion of logging in these areas will support Vista's construction schedule.

Coalspur continues to engage with all key stakeholders and has recently received formal public support from the Town of Hinton. The Company also continues to engage with Aboriginal groups, and in this regard, an agreement has been reached with one of the main groups setting out the terms for the ongoing cooperation and collaboration between the parties.

Coalspur continues to deliver on its targets and remains on schedule with its financing, project and all other activities necessary to commence construction on Vista by mid-2013, following the receipt of requisite approvals.

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