Pacific Coal Announces Resignation of CEO, Appointment of Executive Vice President and COO and Sale Of BACF Interest
October 07 2012 - 10:56AM
PR Newswire (Canada)
TORONTO, Oct. 9, 2012 /CNW/ - Pacific Coal Resources Ltd. announced
today that the Company's Chief Executive Officer, Mr. Luis
Carvajales, has tendered his resignation, effective immediately.
The Company would like to thank Mr. Carvajales for his service and
valuable contribution to the Company and wishes him well in his
future endeavours. The duties of the Chief Executive Officer will
be assumed by the Company's recently appointed Executive Chairman,
Mr. Hernan Martinez (see press release dated September 7, 2012).
The Company is pleased to announce the appointment of Mr. Luigi
Salemi Nieto as the Chief Operating Officer of the Company and Mr.
Ricardo Plata as the Executive Vice-President of the Company,
effective immediately. Mr. Salemi has over 25 years of professional
experience in open pit and large scale mining, and has achieved
excellent results in the continuous improvement of production
processes. He has been providing advisory and consulting services
in respect of open coal mines in various departments in Colombia
and has held senior managerial positions, including being the Mine
Director for Operacion Minera Siglo XXI S.A. (OPM S.A.), a mine
operator used by the Company. Mr. Salemi holds a civil engineering
degree from the Universidad La Gran Colombia in Bogota, Colombia.
Mr. Plata has over 20 years of corporate management experience in
national and international trade, public affairs and information
systems working with national and multinational corporations. He
has held the position of Executive Director for Fundacion para el
Desarrollo del Caribe Colombiano (FUNDESARROLLO), which provides
support to the Colombian Chamber of Commerce by carrying out
economic and social studies and monitoring of public policies. He
has also held several senior managerial positions at International
Colombia Resources Corporation, which is the operator of the
Cerrejon Coal Project (the largest mining operation in Colombia).
Mr. Plata holds a Computer and Systems Engineering Degree from the
Universidad de los Andes in Bogota, Colombia and a Masters of
Philosophy in Latin America Studies from Oxford University. He has
also been a director on the board of directors for several
organizations, including Transmetro, the public transportation
system in Barranquilla, Colombia and the regional office of the
Colombian Industrial Association. Sale of BACF Interest In
conjunction with the above, the Company wishes to announce the sale
of its 5% equity interest in Blue Advanced Colloidal Fuels Corp.
(formerly known as Bioenergy International Inc. (BIOINT)) to
Pacific Rubiales Energy Corp (PRE) for cash consideration of
US$5,000,000. This transaction is a related party transaction due
to the ownership by PRE of 14.35% of the Company's shares and as
such, was negotiated at arms-length. As previously announced, the
equity interest was originally acquired by the Company pursuant to
an investment option agreement by and among the Company, Alpha
Ventures Inc., Nano Dispersions Technology Inc. and Blue ACF (see
press release dated April 6, 2011). In addition to
transferring its 5% equity interest in Blue ACF, the Company has
assigned to PRE the right to acquire up to an additional 5% equity
interest in Blue ACF for an additional investment of up to
US$5,000,000. The Company shall continue to retain an option to
acquire up to a 10% equity interest in Blue ACF by investing up to
US$10,000,000. About Pacific Coal Resources Ltd. Pacific Coal
Resources Ltd. is a Canadian-based mining company focused on coal,
coking coal, asphalt and asphaltite exploration, development and
production from prospective producing, development-stage and
exploration-stage properties in Colombia. The Company has acquired
or entered into agreements to acquire various interests in several
operating coal mines and projects, representing a substantive coal
and asphaltite exploration and production area throughout Colombia.
Pacific Coal is committed to implementing its exploration and
development strategy with a comprehensive environment, safety and
community program, meeting international standards of best
practice. 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. Pacific Coal Resources Ltd. CONTACT:
Melissa KrishnaDeputy General Counsel and Secretary(416) 360-8725
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