Wrap Text
Filing of Technical report
Forbes & Manhattan Coal Corp.
(Registration number: 002116278)
(External company registration number: 2011/011661/10)
Share code on the Toronto Stock Exchange: FMC
Share code on the JSE Limited: FMC
ISIN: CA3451171050
(“Forbes Coal” or “the Company”)
FORBES COAL ANNOUNCES FILING OF TECHNICAL REPORT
TORONTO, ONTARIO – May 15, 2013: Forbes & Manhattan Coal Corp.
(TSX: FMC) (JSE: FMC) reports that it has filed a new technical
report (the “Technical Report”) in respect of the Company’s coal
operations in the KwaZulu-Natal Province, South Africa. The
Technical Report was prepared in compliance with National
Instrument 43-101 – Standards for Disclosure for Mineral
Projects.
The Technical Report, entitled “An Independent Qualified
Persons’ Report on Forbes Coal Dundee Operations in the KwaZulu-
Natal Province, South Africa”, was authored by CJ Muller,
BScHons (Geol), Pr. Sci. Nat, D v Heerden, BEng (Min. Eng.),
MComm (Bus. Admin.), ECSA, FSAIMM, AMMSA, NJ Odendaal, BSc
(Geol.), BSc (Min. Econ.), MSc. (Min. Eng.), Pr. Sci. Nat.
FSAIMM, MGSSA, MAusIMM and D. Clemente, NHD (Ext. Met.), GCC,
MMMMA, FSAIMM who are “qualified persons” as defined by National
Instrument 43-101 and all of whom are independent of Forbes
Coal. The Technical Report may be found under the Company’s
profile on SEDAR at www.sedar.com.
About Forbes Coal
Forbes Coal is a growing coal producer in southern Africa. It
holds a majority interest in two operating mines through its
100% interest in Forbes Coal (Pty) Ltd., a South African company
("Forbes Coal Dundee") 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 (collectively, “the Forbes Coal Dundee
Properties”). The mines have a substantial resource base and
each mine has a projected life span in excess of 20 years.
Forbes Coal is in the process of increasing production at both
mines using existing infrastructure and capacity. The company
has in-place transportation infrastructure allowing its coal to
reach both export corridors and the growing domestic coal
market.
Cautionary Notes:
Johan Odendaal, B.Sc.(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc.
(Min. Eng.), a director of Minxcon and an independent Qualified
Person, as defined in National Instrument 43-101 has reviewed
and approved the scientific and technical information contained
in this release.
The ability of Forbes Coal to increase production amounts has
not been the subject of a feasibility study and there is no
certainty that the proposed expansion will be economically
feasible.
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 filing of the technical report,
the anticipated production results with respect to the Forbes
Coal Dundee Properties, future financial or operating
performance of Forbes Coal and its projects, statements
regarding the anticipated improvements in logistical support and
anticipated improvements in sales, statements made with respect
to prospects for the business of Forbes Coal, requirements for
additional capital, government regulation of the mineral
exploration industry, environmental risks, acquisition of mining
licences, title disputes or claims, limitations of insurance
coverage and the timing and possible outcome of pending
litigation and regulatory matters. 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
Forbes Coal 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 Forbes Coal 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 forwardlooking information. The Company
does not undertake to update any forward-looking information, except
in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stephan
Theron
President and Chief Executive
Officer
+1 (416) 861-5912
Email:stheron@forbescoal.com
Samantha Thomson
Investor Relations Manager
+1 (416) 309-2957
Email: sthomson@forbescoal.com
Johannesburg
17 May 2013
Sponsor:
Sasfin Capital
(A division of Sasfin Bank Limited)
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