News !Just put another $40 million cash in the bank !
This just out:
Cline Mining Sells Its Lossan Met-coal Deposit To Xstrata Coal For Cdn$40 Million
Last Update: 10/6/2011 10:23:00 PM
TORONTO, Oct. 6, 2011, 2011 (Canada NewsWire via COMTEX) -- Cline Mining Corporation ("Cline Mining" or the "Company") (CMK) is pleased to announce that Xstrata Coal has agreed to acquire 100% of the Company's metallurgical coal deposit within Cline Mining's Lossan property ("Lossan") for CDN$40 million, subject to customary conditions. Closing is expected to occur on or about October 12, 2011.
Lossan is located in the Peace River Coalfield of north eastern British Columbia, Canada and has an NI 43-101 compliant resource of 240 million tonnes. Lossan covers an area of approximately 3,800 hectares.
Ken Bates, the President and CEO of the Company, commented "The sale of the Lossan metallurgical deposit provides Cline Mining with immediately available funds to ensure efficient ramp-up and expansion of its New Elk metallurgical coal mine and the ability to avail itself of other strategic opportunities."
About Cline: Cline has significant metallurgical coal property interests in North America with NI 43-101 compliant independent Technical Reports. Cline Mining Corporation is a mine development company focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., iron ore in Madagascar and the Cline Lake Gold Mine Property in northern Ontario, Canada.
CLINE MINING CORPORATION Ken Bates, President and Chief Executive Officer
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