Cline Mining Corporation T.CMK

first commercial sale

[sigs]

10 Aug 2011 10:47


10 Aug 2011 10:40:33 Cline - New Elk - First Commercial Coal Delivery



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Cline - New Elk - First Commercial Coal Delivery
Canada NewsWire
TORONTO, Aug. 10, 2011
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
TORONTO, Aug. 10, 2011 /CNW/ - Cline Mining Corporation ("Cline Mining" or the "Company") (TSX:CMK) is pleased to report that its first commercial sale of metallurgical grade coking coal was shipped on August 9, 2011 by Cline\'s wholly owned subsidiary New Elk Coal Company LLC ("New Elk") from its coal mine located near the town of Trinidad in southern Colorado, U.S.A. The first coal shipment was made into rail cars from the Company\'s newly constructed bulk rail load-out facility at Jansen Yard near Trinidad. The coal was from first mine production and meets the full specification grade of New Elk\'s high quality metallurgical grade coal for steelmaking purposes. The New Elk metallurgical coal is a high volatile, high fluidity, high FSI and low sulphur product. Photographs of the first rail shipment will be available on Cline\'s website at www.clinemining.com. Ongoing continuing coal deliveries and shipments are scheduled according to the Company\'s production schedule going forward.
Cline is continuing to mine metallurgical coal from its New Elk Coal Mine, which is being placed in stockpiles on the mine surface. The coal preparation plant is treating the raw coal produced from the mine and achieving the high specification standards for New Elk met coal. An active coal marketing program is in full effect to establish and settle long term customer relationships. Bulk samples of the product coal are being produced and distributed to the major national and international steel industry participants.
New Elk production of metallurgical steel-making coal slated for world markets is anticipated to ramp up to a production rate of 3.0 million tons annually by the first quarter of 2012, as described and detailed in the National Instrument 43-101 Technical Report titled "NI 43-101 Technical Report, New Elk Mine Project, Las Animas County, Colorado, U.S.A., prepared for New Elk Coal Company, LLC, subsidiary of Cline Mining Corporation" dated May 27, 2011 prepared by Leo Gilbride, P.E. and Timothy A. Ross, P.E., of Agapito Associates Inc., Qualified Persons.
About Cline: Cline has significant 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 focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., and on its iron ore property in Madagascar and its Cline Lake gold 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 commercial sales and required financings. The timing of drilling and work recommended by the NI 43-101 Technical Reports are 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.

[Eigen337]

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[waterboy2]

..and there is no destination provided either....at least we have sold some....GLTA

[courtney10]

I think that the 2 posters above need to get a grip.  Do other companies tell you how much tonnage, what price and who the customers are?   Tonnage sold and price will be disclosed at the next Q statement.  This is the first projection made that came true.  At least for now, the company will have some money coming in.  The costs of this sale have already been paid, so

[Eigen337]

This post has been removed in accordance with Community Policy

[courtney10]

It looks as if we both are onthe same side.  No sense in debating this.  2  guesses as to how much coal was sold1-  the latest M D & A  states that 35k tonnes of raw coal had been produced as of July 15th.   Clean coal is about 50% of that, and taking into consideration that other coal is need for sampling to customers etc- i would venture a guess of about

[brundall]

This post has been removed in accordance with Community Policy

[smithski]

Nice choo-choo train.. nice new equipment...  Seems sandevil was spot on the mark...Will she close at $1.80?

[cooper90]

Thanks for the timely post Sigs....much appreciated!!Slowly but surely...patience is the name of the game.....Cheers!

[sigs]

You're welcome, I just happened to be staring at the chart and the news feed popped up. It's great, but I'm still rather pissed that management released it on a day that we're down 50+ pts on the SPX and that we broke the 2$ level. Anyways I would assume with all the action in the markets this will take a couple days to digest. Cheers as well.