Corsa Files Second Quarter 2013 Financial Results
TORONTO, July 29, 2013 /PRNewswire/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") announces that it has filed its Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three months and six months ended May 31, 2013 on SEDAR and has posted these documents to its website www.corsacoal.com.
Second Quarter highlights included:
- Metallurgical coal sales of 83,000 tons.
- Maintains sales guidance at 300,000 to 320,000 tons of metallurgical coal for fiscal 2013.
- Cash cost of metallurgical coal sales of $71 per ton (1).
- Successful commencement of the Company's first highwall mining operation at the Hemminger surface mine and commencement of operations at Ankeny surface mine.
- Conditional TSXV acceptance of the Quintana transaction and closing scheduled for on or about July 31, 2013.
Refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended May 31, 2013 for the details of the financial performance of the Company and the matters referred to in this release including the technical reports and independent qualified person.
Don Charter, President and Chief Executive Officer, stated "The second quarter was a great quarter for the Company operations. With the Casselman mine operating for virtually the entire quarter at full production with the current two unit configuration, we were able to achieve further cost reductions with a cash cost of $38 per ROM ton (2) of coal produced at the Casselman mine during the quarter. In addition, the commencement of the Hemminger high wall operation and opening of the Ankeny surface mine together with entering the final stage of permitting of the Acosta underground project the Company is well positioned for continued expansion. Corsa continues to successfully position itself as a new and expanding US supplier of low volatile metallurgical coal"(1) (2) These are non-GAAP measures. See "Non-GAAP Measures" below.
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