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FORBES & MANHATTAN COAL CORP - Forbes Coal appointment of new Chairman

Release Date: 02/11/2012 08:03
Code(s): FMC     PDF:  
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Forbes Coal appointment of new Chairman

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 NEW CHAIRMAN


TORONTO, ONTARIO – November 1, 2012: Forbes & Manhattan Coal
Corp. (TSX: FMC) (JSE: FMC) announced today that it has
appointed Craig Wiggill as chairman of its board of directors.


Mr. Wiggill has held management, executive and directorship
positions with several international mining and marketing
companies in the coal sector.   As CEO of Coal Americas at Anglo
American plc., he was responsible for all coal activities in
North and South America. He was previously Managing Director of
Anglo Coal Marketing Ltd from 2000 to 2004 and is an engineer by
profession (B.Sc. Engineering, University of the Witwatersrand,
1984).


Stephan Theron, President and CEO of the company said: “Craig’s
extensive experience in the international coal sector will be
invaluable to the company’s continued focus on implementing
existing plans and creating shareholder value”.


The Forbes Coal board constitutes the following members; Mr.
Stephan Theron, Mr. Bernard Wilson, Mr. Stan Bharti, Mr. Ryan
Bennett, Mr. Michael Price, Mr. John Dreyer and Mr. Craig
Wiggill.
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. Forbes Coal has a strong balance sheet and an
experienced coal-focused management team.


Cautionary Notes


The ability of the Company 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 anticipated production results with
respect to the Forbes Coal Dundee Properties, future financial
or operating performance of the Company 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 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,
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 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 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 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
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
2 November 2012


Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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