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Update on Dundee operation
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”)
RESTRUCTURING OF BUFFALO’S DUNDEE OPERATIONS
TORONTO, ONTARIO – December 22, 2014: Buffalo Coal Corp. (TSX: BUF; JSE: BUC)
(“Buffalo” or “the Company”) advises shareholders that the Company is undertaking a review
of the operational and cost structures at its Dundee operations. Despite the restructuring
initiatives which have been implemented throughout the group during 2013 and 2014, current
market conditions and operational performance have necessitated further restructuring in order
to improve operating efficiencies and return to profitability, thereby ensuring that Buffalo remains
sustainable into the future.
In terms of the proposed restructuring, a consultation process has commenced in South Africa
with organised labour and relevant stakeholders, as required in terms of section 189A of the
South African Labour Relations Act, and details on the outcome of this process will be
announced at the appropriate time.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Malcolm Campbell
Chief Executive Officer
+27 82 924 4444
Email: malcolm.campbell@buffalocoal.co.za
Sarah Williams
Chief Financial Officer
+27 83 781 1405
Email: sarah.williams@buffalocoal.co.za
22 December 2014
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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