cline sold its lossan met-coal deposit to xstrada for 40 mililon for what nothing I am expecting new elk will sold lot more than 40 millon with good location end ready to mine any day not like lossan deposit now here in BC with out any investment. be my guest is that cline may find china or japan coal or still company to join venture or sold some future contract for cost or sold entire company .
TORONTO, Oct. 6, 2011 /CNW/ - Cline Mining Corporation ("Cline Mining" or the "Company") (TSX: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 Canadaand the U.S., iron ore in Madagascar and the Cline Lake Gold Mine Property in northern Ontario, Canada.