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Corsa Files Second Quarter 2013 Financial Results

Update on the Quintana Transaction

July 24, 2013, the Company announced the TSX Venture Exchange has conditionally accepted Corsa's previously announced proposed transaction with Quintana Kopper Glo Investment, LLC, a portfolio company of Quintana Energy Partners L.P. and its affiliated investment funds (collectively, "Quintana"), which, when the transaction contemplated is fully completed, will result in Corsa having raised a total of US$40 million at Cdn$0.17 a share and acquiring Kopper Glo, a Tennessee based coal producer, from Quintana and Quintana having acquired a control position in Corsa. The Quintana Transaction is expected to close on or about July 31, 2013.  See the press release of the Company dated July 24, 2013 and the Filing Statement dated July 24, 2013 filed on SEDAR for full details of the Quintana Transaction, including the closing conditions.

Caution

The estimated coal production, purchases, sales and mining cash costs per ton of coal and processing costs per ton of coal sold disclosed in this press release are considered to be forward looking information. Readers are cautioned that actual results may vary from this forward looking information. Actual production, purchases, total cash costs, sales and processing costs are subject to variation based on a number of risks and other factors referred to under the heading "Forward-Looking Statements" below as well as demand and sales orders received. Costs will be impacted by production levels actually achieved.

Non GAAP Measures

Management uses non-GAAP measures as internal measurements of production costs and performance for the Company's mining and processing operations.  Management believes these non GAAP measures provide useful information for investors as they provide information in addition to the GAAP measures to assist in their evaluation of those operating costs which impact on Corsa's cash resources.

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