TORONTO,
Nov. 12, 2012 /PRNewswire/ - Corsa
Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") announces an
increase to its fourth quarter guidance. Based on new sales
contracts, the Company now expects to ship approximately 75,000
tons in the calendar fourth quarter of which it expects 55,000 tons
to be taken into sales in its fiscal fourth quarter and the
remainder to fall into next fiscal year sales. The Company had
previously given guidance that it expected to ship 32,000 tons of
met coal in its fiscal fourth quarter. As a result, the
Casselman mine, temporarily idled
in mid-October, has recommenced full operations together with its
coal preparation plant. The Company has continued to be successful
in achieving sales as a result of the superior quality of its low
volatile met coal product. The Company continues to actively market
its 2013 production and will continue to match its production to
actual sales.
Information about Corsa
Corsa's main operating subsidiaries are Wilson
Creek Energy LLC and Maryland Energy Resources LLC based in
Somerset County,
Pennsylvania. Its primary business is the mining,
processing and selling of metallurgical coal, as well as actively
exploring, acquiring and
developing resource properties consistent
with its coal business.
Forward-Looking Statements
Certain information set forth in this press
release contains "forward-looking statements" and "forward-looking
information" under applicable securities laws. Except for
statements of historical fact, certain information contained herein
constitutes forward-looking statements which include management's
assessment of future plans and operations and are based on current
internal expectations, estimates, projections, assumptions and
beliefs, which may prove to be incorrect. Some of the
forward-looking statements may be identified by words such as
"estimates", "expects" "anticipates", "believes", "projects",
"plans", "outlook", "capacity" and similar expressions. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties, which may cause the Company's actual performance and
financial results in future periods to differ materially from any
projections of future performance or results expressed or implied
by such forward-looking statements. These risks and uncertainties
include, but are not limited to: risks that the actual production
or sales for the fourth quarter of 2012 and 2012 fiscal year will
be less than projected production or sales for these periods; risks
that the prices for coal sales will be less than projected;
liabilities inherent in coal mine development and production
including restarting idled mines; geological, mining and processing
technical problems; inability to obtain required mine licenses,
mine permits and regulatory approvals or renewals required in
connection with the mining and processing of coal; risks that the
Company's coal preparation plant will not operate at production
capacity during the relevant period, unexpected changes in coal
quality and specification; variations in the coal mine or coal
preparation plant recovery rates; dependence on third party coal
transportation systems; competition for, among other things,
capital, acquisitions of reserves, undeveloped lands and skilled
personnel; incorrect assessments of the value of acquisitions;
changes in commodity prices and exchange rates; changes in the
regulations in respect to the use, mining and processing of coal;
changes in regulations on refuse disposal; the effects of
competition and pricing pressures in the coal market; the
oversupply of, or lack of demand for, coal; inability of management
to secure coal sales or third party purchase contracts; currency
and interest rate fluctuations; various events which could disrupt
operations and/or the transportation of coal products, including
labour stoppages and severe weather conditions; the demand for and
availability of rail, port and other transportation services; the
ability to purchase third party coal for processing and delivery
under purchase agreements; and management's ability to anticipate
and manage the foregoing factors and risks. The forward-looking
statements and information contained in this press release are
based on certain assumptions regarding, among other things, future
prices for coal; future currency and exchange rates; the Company's
ability to generate sufficient cash flow from operations and access
capital markets to meet its future obligations; the regulatory
framework representing royalties, taxes and environmental matters
in the countries in which the Company conducts business; coal
production levels; and the Company's ability to retain qualified
staff and equipment in a cost-efficient manner to meet its demand.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The
reader is cautioned not to place undue reliance on forward-looking
statements. The Company does not undertake to update any of the
forward-looking statements contained in this press release unless
required by law. The statements as to the Company's capacity to
produce coal are no assurance that it will achieve these levels of
production or that it will be able to achieve these sales
levels.
The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Corsa Coal Corp.
