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FORBES & MANHATTAN COAL CORP - Wage negotiations completed

Release Date: 18/10/2013 13:00
Code(s): FMC     PDF:  
Wrap Text
Wage negotiations completed

   
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 REPORTS WAGE NEGOTIATIONS WITH EMPLOYEES HAVE BEEN CPMPLETED
                              
TORONTO, ONTARIO – October 18, 2013: Forbes & Manhattan Coal Corp. (TSX/JSE: FMC) (“Forbes Coal” or
“the Company”) has reached agreement on wages for this year with the Association of Mineworkers and Construction
Union (AMCU) for employees in categories 4 to 8. Wages for employees in these categories will increase by 9% for the
period from August 1, 2013 to July 31, 2014.

Stephan Theron, President and CEO of Forbes Coal commented, “We thank everyone involved in these negotiations for
the manner in which they have been conducted and to have reached agreement amicably without incident”.

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 an
experienced coal-focused management team.

Please refer to the company's NI 43-101 compliant technical report on the Forbes Coal Dundee Properties dated March
6, 2013 entitled "Independent Qualified Persons’ Report on Forbes Coal Dundee Operations In the KwaZulu-Natal
Province, South Africa", available on the SEDAR profile of the Company at www.sedar.com. Additional information is
available at www.forbescoal.com.

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 anticipated
production results with respect to the Forbes Coal Dundee Properties, future financial or operating performance of
Forbes Coal and its projects, 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 forward-looking 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                                             Colinda Parent
President and Chief Executive Officer                      VP Corporate Development
+1 (416) 861-5912                                          +1 (416) 861-5811
Email: stheron@forbescoal.com                              Email: cparent@forbesmanhattan.com

18 October 2013
Johannesburg

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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