ORR

Cobalt Coal Corp. (TSX VENTURE:CBT) ("Cobalt" or the "Corporation") announced
today that it has exercised its option to acquire metallurgical coal mineral
rights on properties owned by Fox Development Corporation ("Fox"), a Kentucky
mining corporation. In exchange for a cash payment of $40,000 and a 7.5% Over
Riding Royalty ("ORR") reserved for Fox, Cobalt will be granted a 100% working
interest in certain coal properties in Pike County, Kentucky, near Cobalt's
regional headquarters in neighbouring West Virginia. Additionally, Cobalt will
have an eighteen month option period to buy out the ORR for US $650,000.


Cobalt intends to submit applications immediately to the applicable state and
federal mining authorities to obtain the necessary permits that may be required
to commence commercial coal production.


In discussing the Fox acquisition, David M. Lewis, President and CEO of Cobalt,
commented, "The purchase of the Fox asset represents a significant step forward
in Cobalt's regional coal production business. Once regulatory requirements have
been satisfied with respect to the Fox acquisition, we expect to proceed
immediately with the commencement of commercial production at this property."


About Cobalt:

Cobalt is a metallurgical coal acquisition and production company whose common
shares are publicly traded on the TSX Venture Exchange. Cobalt is focused on the
acquisition and development of known metallurgical coal deposits in the
Appalachian coal producing region of the United States. The Corporation has its
head office in Calgary, Alberta and has an operating office in Welch, West
Virginia.


READER ADVISORY

Statements in this press release, including statements that address events or
developments that Cobalt expects to occur, may contain forward-looking
information which include expectations of future production, operating costs,
commodity prices, administrative costs, commodity price risk management
activity, acquisitions and dispositions, capital spending, access to credit
facilities, income taxes, regulatory changes, and other components of cash flow
and earnings. The reader is cautioned that assumptions used in the preparation
of such information may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Corporation. These risks include, but are not limited
to, the risks associated with the coal mining industry, regulatory approval,
commodity prices and exchange rate changes. Industry related risks could
include, but are not limited to, operational risks in exploration, development
and production, delays or changes in plans, risks associated to the uncertainty
of reserve estimates, health and safety risks and the uncertainty of estimates
and projections of production, costs and expenses. The reader is cautioned not
to place undue reliance on this forward- looking information. Actual results may
differ materially. Cobalt will not update these forward-looking statements to
reflect events or circumstances after the date hereof, except as required
pursuant to applicable laws.

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