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Corsa Files Second Quarter 2013 Financial Results

(1)     Cash cost of metallurgical coal sales per ton is a non-GAAP measure and is the total of cost of coal sold expense and royalties expense for clean metallurgical coal divided by the tons sold. Cost of coal sold expense includes all cash operating cost at the mines, the cost of purchased coal and the cash operating cost of processing related to clean metallurgical coal and royalties expenses includes all production and sales royalties related to clean metallurgical coal.

(2)     Cash cost of ROM coal per ton is a non-GAAP measure and is and is the total of cash operating cost and royalties cost divided by the tons produced. Cash operating cost, which is a non-GAAP measure, is defined as the cost of coal sold expense plus (i) the increase in inventory from the previous period and its impact in the statement of operations for the reporting period, or less (ii) the decrease in inventory from the previous period and its impact in the statement of operations for the reporting period. Inventory is calculated at lower of cost or net realizable value. Royalties cash cost, which is a non-GAAP measure, is defined as royalties expense plus (i) the increase in inventory from the previous period and its impact in the statement of operations for the reporting period, or less (ii) the decrease in inventory from the previous period and its impact in the statement of operations for the reporting period. Inventory is calculated at lower of cost or net realizable value.

Reference is made to the Management's Discussion and Analysis and the Condensed Consolidated Financial Statements for the three and six months ended May 31, 2013 for a reconciliation of non GAAP measures to GAAP measures.

Information about Corsa

Corsa's primary business is the mining, processing and selling of low volatile metallurgical coal, as well as actively exploring, acquiring and developing resource properties consistent with its coal business.

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