TORONTO,
March 12, 2013 /PRNewswire/ - Corsa
Coal Corp. (TSXV: CSO) ("Corsa" or the "Company") is pleased to
announce that during the first quarter of fiscal 2013 the Company
sold 36,000 tons of clean metallurgical coal and 10,000 tons of raw
metallurgical coal. As well, the Company sold 33,000 tons of
thermal coal during the quarter.
In addition, the Company announced that it has
entered into contracts or received purchase orders for the sale of
an additional 96,000 tons of metallurgical coal increasing its
published contracted sales guidance for 2013 from 170,000 tons to
266,000 tons of which it expects to ship 250,000 tons in fiscal
2013. The Company continues to actively market its high quality low
volatile metallurgical coal and is in discussions with domestic and
international buyers. The Company continues to match production to
actual sales and does not have unnecessary inventories of unsold
coal. While the Company remains optimistic that further sales will
be achieved, it only reports future sales guidance based on
currently contracted volumes. The Company has continued to be
successful in achieving sales as a result of the superior quality
of its low volatile met coal product.
Caution
The estimated coal production, purchases, sales
and processing of coal 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.
There can be no assurance as to when or if the required permits
will be issued. Actual production, sales, shipments, purchases,
total cash costs and 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" as well as actual
demand and sales orders received. Costs will be impacted by
production levels actually achieved.
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 2013 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 or expected; 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 with 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 where 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.