As previously reported, the Company received final permitting from the Alabama Surface Mining Commission for its Knight and Posey Mill 2 mines. The Knight mine, which replaces the Bear Creek mine (expected to be mined out in the first half of 2013) commenced production in late January 2013. Mine development is underway at the Posey Mill 2 mine with first production planned before the end of Q1 2013. Looking forward into 2013, the Company is expecting continued growth in production and sales as it brings on full production from its newly permitted mines.
Company President and CEO, Jos De Smedt commented: "CanAm achieved significant production and sales growth in Q3 and Q4 and full 2012 was another record year for the Company. Since 2010, which was the first year of production for CanAm, we have seen our sales increase almost ten-fold, from 48,000 tons in 2010 to 256,000 tons in 2011 to a record 455,000 tons in 2012. With our new mines fully permitted and initial mine development nearing completion, further significant growth is expected in 2013. In addition, the Company's $11 million investment in new equipment in 2012 positions CanAm to efficiently optimize production and sales from these new mines. With these building blocks in place, we look forward to strong growth in 2013."
The Company is expected to release its audited full year financial results in April 2013.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
Forward-Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CanAm Corporate Office:
Jos De Smedt
President & CEO
403.262.3797 or Toll Free: 1.877.262.5888
Brisco Capital Partners:
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