Here it isCline Mining Announces Closing of Sale of its Lossan Met-Coal Deposit to Xstrata Coal for CDN$40 Million
Last Update: 10/13/2011 4:56:00 PM
TORONTO, Oct. 13, 2011, 2011 (Canada NewsWire via COMTEX) -- Cline Mining Corporation ("Cline Mining" or the Company") (CMK) is pleased to announce it has closed the sale of its 100% undivided interest in the Lossan coal licences (the "Lossan Property") to Xstrata Coal Canada Resources Limited ("Xstrata"). As previously announced, the consideration paid by Xstrata for the acquisition of the Lossan Property is CDN$40 million. The Lossan Property is located in the Peace River Coalfield of north eastern British Columbia, Canada and covers an area of approximately 3,800 hectares.
Ken Bates, the President and CEO of the Company, commented "The Company is pleased to have completed the sale of the Lossan Property as it represents another significant step in solidifying our financial position and streamlining our asset base such that we can focus and concentrate our efforts on the development and expansion of the Company's New Elk metallurgical coal mine".
About Cline: Cline has metallurgical coal property interests in British Columbia, Canada and in Colorado, U.S.A. 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 gold from its the Cline Lake Gold Mine Property in northern Ontario, Canada.
CLINE MINING CORPORATION Ken Bates, President and Chief Executive Officer
Forward-Looking Information
This news release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws), including without limitation, the magnitude or quality of mineral deposits, the economic assessment and estimates regarding the mine life of the New Elk coal mine, and the timing and completion of financings. The timing of drilling and work recommended by the 2011 Technical Report is based on current internal expectations, which may prove to be incorrect. Other risk factors are discussed under "Risk Factors" in Cline's Annual Information Form for its 2010 financial year end, and include management's ability to anticipate and manage risk factors. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that are common to junior mineral exploration companies. These risks and uncertainties include, among other things, the Company's need for additional funding to continue its exploration efforts, changes in general economic, market and business conditions, and competition for, among other things, capital and skilled personnel. These statements are not a guarantee of future performance and undue reliance should not be placed on them. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable laws. Copies of the Company's public filings under applicable Canadian securities laws are available at www.sedar.com . The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings.
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SOURCE: Cline Mining Corporation
Head office: Brookfield Place, 181 Bay Street, 3rd Floor, Clarkson Gordon HeritageBuilding, Toronto, ON, M5J 2T3 Contacts: Office: Email: Website: Ken Bates,President and CEO Ernest Cleave, Vice-President and CFO (416) 504-7600info@clinemining.com www.clinemining.com