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FMC - Forbes & Manhattan Coal Corp - Forbes Coal appoints experienced general
manager to management team
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 APPOINTS EXPERIENCED GENERAL MANAGER TO MANAGEMENT TEAM
TORONTO, ONTARIO - AUGUST 8, 2011: Forbes & Manhattan (Coal) Corp. (TSX/JSE:
FMC) ("Forbes Coal" or the "Company") is pleased to announce that Kevern
Mattison has joined the Company as General Manager of its Slater Coal
operations, based in Dundee, Kwazulu-Natal, South Africa, effective 1 August
2011.
"Mr. Mattison brings more than twenty years of coal mining experience to Forbes
Coal. His project and mine management skills will be an asset to us as we
continue ramping up operations at the Magdalena and Aviemore mines in order to
reach our production goal of one million saleable tonnes in this fiscal year,"
said President and Chief Executive Officer Stephan Theron. "His appointment
further strengthens the technical and strategic capabilities of our operational
team."
Previously, Mr. Mattison was with Anglo American, where he started his coal
mining career at its New Denmark Colliery in 1989. He progressed through the
ranks and worked at most of the Anglo American Thermal Coal operations. Most
recently Mr. Mattison was Manager Mining at Kleinkopje Colliery. Mr. Mattison
has experience in both underground as well as opencast operations and has
managed operations covering a wide spectrum of mining methods.
Mr. Mattison has a National Higher Diploma Coal Mining from Witswatersrand
Technikon and a Bachelors of Technology from the University of Johannesburg.
About Forbes Coal
Forbes Coal is an emerging mid-tier southern African coal company. It holds a
majority interest in two operating mines. The Company holds a 76.75% interest in
Slater Coal (Pty) Ltd., a South African company ("Slater Coal") which has a 70%
interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a 100% interest in
certain coal mines in South Africa (the "Slater Coal Properties"). The Slater
Coal Properties comprise the operating Magdalena bituminous mine and the
Aviemore anthracite mine. The mines have a substantial combined resource of
coal and each mine has a projected 18 year life span. Forbes Coal is in the
process of increasing production at both mines and looks to triple production
from current levels in the next two to four years 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.
Forbes Coal has a strong balance sheet and an experienced coal-focused
management team.
Cautionary Notes
The ability of the Company to triple 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 "forwardlooking information" within the meaning of
applicable Canadian securities legislation. Forwardlooking information includes,
but is not limited to, statements with respect to the anticipated production
results with respect to the Slater Coal Properties, future financial or
operating performance of the Company and its projects, statements regarding the
prospects for the business of the Company, 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, forwardlooking 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 the Company 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 a 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 the Company 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 Sabina Srubiski
President and Chief Executive Officer Investor Relations Manager
(416) 861-5912 (416) 309 2957
Email: stheron@forbescoal.com Email: ssrubiski@forbescoal.com
Sponsor: Sasfin Capital, a division of Sasfin Bank
Date: 10/08/2011 07:09:20 Supplied by www.sharenet.co.za
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