ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

COE

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:COE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

CanAm Reports Record Q2 Coal Sales

16/07/2013 2:01pm

Marketwired Canada


CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or the "Company") is
pleased to report coa l sales for the quarter ended June 30, 2013. Consolidated
Q2 2013 coal sales were 167,500 tons, the best results in the Company's history.
Sales were up 12% over the first quarter and 28% over the prior year. For the
six month period ended June 30, 2013, sales were 317,000 tons as compared to
248,000 tons or an increase of 28% on a year to date basis.




-----------------------------------------------------------------
Tons Sold             Three month period       Three month period
                       ended (Unaudited)        ended (Unaudited,
                                                        Restated)
               --------------------------------------------------
                             Fiscal 2013              Fiscal 2012
-----------------------------------------------------------------
                                                                 
                                                                 
March 31                         149,453                  117,192
-----------------------------------------------------------------
June 30                          167,426                  130,517
-----------------------------------------------------------------
                                                                 
YTD                              316,879                  247,709
-----------------------------------------------------------------



Comparative 2012 financial information has been restated to reflect full (100%)
consolidation accounting of BCC commencing with the purchase of the initial 50%
ownership stake in May 2011.


During Q2 2013, the Company made significant progress to its goal of full
production at its 3 new mines: Old Union 2, Knight and Posey Mill 2. The Company
achieved a full quarter of production from all 3 pits at Old Union 2 and by the
end of the quarter, Knight mine's production was at commercial levels. In June,
the Company took up first coal from its Posey Mill 2 mine and it is expected
that full production levels will be achieved in the third quarter from this
mine. The Company's Powhatan mine had a solid quarter, achieving planned
production levels. The prior year's result reflects sales from the Company's old
mines, which had lower productive capacity compared to the Company's new mine
complement. This explains the large sales increase.


Discreet June sales were a record 61,000 tons, which the Company believes is an
indicator of future results. Once commercial production levels are reached at
the Posey Mill 2 mine, the Company is optimistic that sales can start to exceed
June levels.


Company President and CEO, Jos De Smedt commented: "Despite the fact we were
still in a transition phase for most of the second quarter, CanAm was still able
to achieve the best production and sales results in its history. Now that our
transition has been completed, we can expect to achieve full scale commercial
production for the foreseeable future. Add to this the fact we are fully
contracted gives us optimism as we start the second half of the year".


The Company is expected to release its second quarter full financial results in
August 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. 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.


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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CanAm Corporate Office:
Jos De Smedt
President & CEO
403.262.3797 or Toll Free: 1.877.262.5888
jdesmedt@canamcoal.com

1 Year Chart

1 Year  Chart

1 Month Chart

1 Month  Chart

Your Recent History

Delayed Upgrade Clock