TORONTO, Oct. 15, 2013 /CNW/ - Pacific Coal Resources Ltd.
(TSXV: PAK) provides an operational update on its third quarter
2013 production at the La Caypa and Cerro Largo mines.
Hernan Martinez,
Executive Chairman, commented: "The production improvements noted
in the first half of the year continued as the Company produced
395,499 tonnes of coal in the third quarter of 2013. This was
consistent with the 398,865 tonnes produced in the second quarter
of 2013 and represents a 27% increase over the quarterly average in
the first half of 2013. We also continue to make important progress
with the development of La Caypa's south pit. The Company remains
committed to expanding its margins and reducing its costs on a per
tonne basis."
Q3 2013 production at La Caypa
|
Production of Coal
(metric tonnes) |
Waste
(bcm)(1) |
Stripping Ratio |
Main Pit |
315,933 |
2,444,648 |
7.74:1 |
South Pit |
- |
916,406 |
N/A |
Total |
315,933 |
3,361,054 |
10.64:1 |
(1) Bank cubic meters
During the third quarter of 2013, the Company
produced 315,933 tonnes at La Caypa, 105% of its planned production
and consistent with the production of 320,436 tonnes in the second
quarter of 2013 (which represented the highest production at the
mine since the first quarter of 2011). The positive results can be
attributed to the proficiency of the Company's new management and
their La Caypa team. Operational stripping ratios at La Caypa also
continued to improve, from 8.02 in the second quarter of 2013 to
7.74 in the third quarter of 2013 (3% decrease).
Given that La Caypa produced 755,349 tonnes of
coal in the first nine months of 2013, including the limited
production in the first quarter as the new operator ramped-up, the
Company is in-line to meet the anticipated production target of 1.0
million tonnes at La Caypa in 2013. This would represent a
12% production increase from 2012.
Q3 2013 production at Cerro Largo
|
Production of Coal
(metric tonnes) |
Waste
(bcm) |
Stripping Ratio |
Total |
79,566 |
910,694 |
11.45:1 |
In the three months ended September 30, 2013, coal production at the Cerro
Largo mine was 79,566 tonnes, which was below planned production
for the quarter. Production was limited due to lower than
forecasted availability of equipment for mine operations and
transportation, as the Company transitioned from use of a third
party operator to operating the mine in-house in 2013. The
Company plans to rectify these issues in the fourth quarter of
2013. The third quarter stripping ratio was consistent with the
ratio for the first six months of 2013 (11.00).
As the Company continues to ramp-up in-house
operations of Cerro Largo, production targets for 2013 for Cerro
Largo were adjusted to 0.4 million tonnes, consistent with the
production levels in 2012.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a
Canadian-based mining company engaged in the acquisition,
exploration and production of coal and coal-related assets from
properties located in Colombia.
The Company's common shares are listed on the TSX Venture Exchange
and trade under the symbol "PAK".
Forward Looking Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or believes" or
variations (including negative 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 statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this press release and Pacific Coal disclaim, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither 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 news release.
SOURCE Pacific Coal Resources Ltd.