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Coalspur Mines Limited - December 2012 Quarterly Report

PERTH, Western Australia, Jan. 31, 2013 /CNW/ - Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL, TSX: CPT) is pleased to present its quarterly report for the three months ending 31 December 2012.

  • The Company secured a US$300 million senior debt commitment (the " Facility") from EIG Global Energy partners (" EIG").
    • Proceeds from the Facility will fund the majority of the development capital required to achieve first production at the Vista Coal Project (" Vista")
    • The Facility is expected to be executed and effective by the end of the quarter ending 31 March 2013
    • Securing this funding helps maintain the timeline for Vista where construction is scheduled to commence in 2013 with first production in 2015
  • The Company completed an optimisation study (the " Study") on Vista. Highlights of the Study include:
    • Development capital to achieve first production reduced to C$527 million ( C$343 million lower than the Vista Feasibility Study)
    • Through utilising mining contractors development capital can be reduced by further C$82 million, to approximately C$445 million
  • Coalspur agreed to binding key terms for a definitive commercial transportation agreement (the " Agreement") with CN Rail.
    • Key terms of the Agreement include rates, term and escalation
    • The Agreement provides Coalspur with up to 12.0 Mtpa of rail allocation and is structured to reflect the production profile of Vista
  • Subsequent to quarter end, the Company announced that its largest shareholder, the Highland Park Group (" Highland Park") had exercised its option to purchase additional ordinary shares in the Company.
    • Highland Park exercised 12,724,669 options at an exercise price of A$0.70 per option, and now owns 153,840,202 ordinary shares which represents approximately 24.3% of the ordinary shares currently outstanding in the Company
    • Holders of a further 669,333 options with an exercise price of A$0.70 per option also exercised their options to acquire further shares
    • Total funds raised from the exercise of options was A$9,375,801
  • The Company advised that it will change its financial year end from 30 June to 31 December, commencing December 31, 2012.

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