Go Back Email this Link to a friend

BUFFALO COAL CORP - Aviemore Mining Right

Release Date: 28/08/2015 07:05:00      Code(s): BUC     
Buffalo Coal Corp
(previously Forbes & Manhattan Coal Corp.)
(Registration number: 002116278)
(External company registration number: 2011/011661/10)
Share code on the Toronto Stock Exchange: BUF
Share code on the JSE Limited: BUC
ISIN: CA1194421014
(?Buffalo? or ?the Company?)

                                    AVIEMORE MINING RIGHT
Shareholders are advised that Buffalo has received a notice from the Minister of Mineral Resources in
South Africa (?the Minister?) withdrawing the Director-General?s decision to grant Mining Right 301
(?MR301?), as well as withdrawal of the approval by the Regional Manager of the Environmental
Management Plan (?EMP?) in respect of that right.

MR301, which is one of the rights underlying Buffalo?s Aviemore mine, was granted in June 2013 to Leeuw
Mining and Exploration Proprietary Limited (?Leeuw?). At that time Buffalo, through Zinoju Coal
Proprietary Limited, acquired the right from Leeuw. The reasons given by the Minister for the withdrawal
of the right are procedural issues in respect of the award process, in relation to an objection received from
Avemore Trust in October 2013 against the awarding of the right.

Buffalo intends to apply to court for a review of the Minister's decision to withdraw the grant of MR301
and the approval of the EMP ("Review Application").

Pending the institution of proceedings pertaining to the Review Application, the Company, on the advice
of senior counsel, has instructed its attorneys and senior counsel to attend to the institution of
proceedings to seek urgent relief to -

    -   interdict the Minister from awarding MR301 to any other party;
    -   obtain a declaratory order that the -
            o Company may continue to mine in terms of MR301;
            o the Minister's decision is of no force or effect;

pending the outcome of the Review Application ("Urgent Application").

Senior counsel has advised that it can be expected that the Urgent Application will be heard during the
course of the week commencing on 31 August 2015, and that there is a strong prospect of the Company
being successful in the Urgent Application.

Pending the outcome of the Urgent Application, mining operations in the MR301 area have been
relocated to an adjacent mining right area and the company has sufficient stock on hand to service
customers in the short term.
Further details will be provided in due course.

About Buffalo

Buffalo is a coal producer in southern Africa. It holds a majority interest in two operating mines through
its 100% interest in Buffalo Coal Dundee (Pty) Ltd, a South African company which has a 70% interest in
Zinoju Coal (Pty) Ltd (?Zinoju?). Zinoju holds a 100% interest in the Magdalena bituminous mine and the
Aviemore anthracite mine in South Africa. Buffalo has an experienced coal-focused management team.

Cautionary Notes:

This press release contains ?forward-looking information? within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited to, statements with respect
to the future financial or operating performance of Buffalo and its projects. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as ?plans?, ?expects? or
?does not expect?, ?is expected?, ?budget?, ?scheduled?, ?estimates?, ?forecasts?, ?intends?,
?anticipates? or ?does not anticipate?, or ?believes?, or variations of such words and phrases or state that
certain actions, events or results ?may?, ?could?, ?would?, ?might? or ?will be taken?, ?occur? or ?be
achieved?. Forward-looking information is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of Buffalo to be
materially different from those expressed or implied by such forward-looking information, including but
not limited to: general business, economic, competitive, foreign operations, political and social
uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals;
timing and availability of external financing on acceptable terms; not realizing on the potential benefits of
the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of mineral products; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in
obtaining governmental approvals or required financing or in the completion of activities. Although
Buffalo has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such information will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking information. Buffalo
does not undertake to update any forward-looking information, except in accordance with applicable
securities laws.


Malcolm Campbell                                               Sarah Williams
Chief Executive Officer                                        Chief Financial Officer
+27 82 924 4444                                                +27 83 781 1405
Email: malcolm.campbell@buffalocoal.co.za                      Email : sarah.williams@buffalocoal.co.za
27 August 2015


Questco Proprietary Limited

Date: 28/08/2015 07:05:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.